Leitchfield approves 2016-17 budget


By Matt Lasley - mlasley@civitasmedia.com



Matt Lasley | GC News-Gazette The Leitchfield City Council last Thursday approved the city’s operating budget for the coming fiscal year.


The City of Leitchfield, last Thursday, June 23, approved its operating budget for the 2016-2017 fiscal year, as well as its amended budget for the 2015-2016 fiscal year.

During a special called meeting on Thursday, the Leitchfield City Council heard and approved the second readings of the city’s proposed Fiscal Year (FY) 2016-2017 budget and amended FY 2015-2016 budget ordinances.

Per the FY 2016-2017 budget ordinance, the City of Leitchfield is projected to have the following on June 30, 2017:

Revenues

General Fund: $7,008,617

Utility Fund: $6,335,250

Tourism Fund: $948,000

Expenditures

General Fund: $10,209,870

Utility Fund: $6,918,370

Tourism Fund: $803,517

While the General and Utility fund balances show net losses of $3,201,253 and $583,120 respectively, both will have funds that have carried forward from the 2015-2016 fiscal year.

The city’s General Fund in the coming fiscal year will have an additional $6,559,975 cash on hand from FY 2015-2016 for Total Revenue and carry-forward of $13,568,592.

This will result in the city’s General Fund showing a projected ending cash balance with carry-forward of $3,358,722.

The city’s Utility Fund in the coming fiscal year will have an additional $10,106,360 from FY 2015-2016 for Total Revenue and carry-forward of $16,441,610.

This will result in the city’s Utility Fund showing a projected ending cash balance with carry-forward of $10,681,240.

Per the FY 2015-2016 amended budget ordinance, the City of Leitchfield will have the following on June 30, 2016 (the last day of the current fiscal year):

Revenues

General Fund: $11,821,631

Utility Fund: $6,363,480

Tourism Fund: $948,400

Expenditures

General Fund: $9,049,929

Utility Fund: $6,819,845

Tourism Fund: $1,172,467

According to Leitchfield Finance Officer Erin Embry, Leitchfield Tourism showed a loss for FY 2015-2016 due to “significant capital improvements” made this year, such as the purchase and installation of a second slide at Leitchfield Aquatic Center.

In other business:

*The City Council authorized Leitchfield Mayor William Thomason to execute the Municipal Road Aid contract.

Matt Lasley | GC News-Gazette The Leitchfield City Council last Thursday approved the city’s operating budget for the coming fiscal year.
http://gcnewsgazette.com/wp-content/uploads/2016/06/web1_City-Council-06282016-1.jpgMatt Lasley | GC News-Gazette The Leitchfield City Council last Thursday approved the city’s operating budget for the coming fiscal year.

By Matt Lasley

mlasley@civitasmedia.com

Reach Matt Lasley at 270-259-9622, ext. 2015.

Reach Matt Lasley at 270-259-9622, ext. 2015.

comments powered by Disqus