City Needs to Sell $4 Million in Property to Help Budget
LEXINGTON, Ky. – The possible sale of four million dollars in city-owned property was the focus of an Urban County Council Budget Committee meeting Tuesday at City Hall. Lexington Finance Commissioner Linda Rumpke presented council members with a "what if" scenario that would mean a huge dip into the economic contingency fund.
"If we closed our books today, we would have to draw 7.6 million dollars because we haven't sold four million dollars. And that's what we want to keep in front of this leadership body so that as we're making decisions around these other items, that you have that holistic picture."
But council member Doug Martin doubts that the sale of large real estate is feasible during the next six months of the fiscal year.
"I don't think we can count on getting it done because the markets are difficult, property is sitting around for a very long time."
Commissioner Rumpke says the city is working to aggressively manage cash flow. She added that changing healthcare costs and pending litigation settlements could affect Lexington's budget outlook.