WILMINGTON — Officials got a glance at how the general fund could help with large city projects at Thursday’s Wilmington City Council meeting.
City Auditor Mary Kay Vance and Safety/Service Director Brian Shidaker gave a presentation highlighting the estimated numbers as of now for various projects in the city from 2020 to 2024 if they try to pay for them with the city’s general fund.
Vance wanted council to see that they believe laying out a financial plan gives them a “snapshot” of the projects in development and how the general fund may possibly help them down the road.
While Vance acknowledged that the general fund covers many aspects in the city, they wanted to focus on some large projects due to them being “so big” and “so much.”
Those projects include residential paving, the Mulberry Street project, the Rombach Avenue project, and the projects for Davids Drive and Airborne Road.
“We did some very conservative percentages of increase. But, you know, with expenses, we never know what’s going to crop up,” said Vance.
In the 2021 slide, the estimated total revenue at the beginning of the year was listed as over $12.9 million. They estimated the total expenses as of April 28 at over $12 million, with over $1 million going to the Rombach Avenue project. The ending balance was estimated at over $3.4 million.
In 2022, they estimated a $15.2 million revenue, over $16 million in expenses with over $4.3 million going toward the projects on Mulberry, Rombach, Davids Drive, and Airborne Road. This would result in an estimated ending balance of over $2.6 million.
“That is a lower carryover balance than I would like,” said Vance. They’re hoping for additional opportunities such as when they received money from the Community Development Block Grant. This would reduce the cost of the Mulberry Project.
They also emphasized that the numbers are subject to change.
“This is what we know as of today,” said Shidaker.
Vance adding that while these are the numbers now, “finances can be fluid. Tomorrow it will be different. As soon as you do your supplemental it becomes different.”
• Council performed the first reading for a resolution approving a levy to assist the maintaining and operation of Sugar Grove Cemetery.
Reach John Hamilton at 937-382-2574