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Lexington projects near-seven‑figure FY25 surplus; council and staff propose spending freezes for FY26
Summary
Finance Director Jennifer Veil told Lexington City Council that the city is projecting a near–seven‑figure surplus for fiscal 2025 and presented proposed one‑year freezes and delays for roughly $500,000 of spending in FY26 to guard against economic uncertainty.
Lexington’s finance director told City Council on the evening of the meeting that the city is projecting a near–seven‑figure surplus for fiscal 2025 and staff are recommending temporary freezes and delays in FY26 spending to provide an early warning buffer. “The projected surplus is nearing 7 figures,” Finance Director Jennifer Veil said.
Veil said interest earnings, a larger than budgeted fire and rescue joint services payment from the county, higher-than-expected revenue sharing, and stronger building permit receipts are the main contributors to the FY25 surplus. “Interest earnings beat budget by 292,000. Our fire and rescue joint services agreement was over budget, 137,000… revenue sharing payment was also above budget at 125,000, and building permits were ahead of budget by 104,000,” Veil said.
City Manager Tom Carroll and Veil told council that FY26 is less certain: sales…
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