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City manager: FEMA reimbursements expected; city will remain responsible for portion of bridge loan
Summary
City staff told the Poplar Bluff City Council it expects roughly $1.2 million in FEMA debris-removal reimbursements; after federal funds, the meeting referenced CEMA covering another 15% and the city remaining responsible for about 10% and some bridge-loan obligations.
City management told the Poplar Bluff City Council that the city is starting to receive FEMA reimbursements related to last year’s tornado recovery. Staff said the largest project reimbursement is about $1,200,000 and that once federal funds arrive, "CEMA will pick up an additional 15% and then our percentage will just be 10 out of pocket on all those costs," according to Lori Phelps.
Council members asked whether the incoming funds would be sufficient to pay off a bridge loan; staff said FEMA/CEMA reimbursements will not cover the full loan balance and the city will remain liable for the remainder. The council previously approved making an interest-only payment of approximately $400,000; staff said they do not have an amortization schedule on hand and that paying the bridge loan in full will likely take years.
No immediate fiscal action was taken; staff said reimbursements were expected within 30 to 45 days and that further financial planning will follow as funds are received.
