LFUCG Fund Balance Discussion
As part of Tuesday’s Budget, Finance, and Economic Development (BFED) Committee meeting, Council will be having a conversation about how to use surplus revenue leftover from the 2022 Fiscal Year (which ended June 30, 2022). Fund Balance conversations are an annual event and one of the few times that Council can make significant funding decisions without the typical budget or budget amendment process.
This year, the fund balance is unusually large. The total balance is around $150M, although only around $40M of that is totally uncommitted. The remainder funds that are already committed were allocated during the budget cycle. They include:
$5.6 million for affordable housing and homeless intervention
$2.2 million for economic development funds
$6.5 million for LFUCG's health insurance reserve
$4.7 million for Capital Projects
$5 million for LFUCG Compensation study
$2.3 million for County Employee Pension increases
$3 million for Lexington Infrastructure Investment Fund
Now let's get into the $40M that Council will be considering tomorrow.The Mayor’s Administration and various council members have submitted a list of proposed projects for this money that totals $95 million. So tomorrow, they will have to cut over half of the list.
What are some of the Mayor’s requests?
$17 million for Public Safety Salary adjustments
$9 million for Extended Public Safety Measure – includes E911 salary supplement
$4 million for Additional Affordable Housing Contribution
$3.5 million for Contributions to Economic Contingency
$2.3 million for Capital Project Additions – Elevator, Gov Center HVAC, Police West Sector Envelope, GC Annex Police HQ Roof, PSOC HVAC
$2.25 million for Council District Neighborhood Capital Funds – $150,000 for each
$1.2 million for Non-Sworn One Time Supplement
What are some of the requests from Councilmembers?
$30 million for Public Safety Salary Increases (F. Brown, Ellinger)
$15.25 million for Public Safety Salary Increases – $15,000 salary increase for 543 police officers plus benefits (Moloney)
$20 million for a New City Hall Building (Kay)
$5 million for a New City Hall Building (F. Brown)
$6 million for the redevelopment of Phoenix Park (LeGris)
$6 million for the Affordable Housing Fund (Kay)
$4 million for a Sports Complex (Ellinger)
$3 million for Paving – Paving Management (F. Brown)
$2 million for the High Street Entrance to Town Branch Park (Ellinger)
$1.15 million for E-911 Employee Raises – $6.00 hourly rate increase for 31 telecommunications, 30 dispatchers, and 8 supervisors plus benefits (Moloney)
$1 million for Solarize Lexington (Kay)
The BFED meeting will be October 25 at 10am in Council Chambers. You can attend in person or watch it live on LexTV.
Want to see the full list of all project proposals? Check out the details starting on page 77 of this packet.
