Thursday, March 11, 2010

Gulf Shores council OKs savings plan, outlines spending for bond proceeds | al.com

Gulf Shores council OKs savings plan, outlines spending for bond proceeds | al.com: "GULF SHORES, Ala. -- The City Council on Monday adopted a financial policy that calls for more than $11 million to be set aside in three reserve funds.

In a separate vote, the panel approved spending $4.4 million of bond sale proceeds on a list of capital projects. The policy effectively creates a pair of general fund reserve accounts that together will amount to about 35 percent of the city's annual operational expenses."