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Finance presentation: town reports roughly $79 million emergency capacity, revises CIP and flags $42 million beach-renourishment estimate
Summary
Finance presenter Adriana Burnett reported liquid emergency reserves (a roughly $35 million disaster fund plus other capacity) and outlined carryforwards for stormwater pumps, fleet purchases and a land acquisition; staff said the beach-renourishment scope may total about $42 million but bids and funding sources are not yet finalized.
Adriana Burnett delivered the monthly fiscal update and walked the council through emergency liquidity, fund balances and proposed carryforwards to the fiscal‑year 2025 capital budget.
Burnett said the town holds a liquid natural-disaster fund of about $35 million, can issue at least $20 million in bonds under council policy, and maintains a general fund reserve she described as roughly $23 million (40% of next year’s general fund budget). "So when you add those two numbers together, we actually equal $59,000,000," Burnett said, and with reserves the presentation reached a combined figure she described as about $79,000,000.
On stormwater accounting, Burnett reported a FY2025 beginning balance for the stormwater fund of $14,669,464 in the year‑beginning balances presented to council. Earlier in the meeting staff cited different round numbers for the stormwater fund (one speaker estimated roughly $10 million; another referred to $13 million); staff identified that discrepancy on the dais and said they will provide clearer figures at the October workshop.
Burnett flagged specific CIP items she plans to ask council to carry forward or add in an October amendment: replacement of two Wexford pumps tied to storm response (about $665,000), a fleet carryforward to complete purchases of previously approved fire trucks (about $4.5 million), and a recent land purchase (the presentation counted the PNC building purchase in the land‑acquisition line). Including those items, Burnett said the capital program would increase from the approved $74 million to about $82.8 million when the requested carryforwards and additions are included.
On beach renourishment, staff estimated the multi‑phase scope at roughly $42 million; Assistant Town Manager Sean Collin said permits and additional surveys are still pending and the town has not yet solicited competitive bids. "We haven't received the permits yet," Collin said, adding staff will return with final bid numbers and a recommended funding plan. Burnett told councilors the project will require council decisions on whether to use cash, debt or other sources to fund the remaining cost beyond the $16.5 million already identified in the budget.
Council discussion emphasized clearer public reporting and tools: members asked staff to present the prioritization categories for stormwater projects at an upcoming workshop, and Burnett proposed a public CIP dashboard and a glossary of budget terms to reduce confusion about encumbrances and carryforwards.
What comes next: staff will refine disputed stormwater‑fund figures and return to the October workshop with a revised CIP amendment, a clarified exhibit of town vs. private responsibility, and more detailed funding options for beach renourishment.
