Last Tuesday, Council decided how to spend $20 million in Fund Balance money! Fund Balance refers to leftover money from the previous Fiscal Year’s Budget that hasn’t been spent. The last Fiscal Year’s budget ended on June 30th, 2024.

On Tuesday, October 29th at 10am, Council will hold a Committee of the Whole Meeting to decide how to spend the City’s Fund Balance money.

In February 27th’s Budget, Finance, and Economic Development (BFED) Committee, Councilmembers will hear two presentations on Lexington’s industry, workforce, and tax revenue growth. They will also hear a Monthly Budget Update on the Fiscal Year 2024 (FY24) budget.

In Tuesday’s Budget, Finance, and Economic Development (BFED) Committee, Councilmembers will hear the Second Quarter Update on the Fiscal Year 2024 Budget. Quarter two ended on December 31st, 2023.

On Tuesday, October 31st, there will be a special Budget Committee of the Whole (COW) meeting to discuss the Fiscal Year 2023 Fund Balance.

Council’s Budget, Finance, and Economic Development (BFED) Committee will meet to hear the monthly financial update on the City’s budget and an update about Coldstream Park.

Lexington just adopted its largest budget in history at over $900 million, including all Restricted Funds.

Council voted for a final time to adopt the FY 23/24 City Budget.

Council held their final Budget COW to hear proposed amendments to the Mayor’s Budget, as recommended by Budget Links and individual Councilmembers.

In the budget COWs, links and Councilmembers presented and voted on their recommended amendments to the Mayor’s proposed budget, and then voted to adopt the budget as amended.

The City’s Budget continues to move through the process. But it is not over yet!

The week of May 8th, Links continued to meet in the Council Caucus Room.

The City Budget continues to move along! Urban County Council met in a Committee of the Whole (COW) on April 25th to hear an overview of the Mayor’s proposed budget.

The Mayor’s Proposed Budget has been released, and Council has around 40 days to review the budget and make changes. The process for Council’s review begins with Link sessions - smaller groups of Councilmembers focused around specific topics like housing or public safety - to consider what changes they want to suggest to the group. Links are in full swing now, with 10 meetings scheduled between April 27th and May 11th.

Now that a draft budget has been proposed, City Council will meet in a Committee of the Whole (COW) this week to talk about the Mayor’s proposal. They will hear a presentation on the City’s finances from Commissioner of Finance Erin Hensley, as well as an ARPA update from Project Manager Jenifer Wuorenmaa. Councilmembers will then have an opportunity to review the Mayor’s proposal with Commissioner Hensley.

This week, Mayor Linda Gorton will be giving the annual Budget Address where she will lay out her priorities for the upcoming Fiscal Year, which starts July 1. The Budget Address kick-starts the budget process for the next couple of months. Make sure to stay tuned to this newsletter to keep up to date and learn how you can weigh in.

This week marks the start of Lexington’s Budget Season! We’re still a long ways from actually seeing a draft of the FY23/24 budget, but conversations are kickstarting this week between and within Council and the Administration.