PADUCAH, KENTUCKY (WSIL) -- City Council members introduced the $96.7 million budget during their meeting on May 24, 2022.Ìý
This budget will be for Fiscal Year 2023 and is $20 million more than the city's normal budget, which is around $70 million.Ìý
City Manager Daron Jordan explains this year's budget includes a bond that the city received, so it bumps up the total.Ìý
In 2019, the city took out a $20 million bond for an aquatic center, but ended up putting that project on hold. At last check, they had some other considerations in mind such as southside enhancements and 911 infrastructure.
But Jordan didn't specify if that's the bond included in the budget.Ìý
"The total of all funds is a little over $96.7 million," he says. "This year, that is up over our traditional, by almost $20 million. That is because we have to encapsulate and capture that $20 million bond fund on the books in there."Â
Some notable expenditures the city would like to see in the 2023 budget are:
- $24 million to public safety including police and fire.
- 5.8 million to investments such as debt payments, economic development, community development, and grant-in-aid funding.
- All state-mandated pension obligations to be fulfilled
Jordan says inflation is high but the city worked hard to keep costs low.
"Our increase in this year's budget is less than the 8.5% inflation, so we're saving 1.5% under this budget although it's increasing over last year," he explains. "Because of the good work and being good stewards of the community's dollars."Â
To balance the upcoming budget, it requires $2.5 million to be used from the reserve fund. However, according to the city, this budget does set aside 10% to the reserve fund.Ìý
The city plans on a second reading of the budget at its next council meeting, when it should be approved. It would then go into effect on July 1st, and run through June 30th of next year.
For more on the budget or to watch the meeting, view .Ìý