Louisville Ky has some extra money in its coffers thanks to a budget surplus

By JackieBentley -
719

 

Mayor Fischer announces Louisville Metro Government ends fiscal year with $18.9 million surplus

 

LOUISVILLE (December 15, 2015) – Citing sound fiscal policies, experienced management and strict budget adherence, Mayor Greg Fischer announced today that Louisville Metro Government ended fiscal year 2015 with a surplus of $18.9 million.

 The surplus represents $6.3 million in increased revenue and $12.6 million in expense savings, which reflect efficiencies in government, the mayor said.
“This is a good government — and an improving economy —at work,” Fischer said. “Department directors held the line on their budgets, working to ensure that every one of those dollar was well-spent. It illustrates our ability to run a lean, efficient operation – and it took a team effort.”
Louisville Skyline
Mindful that “taxpayers are entrusting us with their money,” Fischer said his administration is taking just as much care to ensure the $18.9 million surplus is spent responsibly.
Pending a vote by Metro Council this Thursday, the surplus will be spent this way:
  • $6.1 million to pay off debt owed to the Louisville Water Co.
  • $3.6 million for the city’s rainy day fund, bringing the balance to $66 million.
  • $2.5 million for the city’s risk management fund.
  • $2.2 million to cover funding that was expected but not received from grants and other sources.
  • $1.6 million for replacement of computer/technology servers.
  • $500,000 set aside by the Metro Council budget committee for potential projects that it identifies in the future.

 

The remaining – about $2.4 million — will be set aside for various government accounting-related expenses, including potential legal costs, said Chief Financial Officer Daniel Frockt.

The surplus announcement comes a month after the top three national credit rating services gave high marks to Louisville’s credit worthiness, and as Metro government was, for the third year in a row, awarded a national Distinguished Budget Presentation Award for excellence in governmental budgeting.

The Government Finance Officers Association of the United States and Canada made that award, saying it illustrates a commitment “to meeting the highest principles of governmental budgeting.”

Frockt said the award recognizes the mayor’s charge for all departments to pursue continuous improvement in a transparent and inclusive process.

“It honors the city for producing a budget that serves as policy document, financial plan, operations guide and communications device,” he said.

Fischer said the award, the high bond ratings and the surplus together “reflect my administration’s commitment to being careful stewards of city tax dollars.”

 

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