Extra funds come from leftover surplus from 2015
LEXINGTON, Ky. (Oct. 28, 2015) — The Lexington Urban County Council today voted to move $2.3 million into the city’s Rainy Day Fund. Mayor Jim Gray asked the council to increase the size of the fund. With the addition of $2.3 million, the Rainy Day Fund now totals $29.7 million, representing 9.1 percent of the General Fund.
“We’re setting aside money for emergencies, so our city can be prepared,” Gray said. “It’s the responsible thing to do.”
The money comes from a $19.5 million surplus left over from the 2015 budget year, which ended June 30. Lexington’s overall General Fund balance is a healthy $83 million. Lexington has had year-end surpluses for the last four years. The city established the Rainy Day Fund in the 1990s. Funds have never been withdrawn from it.