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Posted on: January 26, 2022

Funds to be released for several capital projects

BEAUFORT, S.C. (Jan. 26, 2022) –  Several projects, including a replacement of the fuel system at the Downtown Marina, were set in motion last night (Jan. 26) after City 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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