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.