MOBILE, Ala. (WALA) – Mayor Spiro Cheriogotis’ $404.1 million budget proposal forecasts a $12.8 million drop in revenue, a reduction almost entirely attributable to a cratering of interest income.
City officials said it is not a surprise.
The temporary jolt came from millions of dollars in revenue from interest the city earned on the $250 million in bonds it sold on Wall Street to finance the construction of the $237.5 million Regions Arena downtown. In October 2025, when the current fiscal year began, the arena had just begun to rise from the ground, and the city had spent comparatively little of the money it had borrowed…