The Finance Director presented a detailed report, highlighting a $7,547,085 revenue replacement grant from the state. This grant is expected to mitigate financial impacts from a recent hurricane, including an anticipated revenue loss of approximately $2.387 million. The council plans to utilize the grant to repay part of a bridge loan used in the previous fiscal year, with $3.8 million allocated for this purpose. The remaining funds will cover anticipated lost revenues for upcoming fiscal years. The Finance Director mentioned ongoing efforts to pursue forgiveness for the bridge loan, contingent on actions from state legislators.

Additionally, the council discussed the allocation of ARPA funds, initially amounting to approximately $3.5 million. Proposed uses for these funds included expenditures on title bas and support reports, grants for infrastructure, hurricane recovery expenses, and costs for temporary Town Hall facilities not covered by FEMA or insurance. The total obligated so far is $2.6 million, leaving a balance of $932,000. Among the proposed uses for the remaining ARPA funds is the replacement of palm trees in Time Square, damaged by recent storms. The Finance Director noted that FEMA does not cover landscaping costs, necessitating the use of ARPA funds for this purpose. A significant portion, $648,000, was proposed for purchasing a combination jet truck to clean stormwater drainage, which would reduce contracting costs and ensure daily equipment access.

The council also addressed concerns about canal cleanup. It was noted that the Town only needed to cover 5% of cleanup costs. There was a sense of urgency as delays could lead to losing available funding. The Finance Director assured that canal cleanup would be a priority in the upcoming year.

In a separate segment, the Finance Director presented a financial report indicating an excess of $528,000 in revenue and $2.5 million in saved expenses, resulting in an overall surplus of approximately $369,000. There was optimism about the potential for further contributions to the emergency fund, which currently stands at $2 million. The Director noted improved accrual of expenses, leading to a stronger financial position. However, for the fiscal year beginning in October, revenue was reported to lag by $25,000, with expenditures exceeding projections by $343,000. An error acknowledged in the financial calculations adjusted the favorable variance to approximately $323,000 instead.

Additionally, a council member raised concerns about the lack of updates on the gym’s status and reconstruction, emphasizing its community importance. The Finance Director pointed out that ARPA funding had a deadline for signing contracts by December 31, necessitating quick action to avoid losing funds. The ARPA funds must be fully expended within two years, adding urgency to the situation.

Discussions also touched on emergency preparedness, with a focus on risks associated with hurricanes and water main breaks. The Finance Director assured that the town had developed an emergency financial plan, a new state legislative requirement. This plan aims to prepare for financial management during emergencies, potentially enhancing funding opportunities from FEMA and the Department of Emergency Management.

The Finance Director reported over $18.3 million in FEMA reimbursements, with an additional $2.7 million pending. Total reimbursements are projected at around $21 million, primarily covering incurred expenses. A council member expressed satisfaction with the financial presentation, commending it as the best since joining the audit committee and noting the improved financial management.

Finally, the meeting addressed scheduling, with plans to determine a new date for the next meeting, initially set for October 13. After considering availability, council members leaned towards October 16. The Finance Director reminded that the audit committee was scheduled to meet monthly on the second Monday. The meeting concluded with a motion for adjournment, ending the session.