Lexington's Revenue Expected To Get Worse
Lexington city council members are trying to get a handle on revenue losses as they prepare to enact a new budget. The financial situation, under a period of coronavirus, continues to worsen.
Lexington Finance Commissioner Bill O’mara told members Tuesday afternoon the projected revenue shortfall has gone from $9 million to $11.6 million by the end of June. And O’mara said there are other serious questions to consider. “We don’t know when and if people will go back to work. Even though businesses can open, we don’t know how many people will be called back to work. We don’t when the public will safe to go out and spend money,” said O’Mara.
Council Member Richard Moloney painted an even bleaker potential financial picture. The veteran councilman fears the revenue loss could be between 15 and 20 million dollars by July and Moloney thinks the fall could bring tougher times.
Chief of Staff in the mayor’s office, Tyler Scott responded to a question about any federal funds to help ease budget pain. “We still don’t know how much we may be getting, when we may be getting it, or what kind of a distribution method may be coming. There’s some word that maybe some more loosening guidelines might be coming out at the federal level that may make this money available to us for revenue replacement, but there’s nothing clear on that side,” noted Scott.
Council is working toward action on a new spending plan before July first.? The next virtual budget meeting is scheduled May 28th.
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