Largest budgets ever approved for the city of Lexington + University of Kentucky
UK expects an ~6,500 first-year students beginning in August 2024. | Photo by LEXtoday
Two large entities — the city of Lexington + 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 are 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.
$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.
Asked
How much will tuition cost per semester for an out-of-state student in fall 2024?
Pollinator Week Kick-Off | Monday, June 17 | 6-7:30 p.m. | Raven Run Nature Sanctuary, 3885 Raven Run Way, Lexington | Free | Get your green thumbs ready for educational talks, hands-on activities, and free pollinator seed packets.
Tuesday, June 18
Jenny Lewis | Tuesday, June 18 | 8 p.m. | Lexington Opera House, 401 W. Short St., Lexington | $39 | Find your silver lining with this California indie-folk singer-songwriter.
Wednesday, June 19
Juneteenth Freedom Day | Wednesday, June 19 | 4-9 p.m. | Lyric Theatre and Culture Center, 300 E. 3rd St., Lexington | Free | Celebrate and commemorate Juneteenth with dozens of vendors and live music + performances.
Thursday, June 20
West Sixth Beer Garden | Thursday, June 20 | 4-8 p.m. | Southland Park, 625 Hill N. Dale Rd., Lexington | Free, price of purchase | Connect with your fellow community members at this family-friendly temporary neighborhood beer garden complete with music, lawn games + activities.
Friday, June 21
East End Nights | Friday, June 21 | 6-10 p.m. | ArtHouse Kentucky, 576 E. Third St., Ste. 120, Lexington | Free | Kick off an evening celebrating all forms of art with live music, an art exhibit, and a public market along Legacy Trail.
UKFCU’s expert mortgage advisors, like Trice Glass, can provide tailored advice and help you choose the right loan to fit your budget and lifestyle. | Photo provided by UK Federal Credit Union
Buying a home can be daunting. But it doesn’t have to be. UK Federal Credit Union’s team of mortgage experts is dedicated to making homeownership a reality for first-time homebuyers.
So, where do you start? We’re glad you asked.
Set a realistic budget.
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Take advantage of perks, like low down payment options and first-time homebuyer grants, to make purchasing your dream home more accessible.
UKFCU’s goal is to simplify the mortgage process by offering online application tools and pre-approval services. These tools will streamline your experience + set you up for more success — with less stress — when buying your first home.
Connect with UKFCU and take the first step towards owning your first home.†
†Federally Insured by NCUA. Equal Housing Lender. NMLS# 491194
News Notes
Sports
Tune into ESPN tonight to catch the UK baseball team as they continue their run in the NCAA Men’s College World Series. After defeating NC State 5-4 on Saturday, the Cats have made it to the Round of 8 + will face the Texas A&M Aggies at 7 p.m.
Real Estate
Next month, the Urban County Planning Commission subdivision subcommittee will give first review to the potential subdivision of a historical horse farm. The owner of Castleton Lyons Farm filed plans to subdivide the 1,000+ acres into 16 different lots ranging in size from 40-80 acres. We’ll keep you updated.(Lexington Herald-Leader)
Holiday
O beautiful, for spacious skies. The city has released the schedule for its annual Fourth of July celebrations. Events kick off Monday, July 1 with an ice cream social + continue with concerts, the parade, a festival, and more. Be on the lookout for your LEXtoday City Editors “running” the Bluegrass 10K.
Cause
The Lexington Humane Society is looking for volunteer artists for its Perfectly Imperfect Pet Art fundraiser. For a donation, pet parents can submit a photograph, and artists will recreate + reimagine the photos in the medium of their choice.
Job
Calling all fundraising aficionados. The Lexington Children’s Museum is hiring a Development and Communications Manager. The role will facilitate and maintain relationships with potential donors, as well as create and implement marketing strategies. Learn more + apply.
Active
Is your child aspiring to be the next Reed Sheppard? If yes, then LiveWELL’s Next Up! program can help. LiveWELL trainers customize workouts for each athlete’s specific sport and respective programs. Connect with LiveWELL to see how they can take your student’s training to the “next” level.*
Travel
From spa visits to family-fun activities, Southern Indiana offers Lexingtonians many different ways to vacation. With everything in such close proximity (just two and a half hours from Lexington), there’s no reason not to try it all. Explore our must-see recommendations.*
Wellness
🧠 Professional therapy, completely online
Picture this: Professional therapy, done from the comfort of your home. | Image by BetterHelp
Asking for help is a sign of strength, not weakness — and BetterHelp makes starting therapy easy.
Whether you’re dealing with grief, work burnout, relationship problems, or you’re just feeling down, therapy is for you. Online therapy in the comfort of your own home? Even better.
Speaking of better,BetterHelp can custom-match you with one of their 30,000+ licensed therapists in as little as 24 hours. (No more waiting days, weeks, or even months to see someone.)
Y’all, these temperatures this week — shoo. If you’re looking to beat the heat by staying indoors, check out our guide to museums or learn about all there is to do at the library. Stay hydrated out there.
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