The City of New Bedford has more than $4 million dollars in free cash, and the mayor is hoping to invest that money in public safety, environmental equipment, and in the city's financial future.

Mayor Jon Mitchell announced the plan Thursday at Sassaquin Pond in the North End.

Mitchell has submitted a list of proposals to the City Council, including one to place $1.1 million dollars in the city's stabilization or "rainy day" fund.

Chief Financial Officer Ari Sky says with an uncertain financial future, it's always good to have something in reserve.

"This is important right now as we're entering the tail-end of the economic recovery to make sure we have our bases covered," said Sky.

"We can't read the future, but some things are cyclical and you know they are coming, and it's important for the City to be ready for that," he said.

Other projects call for the purchasing of eight new front-line police cruisers, plus several pre-owned vehicles for unmarked use.

Police Chief Joseph Cordeiro says the new vehicles could lead to additional patrols in high-risk areas of the city.

"I'm excited about it," the chief said. "I think it's a positive position for the City and our officers to expand the number of cruisers on the streets at any given time."

The City is also hoping to upgrade a water filtration system to help reduce pollution at Sassaquin Pond in the North End.

"Sassaquin Pond is a treasure, and the city should work hard to protect it for future generations," Mitchell said.