Funds to be released for several of City’s capital projects

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. 

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