Business and the Economy
Lexington Tax Revenues Up
Lexington city officials are seeing higher revenues than they expected. Still, the city’s mayor advises don’t read too much into those figures. Revenue in the first two months of this fiscal year are one-point-three million dollars higher than expected. City Revenue Director Bill Omara says Lexington businesses seem to be making more money and, as a result, are paying more taxes.
“The growth is showing up in profitability of businesses which showed up last year at the federal and state level and is starting to show up here locally,” said Omara.
With just two months of financial information, Omara can make no revenue predictions on what may come in what’s left of this fiscal year.
“I think the first two months is not enough information to project out the next ten….especially with all of the economic winds that are blowing on the world and the national level,” added Omara.
Mayor Jim Gray agrees saying the economy remains troubled and tax revenue could again drop...
“But we can’t start spending money before we have any indication that there is any sustainability. That’s the wrong thing to do,” said Gray.
Revenue director Omara adds unemployment in Fayette County for August was a full percentage point better than a year ago.