The City of Birmingham ran a surplus of $10 million for fiscal year 2018, Mayor Randall Woodfin announced during Wednesday’s Committee of the Whole meeting.
Woodfin attributed the surplus to 5 percent growth in city revenue over the previous fiscal year, as well as reduced spending.
“The more than $10 million surplus represents our core values of efficiency, effectiveness and accountability,” Woodfin said. “We want to be transparent with you about the funds available and our intentions for those funds.”
The council-passed Fund Balance Policy requires 20 percent of the city’s overall budget to be maintained in a fund. Anything exceeding that can be used, allowing the city $7.5 million.
Seventy percent of those funds will go to the Neighborhood Revitalization Fund, Woodfin said, allowing $4 million for street resurfacing and sidewalk and pothole repair.
The Deferred Maintenance Program will receive $500,000 to maintain equipment to become more responsive to resident and neighborhood needs, while $350,000 will go toward the city’s Information Management Services department for tech upgrades.
“This upgrades computer and data infrastructure citywide to modernize the city and improve code enforcement,” Woodfin said.
The mayor noted that $600,000 will go toward the Land Bank Authority and $1.1 million will remain the neighborhood revitalization fund.
“This represents our absolute priority of serving the needs and revitalization of our 99 neighborhoods,” he added.