12:06am

Wed February 26, 2014
Lexington/Richmond

Lexington Finance Commissioner Reports Revenues Ahead of Schedule

Credit kentucky.com

Lexington city revenues are running ahead of expenses so far in the current fiscal year.  That’s good news for finance officials at city hall.  

With some seven months on the books, the city's revenues are running almost five million dollars ahead of expenses.  Finance Commissioner Bill Omara admits the size of the surplus could shrink in the coming months. “I’d rather have extra money than have a shortage and having to dip into funds at the end of the year, so  I don’t want a ten million dollar variance, but I love two to three million at the end of the year.  I think that’s a comfortable out of a 297 million dollar budget,” said Omara.

  Council member Kevin Stinnett expressed a concern about the size of the surplus, asking if some of the money could be spent now on deferred maintenance.  “When we get to eight point six million, it starts making me wonder what opportunities are out there that we can fix, especially with the deferred maintenance we’ve all, furnaces, roof, we all have those lists.  What can we fund today, instead of putting off for six more months,” said Stinnett. Council’s budget committee received the financial update Tuesday.