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Fayette County reports $32.5M FY2023 General Fund balance, projects FY2024 shortfall after transfers
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Summary
CFO Sheryl Weinmann reported a FY2023 General Fund balance of $32,500,167 and projected FY2024 ending fund balance of $30,766,521 after transfers and CIP commitments; property-tax receipts trailed budget by roughly $2 million but a homeowner tax-relief grant partly offset the gap.
Chief Financial Officer Sheryl Weinmann told the Fayette County Board of Commissioners at the May 16 retreat that the county closed fiscal year 2023 with a General Fund balance of $32,500,167 and that, after planned transfers and capital commitments, staff projects a FY2024 balance of approximately $30,766,521.
Weinmann said FY2024 revenues were estimated around $74.8 million but that property-tax receipts were about $2 million under budget; the county received a homeowner tax-relief grant of $979,080 that was recorded in intergovernmental revenue. She also provided digest numbers, reporting a real property digest estimate (excluding personal, auto and mobile homes) of about $9.437 billion and noted the county anticipated an upward adjustment if QTS completes construction and comes online.
On expenditures, Weinmann said public safety overtime drove some overages, with net operations at $4.39 million and transfers out including a $1.275 million Public Health Building transfer and $2.9 million as year one of a five‑year CIP plan. After those movements staff estimated a net negative impact to the fund balance of about $1.73 million.
Weinmann presented fund-level details for special revenue and enterprise funds: 911, Fire Services, EMS, Water System and Solid Waste all had distinct trends and projected FY2024 impacts; for example, 911’s fund balance was projected to grow to roughly $10.5 million while Solid Waste was carrying a small projected deficit and staff discussed potential fee adjustments.