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:
General Fund: $7,008,617
Utility Fund: $6,335,250
Tourism Fund: $948,000
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):
General Fund: $11,821,631
Utility Fund: $6,363,480
Tourism Fund: $948,400
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.
Reach Matt Lasley at 270-259-9622, ext. 2015.