City

CITY Mayor’s Minute

Over the past month, I’ve taken time to reflect on everything the City of Tuscaloosa has done to respond to the threat of COVID-19 that’s upon our doorstep. I feel immensely proud of the way the City has come together during this extremely tough time. Going into this crisis, I knew beyond a reasonable doubt that this City and its people would rise to meet this unprecedented difficulty with strength, resolve, and togetherness, because that’s what Tuscaloosa does.

On April 27, 2011, a horror of a different nature befell our great City. In the aftermath of the immense destruction and suffering caused by the April 27 tornado, I was blessed to be a part of the community effort to rebuild Tuscaloosa. Looking back on that time now, I can see we were also blessed with what we learned during that experience that would help us face uncharted challenges like the one we are facing today. As a local government, we learned valuable lessons about the legal and financial process of declaring a state of emergency. Our team learned how to best work together in an emergency situation. We have defined our emergency response roles and were prepared to meet the COVID-19 challenge with clarity and preparedness. Unlike April 27, the City had time to prepare for this crisis. In the weeks before the pandemic inevitably reached our state, the City put in tremendous work in preparation.

I BELIEVE THAT THE LESSONS WE LEARNED FROM APRIL 27, COMBINED WITH THE TIME WE SPENT PREPARING FOR COVID-19 HAS SAVED, AND WILL SAVE HUNDREDS, IF NOT THOUSANDS, OF LIVES IN OUR COMMUNITY.

Another strength of Tuscaloosa’s for which I am eternally grateful is the City’s finances. The COVID-19 pandemic will have an enormous financial impact on Tuscaloosa. The single move of sending home over 25,000 students in the middle of their spring semester costs the City over half a billion dollars in annual revenue. The number of students who abruptly left Tuscaloosa this spring is equivalent in size to the fourth-largest city in Alabama. Local industries are hurting because of this unexpected loss in revenue. However, I firmly believe that sending the students home was the right decision, because we must always choose lives over livelihood. Should this crisis continue into the fall and result in the loss of football season, Tuscaloosa stands to lose an additional $200 million in revenue. But our City’s finances are strong. We have a triple A credit rating, and after April 27, we were able to pay back our $50 million reserves. Once again, our past has prepared us to meet this uncertain future, and for this I am grateful.

Finally, I want to take a moment to reflect on the strength and determination that each and every one of you have shown during this time. The COVID-19 pandemic is an incredibly tough situation. We are all sacrificing something right now. The heroes on the frontlines – medical professionals, first responders, sanitation workers, and so many more – are sacrificing their own health and safety. But also, each person staying home and missing important milestones is making a tremendous sacrifice. Stephanie and I were so looking forward to watching our daughter Taylor walk across the stage at her high school graduation. I know each of you has made and is still making sacrifices like this. We have all suffered a great sense of loss during this time, but I believe it’s paramount that we maintain hope. I encourage you all to smile, find joy, find something to laugh at, or otherwise take a brief respite when you can. What we all are sacrificing is flattening the curve and helping our community get through this with as little loss as possible. We are #TuscaloosaStrong, and we are in this together. God bless each of you, and may god continue to bless the City of Tuscaloosa.

How Healthy Is Your Household Financial Index? BY MICHAEL FORD

First and foremost, I hope you and your family are healthy and safe – physically, mentally, and emotionally.

Throughout this global coronavirus pandemic, the stock market has experienced the wildest roller coaster ride in history. The S&P 500 Index recorded its fastest fall (22 days) of 30% or more in its history. The Volatility Index, or VIX, which represents the market’s expectation of 30-day forward-looking volatility, recorded its highest reading ever on March 16 and remains much higher than normal. Not only have we seen some of the sharpest down days in our history, but we have also seen several of the sharpest up days. Just when we expect the stock market to zig, it zags, and vice versa. The fact is, we cannot control how the stock market, or the bond market for that matter, will perform and what other investors will do.

How can you avoid financial motion sickness which can lead to hasty investment decisions? What can you control?

The answers to these questions are to have a sound financial plan with an investment policy statement in place. A financial plan provides you the opportunity to:

*Assess what’s most important to you and how you want to live during the different stages of your life. *Take inventory of the financial resources you have now and what you need to accumulate or protect for those life stages.

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Michael Ford is a financial advisor with Raymond James & Associates in Tuscaloosa, AL and has over 15 years of experience in the financial services industry.

Photo: Michael Ford

*Set the level of risk you are willing to take along the way based on the time you have and your comfort level with risk. *Determine the legacy you want to leave behind.

An investment policy statement documents your investment plan and provides guidance for informed decision-making on investments. The two go hand-in-hand, because much of the investment policy statement is derived from the financial plan.

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The more committed you are to planning, the more you are in control – even during times like these. By going through the financial planning process, you can acquire your household financial index number – the probability of having enough money to meet your needs, wants, and wishes for as long as you live. Once you have identified it, focus on the performance of that index to determine whether you are still on track to reach your financial goals more so than the performance of specific investments. That’s not to say performance is not important, but too much emphasis on it can lead to rash decision-making. Knowledge of your household financial index can get you through the wild roller coaster ride by looking out into the horizon and giving you confidence that your overall plan can hold up.

How healthy is your household financial index? Work with a financial advisor to find out.

For more information or questions, mail Michael Ford at michael. ford@raymondjames.com.

BUSINESS Tuscaloosa Gives Back: Bryant Bank Donates $50,000

Bryant Bank recently provided a lead donation of $50,000 to the Small Business Relief Fund in support of West Alabama’s small business community.

to the Small Business Relief Fund

BY KELSEY RUSH

Bryant Bank President, Claude Edwards and Bryant Bank customer, Harper Chambers Lumber. Photo: Bryant Bank

The Small Business Relief Fund is a Community Foundation of West Alabama fund administered by the Chamber of Commerce of West Alabama. The goal of the fund is to quickly administer much needed funding to West Alabama’s hardest-hit businesses because of the coronavirus (COVID-19).

“The hit that our small businesses have taken as a result of the COVID-19 pandemic is impacting everyone we know in some way. It’s personal to us at Bryant Bank because Alabama is our home, too,” said Claude Edwards, bank president. “Donating to the Small Business Relief Fund is just one step we are taking to help our customers and our community members through these unprecedented times, and I would encourage others to consider a donation as well.”

Small businesses in West Alabama can apply for funding through the Chamber of Commerce of West Alabama’s website. Certain criteria must be met, such as financial hardship because of COVID-19, employee count, and current standing with state and local government jurisdictions. The business must be located in Bibb, Fayette, Greene, Hale, Lamar, Marengo, Pickens, Sumter, or Tuscaloosa Counties.

“Bryant Bank has always been a great corporate citizen and this announcement is just another example of that. It was critical for our community to take swift action and to use this fund to quickly, yet responsibly, infuse capital into vulnerable small businesses in our community as they begin weathering this financial storm,” said Bobby Bragg, chairman of the Chamber Board of Directors and chairman of the Small Business Relief Fund Committee. “Whether you are a business, a foundation, or an individual, we ask others to consider supporting in some capacity as Bryant Bank did.” For more information about the Small Business Relief Fund, and to complete an application for funding, visit Tuscaloosa Chamber.com or call (205)758-7588.

BRYANTBANK.COM

Because we care.... ABOUT COMMUNITY INVOLVEMENT

In 2019 alone, the Bryant Bank team invested $600,000 and over 2,500 hours of volunteerism in communities across the state of Alabama, impacting more than 300 organizations. We don’t just say we care about our communities, we live it. We turn banking into thanking every year because we know the power of caring. Why do we care so much? Because Alabama is our home, too.