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Star News TV
Mount Airy's surplus fund, or savings, is projected to drop for the first time in years when the present fiscal year comes to a close next June 30, though the city will remain many millions of dollars in the black. City Manager Darren Lewis presented the figures during a meeting last week, projecting a total fund balance of $19,456,259 at the end of the 2026-2027 fiscal year.
That figure includes restricted funds legally designated for purposes such as public safety and streets, and a projected capital investment fund of $3,152,353 set aside for building-related and other major expenditures. By comparison, the city's unrestricted available fund balance stood at $20.3 million at the end of the most recent audited fiscal year, out of a total balance of $24.5 million, which is about $5 million more than the new projection.
Big expenses have drawn down savings, including $521,905 as the city's share of construction costs for the Granstone Conference Center on Franklin Street downtown, $325,818 related to the Balladeer Hotel project on the former Spencer's textile mill property, $300,000 for granite curbing acquired from North Carolina Granite Corp. as the company closed, and $571,998 allocated toward replacing city vehicles lost in the August flood. Lewis said no property tax increase is planned next year as a result.
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