A major focus was the town’s financial landscape, with a particular emphasis on the challenges posed by FEMA’s reimbursement system. The emergency fund, reported to have a cash balance of $1.8 million, created difficulties due to an expected $7.7 million in receivables from FEMA. The reimbursement process requires the town to make upfront expenditures, straining the available funds until reimbursements are received.

In addition to managing FEMA-related financial aspects, the council discussed insurance reimbursements. Approximately $1 million was anticipated from insurance claims related to temporary trailers and town hall expenses. Despite these challenges, the town has managed to keep a bridge loan unused this year, maintaining stability at a reduced amount from its original $13 million. The loan remains a financial safety net should the need arise.

The meeting also addressed the implementation of a new Utility Billing System provided by KUSI, intended to rectify discrepancies in meter readings and billing accuracy identified in the previous system. This upgrade represents a step forward in ensuring accurate billing and financial management. Coordination with financial consultants for utility rate studies is underway, utilizing a contract established with Lee County’s water department. The town aims to develop a new rate schedule for the period from October 1, 2025, through September 30, 2030, using data from the old billing system to inform the analysis.

A significant portion of the meeting was dedicated to software and technological upgrades. The finance director elaborated on the potential integration of an Enterprise Resource Planning (ERP) solution to simplify the financial reporting process. The current system’s limitations, particularly concerning project number digit limits, were discussed as barriers to effective financial organization. The finance director acknowledged that while the existing system had some capabilities, an ERP solution could automate processes for preparing financial statements.

The council also examined the challenges faced with SharePoint, the platform used for document management. Issues with missing or overwritten files led to a reliance on local copies for critical documents, prompting discussions on the need for better training and system upgrades. Suggestions included using Teams for collaboration and Co-Pilot as an AI tool to improve productivity. The finance director expressed a desire for a system that could better protect files from unintended changes and prevent the disappearance of critical documents.

Further, the meeting covered updates on the status of town personnel and technology. Ensuring that all staff had adequate and updated laptops and software to facilitate their work was emphasized as a priority. These technological advancements are important for the town’s operational efficiency, especially as it continues to navigate the complexities of disaster recovery and financial management.

A review of various funds revealed that the Debt Service fund, primarily used for repaying a Community Enhancement loan, was stable with low loan payments due to minimal spending. However, the Tourist Development Council (TDC) Grant, which operates on a reimbursement basis, showed a zero cash balance, necessitating borrowing from the general fund until reimbursements are received. The building fund saw minimal activity, with permit revenues and departmental expenses resulting in a notable change of only $71,000 so far this year.

In terms of grant funding, the town is pursuing other sources to maximize fiscal resources. An $8 million state-funded grant for beach renourishment had seen over half expended, while a $7.5 million revenue replacement grant from the state was approved but delayed in disbursement, expected after March 31. These grants are critical for the town’s recovery projects, particularly those with stricter timelines.