Mayor Wade Evans Says City to Earn $5,480 a Day by Money Management

By Woody Jenkins, Editor, Central City News — CENTRAL — Mayor Wade Evans announced this week that Central has moved $45 million in city funds from a low-earning checking account to a higher-earning money market account, which will result in earnings of more than $2 million a year for the city. This is new revenue for the City of Central and amounts to about $5,480 a day, he said.

The mayor said he is holding weekly or biweekly meetings with  his team of advisors and money managers to insure that the taxpayers get the best possible return on money that is being held for future use.  City funds continue to be held at Hancock Bank but in different accounts and under different terms.

As a result, earnings on city funds will increase from $150,000 a year to more than $2 million.

Evans said these additional revenues will help the City of Central embark on a Pavement Management Plan approved by the City Council Feb. 7 that will allow continuous repair of city streets more aggressively than ever before.  Improvements will be based on data from a Capital Region Planning Commission study, safety data, traffic counts, and geographical data.

At its meeting Tuesday, March 14, the City Council voted 5-2 to raise the Mayor’s annual salary from $55,000 to $85,000. The mayor said it is based on inflation from incorporation in 2005 to present. The mayor says he hopes citizens already see he is earning his keep.