This week, the Lexington City Council voted on how it will spend the city’s $20+ million in available Fund Balance money. Before we break down the full list, which includes a new government center + eviction prevention funding, let’s talk about where this money comes from.
What is a Fund Balance?
According to CivicLex, a Fund Balance is money left over from the previous fiscal year’s budget that has not been spent. This money can be made available either through increased revenue, decreased spending, or planned expenses that haven’t occurred. Fun fact: The previous FY budget ended on June 30 with a total Fund Balance of ~$213.5 million.
The numbers
Of that above number, ~$193 million was either already committed or non-spendable, leaving the total unassigned + spendable money at $20.443 million. The mayor and each city council member made specific recommendations of how they’d like to see that money spent with a price tag of $47.64 million on the joint list.
Let’s dive into some of the big-ticket items that were approved —
- $8.5 million will be placed in a capital reserve account for a new city government center + can be used for other projects if the city does not move forward in the next two years.
- $3.1 million will be spent to help with renovations + improvements to the Lexington Fire Department training center on Old Frankfort Pike.
- $2 million will be spent on paving roads around town (District 10 Council member Dave Sevigny originally requested $12 million).
- $1.5 million will be broken into $100,000 given to each council member to spend on projects in their respective districts.
