Mayor’s Office: Good financial news for City of Mobile

The Mobile Mayor’s Office delievered some good financial news to the city council Wednesday.

City Finance Director Paul Wesch told the council that, right now, the city is $ 2.1 million ahead of what it was projected to be at this point in the year.

Mayor Sandy Stimpson said the finding is important because Moody’s Investors Services had already announced it was going to review the city’s general fund to see if was weakened enough to impact Mobile’s credit profile.

Stimpson said, “If we end up with a greater surplus than what we anticipated, its very, very favorable. It’s more important for us to end up with a surplus this year, and, so, if that turns out that way, it really accrues to the financial soundness of the city.”

Stimpson said the city’s credit rating was being reviewed because Mobile had an operating deficit and declining general fund balances the last two years.

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