Fairhope, Alabama
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| Treasurer Kim Creech |
FINANCES STILL IN GOOD SHAPE
The new 2021 fiscal year began on October 1st ... but the city council will wait until after the new government is sworn in on November 2 to begin formulating a new municipal budget, according to councilman Burrell. FY 2020's budget will be extended in the interim.
City Treasurer Kim Creech gave an end-of-year update on city finances. She said revenue was actually up overall, despite the covid-19 pandemic with increased sales taxes more than offsetting considerably lower lodging tax income.
Creech added that the new online sales tax (collected by the state) and revenue from the city's 5 grocery stores were responsible.
COUNCIL CAUTIOUS ABOUT NEXT YEAR
Council president Burrell expressed caution about preparing the new budget ... because of unknowns concerning the virus (second wave? another lock-down?).
Councilman Brown wondered if property tax revenue projections for next year may be over-optimistic.
The city's seven million dollar emergency fund will cover the cost for dealing with hurricane Sally; most of that will be reimbursed by federal/state sources, eventually.
Up to two or three hundred thousand dollars could be the city's share though (un-reimbursed), which can be included in the 2021 budget when it is adopted later this year.
Capital projects (ie. infrastructure improvements) may have to be reduced or eliminated accordingly, though.
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