Lexington Finance Commissioner Urges Careful Spending

Nov 5, 2018

Credit kentucky.com

The man who watches over finances for Lexington government is suggesting keeping a close eye on spending.  That comes even during a time of surplus.

The Lexington-Fayette Urban County Council’s budget committee last week had an extensive discussion about the $64 million dollar fund balance, registered at the end of June.  Actual spending for the fiscal year was more than $4 million less than anticipated.  Still, Finance Commissioner Bill Omara urged council to stay the course. “We’re currently stuck at $64 million total fund balance and we’re planned to go down from $64 million next year, so any more authorization of spending pushes total fund balance down further.  I;m recommending not to do that,” said Omara.

Omara says part of his reasoning is based on the possibility of a ten year economic recovery coming to an end and revenues coming into city coffers flattening.