Fairhope, Alabama
7 MILLION DOLLARS
According to city Treasurer Nancy Wilson, the city's emergency reserve fund, to operate the city for a week in the event of disasters like hurricanes, reached its maximum allowed by law last August, $7 million. Since it was enacted in 2009, one-half of the city's two cent sales tax has been dedicated to filling the fund (which was depleted then).
Wilson: "At the end of August it was $7, 081,000."
By city ordinance, since the emergency fund is filled, the revenue is now to be used to pay down debt and for infrastructure improvements.
Councilmembers Quinn and Stankoski said they hoped the money will now be used to pay off the library's bridge-loan debt (about $1million still owed for constructing the new library).
Quinn: "I'd really like to see the library debt payed down, as quickly as possible."
Councilman Mixon mentioned using the money to pay off airport-related and street-paving debts.
The city's 2 cent sales tax generates about $4.5 million per year in total.
FINANCE COMMITTEE MEMBERS THANKED
Stankoski and Quinn also thanked the citizen volunteers on the Financial Advisory and Budget Committees for their work the past 4 years.
Quinn: "They've done a great job."
The next city council must decide whether to continue the citizen committees.
According to city Treasurer Nancy Wilson, the city's emergency reserve fund, to operate the city for a week in the event of disasters like hurricanes, reached its maximum allowed by law last August, $7 million. Since it was enacted in 2009, one-half of the city's two cent sales tax has been dedicated to filling the fund (which was depleted then).
Wilson: "At the end of August it was $7, 081,000."
By city ordinance, since the emergency fund is filled, the revenue is now to be used to pay down debt and for infrastructure improvements.
Councilmembers Quinn and Stankoski said they hoped the money will now be used to pay off the library's bridge-loan debt (about $1million still owed for constructing the new library).
Quinn: "I'd really like to see the library debt payed down, as quickly as possible."
Councilman Mixon mentioned using the money to pay off airport-related and street-paving debts.
The city's 2 cent sales tax generates about $4.5 million per year in total.
FINANCE COMMITTEE MEMBERS THANKED
Stankoski and Quinn also thanked the citizen volunteers on the Financial Advisory and Budget Committees for their work the past 4 years.
Quinn: "They've done a great job."
The next city council must decide whether to continue the citizen committees.
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