LOUISVILLE, Ky. — Citing an outstanding economic performance in the fiscal year that ended in June, Mayor Greg Fischer announced a $30.7 million surplus for Louisville. He said the city will spend $10.7 million of that on essential services and put the remaining $20 million in the city’s “rainy day” fund — allowing the incoming administration to address its immediate priorities.
Fischer said the $30.7 million surplus reflects savings from the Louisville Metro Government agency operations and unanticipated revenue growth for the year. The city’s budget already included a $1.3 million increase to the rainy day fund.
“The next administration will face the typical challenges that come every budget cycle and the increase in the rainy-day fund will help them navigate those challenges,” Fischer said.
“Our city has rebounded from the initial impact of the COVID-19 pandemic faster than most cities in the nation, and the budget surplus ordinance being filed today reflects that, as well as our work, over these past 12 years to build a lean, efficient government. I’m really proud of our team.”
Fischer specifically expressed appreciation to the Office of Management and Budget staff for their help in steering the city through “very tough financial times.”
The administration’s fiscal management has been recognized with the national Government Finance Officers Association’s Distinguished Budget Award for nine years in a row, and Certificate of Achievement for Excellence in Financial Reporting for 11 years.
Metro Council Budget Chair Bill Hollander and Vice Chari Kevin Kramer have drafted an ordinance for the surplus to be spent on essential services. The proposal would include improvements to the tax collection system for residents, spending for workforce development, renovations to the Youth Detention Center and repairs to Hogan’s Fountain Pavilion in Cherokee Park, among other projects.
The measure will be considered at a Budget Committee Nov. 17, and could be voted on by the full Council as soon as Dec. 1.
“This proposal builds on the work we’ve done to improve critical city services, build a safer city and continue our equitable economic recovery,” Mayor Fischer said. “I especially appreciate the partnership of Budget Chair Hollander and Vice Chair Kevin Kramer, and I urge the full Council to approve this measure.”
Hollander said he is pleased the end-of-year ordinance is being filed earlier than in past years, giving the Budget Committee and Council time to carefully consider all options and appropriation proposals. He added, “The surplus funds in this year-end ordinance will help with expenses we know will be rising. The prudent course is to save as much of those funds as possible for use in the future.”