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Council reviews budget outlook; FEMA-related costs may force interim financing
Summary
City Manager David Vaughn told Council that upcoming FEMA-related projects will require significant upfront costs that could reduce cash balances, and that the City may need to secure a line of credit for interim financing; Council took no action during the workshop.
City Manager David Vaughn updated Council on the City's current budget, capital projects and potential funding pressures. He reported that FEMA-related projects will soon begin incurring significant costs that must be paid up front and noted these costs could significantly reduce the City's current cash balance.
Vaughn said the City may need to secure a line of credit to provide interim financing for these expenses to avoid a significant reduction in cash reserves. Council did not take action at the workshop; staff will return with further recommendations if financing is pursued.
