From staff reports
Several projects, including a replacement of the fuel system at the Downtown Marina, were set in motion at the Jan. 26 City Council meeting when Council authorized the release of $852,500 from two pots of money set aside for capital projects and redevelopment. The projects and their estimated costs include:
Replacement of the Marina fuel system: $725,000
Roof repairs for the Carnegie Library building: $40,000
Conditions assessment for Carnegie building: Grant match of $12,500
Furniture and equipment for the office space (the Landing Pad) at 500 Carteret: $75,000
Of these amounts, $777,500 is coming from what’s known as the Committed Fund Balance for Capital Projects. The $75,000 for the Landing Pad is coming from the Committed Fund Balance for Redevelopment.
Finance Director Kathy Todd noted at the City Council meeting that the City’s General Fund – Fund Balance was in very strong shape, a combination of belt-tightening during the first year of Covid 19, and stronger-than-expected revenues last year. On June 30, 2021, the City ended its fiscal year with a $9.5 million fund balance, compared to $8.1 million the previous year.