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Bridgeport finance report: nearly $70M pooled cash, $55.5M in permits and infrastructure work under way
Summary
Finance director Sharon Hinkle reported nearly $70 million in pooled cash (54% in escrow), $55.5 million in permits to date, 160 new roofs last year and other measures; the interim manager also outlined Main Street repairs, Deegan Lake Dam bidding and targeted studies for Route 50 flooding.
At the July 13 Bridgeport City Council meeting, Finance Department representative Sharon Hinkle and Interim City Manager Joe presented fiscal and capital updates that city leaders said show steady revenue and active infrastructure work.
Sharon Hinkle told the council the finance office manages about 26 funds and nearly $70,000,000 in pooled cash, with roughly 54% held in escrow accounts to cover future expenses. She said payroll and benefits average about 55% of the city’s budget and highlighted processing volumes: 4,016 vendor checks and 7,765 invoices totaling about $23,000,000.
"We have almost $70,000,000," Hinkle said while summarizing the pooled‑cash position and internal control improvements. She noted the finance office processed building permits for projects totaling about $102,000,000 with building permit fees near $791,000, and that the city issued approximately 160 roofing permits last year.
Manager Joe outlined capital and operational items: the Main Street contract includes caulking, power‑washing, brick sealing and retaining‑wall soft washing; the bid opening for phase 1 of the Deegan Lake Dam repair is scheduled for July 17 at 10 a.m.; and staff are pursuing studies and partner funding to diagnose and address US Route 50/Main Street flooding. He also reported a $150,000 2025 Homeland Security grant for police SRT gear and said the city detected more than 6,000,000 cybersecurity threat events in the prior three months, with the city’s systems blocking over 99%.
Councilors complimented the finance team and thanked staff for the detailed reports. Several councilors asked clarifying questions about increases in transfer spending and staffing changes; Hinkle said transfer increases reflect catching up on large equipment escrows. No budget amendments beyond the previously approved coal‑severance revision were acted on at the meeting.
Members were told the finance office is implementing an active inventory system to better track large equipment and materials and continuing to evaluate the capital escrow fund to smooth out future costs.
