City of Fernandina Beach Potentially Forfeiting $500,000 Annually Due to Lower Bank Interest Rates

The City of Fernandina Beach is currently receiving over 2% less in interest on its deposits compared to what the same bank offers Nassau County. With an average city account balance of approximately $25 million, this discrepancy translates to an estimated $500,000 in lost interest earnings annually, or about $40,000 each month.

Despite this significant difference, the bank has not adjusted the city’s rate to match the county’s. The city was on the verge of renewing its contract with the bank for another five years when this issue was discovered by City Councilman Darron Ayscue. We applaud Mr. Ayscue as well as Councilman Tim Poynter who made sure the issue remained in the light.

Consequently, a request for proposal (RFP) process has been initiated to explore more competitive banking options.

In the interim, the current bank has the opportunity to rectify the situation by aligning the city’s interest rate with that of the county. This adjustment could be made promptly, benefiting the city’s finances while the RFP process is underway.

This situation raises important questions about fiscal responsibility and the stewardship of taxpayer funds. It underscores the need for vigilant oversight and proactive measures to ensure that public resources are managed effectively and equitably.

Call to Action: Advocate for Equitable Financial Practices

What Can You Do?

Ask Questions: Attend City Commission meetings and request updates on the banking contract and interest rate negotiations.
Request Oversight: Encourage the city to conduct a thorough review of its banking relationships and financial practices.
Stay Informed: Follow developments related to the RFP process and any interim measures taken to address the interest rate discrepancy.
Speak Up: Contact your City Commissioner to express your concerns and advocate for equitable financial practices.

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Reconsideration of the Westside Regional Park Investment

Petition to the Nassau County Board of County Commissioners

Subject: Reconsideration of the Westside Regional Park Investment

Dear Commissioners,

We, the undersigned residents of Nassau County, respectfully submit this petition regarding the allocation of public funds toward the development of the Westside Regional Park.

It would surprise many to learn that 82.7% of all Nassau County Ad Valorem taxes are paid by properties located east of Interstate 95. Yet, the County has programmed $22.86 million into the Westside Regional Park, located 20 miles west of Interstate 95 — a location largely inaccessible to the majority of residents who are funding it.

This project spans over 100 acres with an estimated construction cost of $21 million. Although the land was purchased in 2007 for $1.09 million, it has taken 17 years to bring forward a plan, raising additional concerns about the project's long-term viability and true priority.

Over 67% of Nassau County’s population lives in the easternmost zip codes of 32034 and 32097, areas where residents would have to travel up to 35 miles to access the park. Research shows that individuals living more than 10 miles away from a park are unlikely to use it regularly, if at all.

In short: the taxpayers bearing the largest burden for this project are the least likely to benefit from it.

Given these facts, we have serious concerns about whether the Westside Regional Park is the most responsible and equitable use of taxpayer dollars.

We respectfully request the following:

A full public reassessment of the Westside Regional Park's location, accessibility, and return on investment.
Consideration of alternative investments in parks and recreation facilities that are more geographically equitable and accessible to the majority of Nassau County taxpayers.
Greater transparency and opportunity for public input regarding major capital projects moving forward.

We urge you to pause further expenditures on this project until a thorough and transparent review is conducted.

It is time for Nassau County to ensure that public funds are invested fairly, wisely, and in ways that serve the entire community — not just a select portion of it.

Thank you for your attention to this important matter.

We look forward to your leadership and stewardship of our county’s future.

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