Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Budget Allocation topic
No spam. Unsubscribe anytime.
Committee recommends $1.03 million in one-time reserves, including $830,000 for Beach Road stabilization
Summary
After reporting a $878,000 surplus and a $7.4 million general fund balance, staff recommended a $350,000 buffer and $1,030,000 in one-time allocations; the finance committee approved recommendations that include $830,000 for Beach Road stabilization and funding for planning, police improvements, and a BCDC-mandated shoreline cleanup.
Helga Cotter presented the fiscal year 2024''25 year-in-review and recommended allocating $1,030,000 of one-time funds while retaining a $350,000 buffer. She said general fund revenues totaled $10,980,000 (about $1,600,000 over budget) and the general fund ended at approximately $7.4 million — $3.07 million above the city's reserve policy.
"This would leave 1,030,000 in 1 time funds available for allocation for several immediate operational and capital needs," Cotter said. Her recommended uses were $830,000 for the Beach Road Stabilization Project (construction estimate has increased from $3.8 million to $4.4 million), $50,000 for long-term capital planning assessments, $50,000 for police department alterations and renovations, and $100,000 toward a BCDC-directed shoreline cleanup that must meet near-term deadlines. Committee members questioned the math on projections and reserves but ultimately approved the recommendation on a unanimous roll call vote.
