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Wed November 28, 2012
Lexington Ends Fiscal Year "In The Black"
LEXINGTON, Ky. – An audit from the city’s financial department revealed Tuesday that Lexington closed the books on fiscal year 2012 with a 3.3 million dollar surplus.
The Herald Leader reports that Director of Revenue Bill O’Mara told members of the Urban County Council the city overcame a projected $27M deficit with higher than expected revenues (taking in $9M more than counted on through city payroll taxes, and a net-profit tax on business), as well as tight control over expenses.
Finance Commissioner Jane Driskell cited other factors including the drop in the unemployment rate, an unusually warm winter producing savings on utilities, and reduced costs in medical services at the city jail.
Mayor Jim Gray said the report was welcome news but that “we’re not out of the woods yet, and we’re not declaring victory prematurely.”
Gray told the paper the city still needs to address a ballooning pension liability (a $17M annual required contribution gap) that threatens future economic stability.