City Passes Balanced Budget
The Lexington City Council adopted a balanced budget for their fiscal year October 1, 2012 through September 30, 2013, at their regular council meeting on Wednesday, September 12, 2012. The city council held public hearings prior to the budget being adopted.
Mayor Robert Willrich, Sr. said, “In balancing the budget, the city did not raise your taxes, but we did change your tax rate to make up for the drop in property values.”
The approved budget totals $2,660,991, a decrease of $499,361 from the previous year’s budget of $3,160,352. Most of this decrease is due to the fact that the prior year budget included a sewer improvement project with a budgeted cost of $619,000. The budget is balanced with a projected surplus of $3,943.
The council adopted a tax rate of $.4955 per $100 valuation, which is an increase from last year’s rate of $.4609. The rate was increased only to maintain the total property tax revenue at the same level as last year, as Lexington’s taxable appraised values dropped from $42,491,196 to $39,265,006.
The General Fund budget has projected expenditures of $828,131, which is down $9,230 from the previous year’s budget of $837,361. The General Fund budget includes $20,000 budgeted for street repair. No other major capital outlay items were budgeted.
The Utility Fund has projected expenditures of $1,828,917 which is down $494,074 from the previous year’s budget of $2,322,991. This decrease is primarily due to the budgeted costs in the prior year budget for the sewer improvement project.