Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Shepherdsville reports nearly $2 million carryover; mayor proposes using part to accelerate loan payoff
Summary
The mayor told council the city ended the fiscal year with revenues above projections and expenses under budget, producing a carryover “almost $2,000,000”; he asked council to consider placing some of the surplus into a reserve to pay off a loan for capital projects earlier than scheduled.
The mayor reported to the Shepherdsville City Council on July 14 that the city finished the fiscal year ending June 30 with revenues above projections and expenses below budget, producing a carryover the mayor described as “almost $2,000,000.” He commended department heads for finishing under budget despite emergency expenses tied to recent flooding responses.
Why this matters: The mayor said the city borrowed funds for the aquatic center and other capital projects and would like council to consider allocating a portion of the carryover to a reserve for loan repayment, potentially paying off the loan several years early without raising taxes.
The mayor said the city has a $1 million capital allocation in the capital projects budget for the aquatic center and that future operating overhead will appear under account 5730. He told council staff will finalize year-end numbers around Aug. 30 and that the council will review options when the budget is finalized.
No appropriation was adopted at the July 14 meeting; the mayor asked council members to keep the loan-reserve option in mind and signaled staff will present detailed figures in the September budget review.
