Mobile Financial Report “Encouraging”

Mobile recently released its Popular Annual Financial Report (PAFR), which summarizes and communicates the city’s financial condition. It was postponed due to a focus on COVID-19, Mayor Sandy Stimpson said, adding, “The trends which have developed over the last 6 years are encouraging.” Of particular note is the projection that the city could be free of bond debt by 2030. More than $100 million of the approximately $300 million debt has been paid, and the rest has been refinanced at lower interest rates. Stimpson added that, after the payoff, the $25 million per year going to it could be allocated to infrastructure repairs, parks enhancements and/or public safety, saying it “would be game changer for Mobile.”