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Council weighs using $2.5M in reserves for capital needs while awaiting FEMA reimbursements
Summary
Council spent significant time reviewing a proposed use of $2.5 million in general-fund reserves for one-time capital projects (paving, greenway, ADA work), discussed accommodations-tax allocations for beach nourishment and noted $12M still expected from federal hurricane reimbursements for Matthew and Florence.
Oak Island — At a budget workshop on April 28, town staff and council traded detailed questions about using up to $2.5 million from the general fund for one-time capital needs and about the town’s longer-term approach to beach nourishment and FEMA reimbursements.
A council member asked whether the proposed budget was only balanced by dipping into reserves; staff confirmed the plan assumes up to $2.5M of one-time fund-balance usage but emphasized that these are not ongoing operating costs. Staff also described the town as exceeding the policy minimum for unassigned fund balance and said the town remains ‘‘well…
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