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Rockport financial review reveals millions of dollars in unused funds

Posted at 10:11 PM, Jan 25, 2022

ROCKPORT, Texas — Several Rockport residents are expressing concerns after the city’s interim manager, Richard Morton, informed the council and public about an existing balance of nearly $4.5 million in unused funds from previous certificates of obligations during a budget workshop last week.

“It would be nice if there was some kind of transparency… and it just seems like at this point we need better leadership, back to basics," said longterm Rockport resident Caren Crocker.

The outstanding proceeds – some dating back to 2005 – official stated purpose are for streets, drainage, utilities and parks improvements.

"Do we have any unspent bond proceeds from previous debt issuance? And the answer to that is yes…we have about $4.9 million worth of upsent bond,” said Morton. "Now, these funds are limited by what are called bond covenants, so if a bond in 2005 was issued for streets and drainage work , we can only spend that money on streets and drainage."

Morton tells KRIS 6 that the city will bring projects forward for counsel to decide how to spend these funds to the benefit of Rockport citizens.

You can find the latest financial transparency report here: https://www.cityofrockport.com/327/Financial-Transparency