Lexington Mayor Delivers Budget Address Today
Lexington Mayor Jim Gray delivers his budget address this afternoon at city hall Any sizeable increases in spending are not likely. Like all Kentucky communities, Lexington has been working to dig out of the effects of recessionary times. Ken Troske (TRAH-skey) is director of the University of Kentucky’s Center for Business and Economic Research. He’s been advising mayor Gray on economic conditions. “We expect revenue growth next year to sort of return to trend…return to the growth we’d seen in the past prior to entering the recession,” said Troske.
Troske’s reference to next year is the new fiscal year, beginning in July. Still, Troske says the aim is to catch up with revenue levels found prior to the recession. New construction remains a challenge in these economic times. “You would think when interest rates are particularly low.. that now is a good time to be borrowing and be building things..unfortunately we’re so constrained…in the city by the state… in our ability to do that,” added Troske. Troske says, in other states, it’s not uncommon for cities to use a local sales tax to help support construction projects. The Urban County Council will review the mayor's recommendations during the next several weeks and vote on the budget in June.