Two large entities — the city + the University of Kentucky — approved their FY 2025 budgets last week with a combined total of $8.9+ billion. Let’s dig a little deeper into these dollars, shall we?
University of Kentucky
We’re kicking things off with record-setting $8.4 billion — yes, that’s billion with a B — budget for the University of Kentucky. And while that is a huge number, it covers all three facets of the organization — the hospital system ($5 billion), the university + academics ($3.1 billion), and athletics ($216 million).
Here’s some fast facts:
- This budget is 23% larger than last year’s — a $1.6 billion increase.
- $18 million is allotted for a salary increase pool for UK employees. Fun fact: UK is the largest employer in the city.
- A 2.2% tuition increase for undergraduate students means: in-state tuition will be $6,751 per semester + tuition for out-of-state students will be $17,070.
- UK projects student enrollment for fall 2024 to be ~35,000.
- The university system will receive $359 million in state funding — see how it will be spent.
- $2 billion of the UK Healthcare budget will go towards the construction of new a hospital tower.
The FY 2025 budget will go into effect on July 1, 2024. | Photo courtesy of @femibranded
City of Lexington
The Urban County Council also unanimously approved the city’s largest budget ever last week at $532.9 million. You can find a deeper dive in our previous coverage.
But, here are some high-level fast facts:
- This year’s budget is a 5% increase over the current FY 2024 budget of $505 million.
- Mayor Linda Gorton has until Monday, June 23 to make any vetoes.
- The spending for affordable housing has more than doubled from it’s typical amount of ~$2 million to $4.79 million.
- Around $14 million, including grant money, city money, and borrowing, will be spent on paving Lexington streets.
- The budget for the Office of Homeless Prevention and Intervention has also nearly doubled, going from $750,000 to $1.4 million.