Early fiscal year reports of revenues in Lexington are promising, but the city’s finance commissioner is urging caution. Bill Omara offered a financial report to the council’s budget committee this week. Revenues are running some $7 million ahead of the same time a year ago, but Omara says to make any firm revenue predictions now would be premature. “We’re in a favorable position after two months but two months into the year is too early to make predictions or look for trends,” said Omara.
Council members were faced with dividing a $20 million surplus in the last budget. Council Member Richard Moloney says if there’s potential for excess funds, the matter deserves close attention. “If we do have a surplus, the administration needs to put the priorities higher like from blacktopping roads to public safety, that we have an agenda that we follow,” said Moloney.
Omara meanwhile, says it’s best to wait a full six months before making any kind of projection about a possible revenue surplus.
