Lexington City committee hears Q2 FY2025 financial update and receives clean audit opinion

The Budget, Finance and Economic Development Committee of Lexington City heard its second-quarter financial update, covering results through Dec. 31, 2024, and received a report from new external auditors Crossland that produced an unmodified opinion on the city—s annual comprehensive financial report.

Committee members were told revenues and expenses are tracking close to the adopted budget for FY2025, with the quarter—s results described as "proceeding as we had planned." Commissioner Hensley, presenting the report, said personnel spending is a primary focus and is "within 1% of budget." Director Holbrook said payroll withholding, the city—s largest revenue source, is "running well to budget," and that net-profits tax collections typically spike in March–May with an April 15 filing deadline; Holbrook noted the city typically collects about $30,000,000 in April toward a roughly $60–70 million net-profits budget.

The committee heard that insurance premium tax collections are ahead of budget (roughly 6% growth), franchise-fee revenues were slightly below budget…