VMI cadet presents Lexington’s Popular Annual Financial Report; city reports revenue growth and capital work

Virginia Military Institute cadet Jay Vajayan presented Lexington’s Popular Annual Financial Report (PAFR) for the fiscal year ending June 30, 2024, to the city council on May 1. The presentation summarized revenues, expenditures, capital projects, and long‑term debt for the prior fiscal year.

Key figures and projects cited in the presentation included: • General fund revenue of about $28 million (up from about $27.5 million) and overall city revenue of about $35 million (up from about $34 million). Staff noted part of the revenue increase included approximately $4 million from the American Rescue Plan. • General fund expenditures of roughly $20 million (down from about $21 million previously) and total expenditures of about $31 million (down from $33 million previously); the lower spending reflected, in part, a nonrecurring fire truck purchase in the prior year. • Capital projects completed or underway: Providence Hill sewer relining (about 7,500 feet; contractor AM Liner East; cost about $501,000 continuing into FY25), Nelson and Evergreen traffic signal electronics upgrade (about $160,000), East Denney Circle water main replacement near Washington and Lee campus (about $6.6 million; after construction, maintenance responsibility to be transferred to W&L), and Limekill Bridge repairs (about $100,000 under contract with Lanford Brothers of Roanoke under the Virginia Public Procurement Act). • Long‑term debt declined slightly to about $32 million (down from about $33.5 million), well under the city’s debt limit of $68 million.

Cadet Vajayan credited the city finance staff for preparing the underlying comprehensive annual financial report, and council members thanked him and his faculty advisor for the student‑led presentation. Councilors and staff noted the continued importance of education spending (schools account for roughly half of the city’s budget) and said monitoring federal program funding and interest earnings will be important moving forward.