Business and the Economy
Lexington Economic Picture
Tax revenues coming into Lexington city hall seem to indicate the local economy is ‘relatively stable.’ The local unemployment rate in the six percent range, is about one percent lower than a year ago. City Revenue Director Bill Omara says a number of taxing categories are down slightly, but service-related fees are up. “Services category was over budget. That’s a large category that takes into detention fees, e-m-s fees, parks fees. Those types of fees that are general fund related,” said Omara.
During a Council budget committee meeting, Omara broke down the tax categories. He says, compared to this time last year, the county’s jobless rate is about one percent lower.
“The unemployment rate is below the recession levels, but not to the pre-recession levels, so we’re in that middle ground. But, we’re in that good category that it’s improving year over year. However, month to month there has not been a lot of movement in unemployment rates in Fayette County,” added Omara.
Omara’s report to council members this week covers the first quarter of the fiscal year beginning in July.