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City Finds $30 Million

Leftover Money From Projects Earns Interest Over Years

POSTED: Friday, January 16, 2009
UPDATED: 5:41 pm CST January 16, 2009

You know that feeling you get when you find $20 you didn't know you had? Well, City of San Antonio officials are feeling that way after they found $30 million.

City Manager Sheryl Sculley said city staff found the money after a series of city projects, some dating back 25 years, had leftover money that accumulated interest.

"Let's say we finished a street project and there was $30,000 left after completing a $30 million project," Sculley explained at a news conference. "That (money) sat in an account, earning interest, over the years. So, what has accumulated here is a compilation of balances in accounts that hadn't been cleaned out."

Mayor Phil Hardberger said Sculley's staff found much of the money is old bond programs.

"Some were little amounts, some were a little bit larger," Sculley said. "It's over 1,000 different projects over the past 25 years."

The money was collected and will be used to fund various improvement projects across the city, including Voelcker Park, street improvements near Fort Sam Houston, and the Mission Drive-In Library.

Each city council district will receive a share of the funds, Sculley said, and some projects that have been on hold will now get completed. She said procedures have been put into place to prevent a similar event in the future.
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