Larry Klein delivered the City Manager's recommended Fiscal Year 2013/2014
Budget to the Commission this week.
"It moves us toward
providing services at optimal levels and secures a more stable financial future
through reinvestment in the City's infrastructure, economic development,
neighborhood revitalization and public realm, while maintaining the fiscal
discipline demonstrated by the City in the past two years," said Klein.
In his message to the Mayor and
Commissioners, Klein explained that the City has reached an unprecedented point
of opportunity. The policy basis for his recommended budget heavily relies on
critical future decision making.
The policy outlines five core
commitment areas that focus on potential for greatest return on investment and
quality of life improvements for residents.
In summary, the proposed
balanced budget recommends the following key actions:
in Infrastructure (streets, sidewalks, levee maintenance, storm water control),
Facilities & Recreation, Fleet and Equipment. Establish long-term funding
and focus for the City's basic needs - approximately $52 M over the next five
years to these categories, including long-term funding for renovating or
rehabilitating the urban core, riverfront and other areas. Continue on the
current path of adequate long-range and sustainable funding for significant
infrastructure improvements. Accommodate the enormous demand for green space
and recreational opportunities as a tool to attract residents, businesses and
further investment. Keep the City safe and looking like a great place to live,
work, play and invest.
in Economic Development and Neighborhood Revitalization. Identify additional
revenue streams through this investment and continue the City's current efforts
to acquire and demolish foreclosed properties to remove blight from
neighborhoods and to pave the way for new opportunities and new revenue
the City's past and present personnel obligations. Implement a classification
and compensation plan for non-union employees and focus on meeting past
financial obligations to the City's police and fire and non-uniformed employee
pension funds, which are currently underfunded.
on replenishing the City's reserve fund. Introduce an aggressive focus on
building a $1 M reserve in the FY14 budget after previous years' fund balances
hovering below $500,000. Currently, the general fund balance as a
percentage % of revenue is less than 1%, compared to other cities like Paducah
and Bowling Green possessing 35% and 34% respectively.
in our Quality of Life. Improve the citizen, business and visitor experience
and the quality-of-life considerations including City-wide beautification such
as sidewalk and other public improvements. Lend support to community partners
such as Keep Covington Beautiful and the volunteer Bicentennial Committee whose
expertise , energy and reach can further implement improvements and promote our
The City's Fiscal Year 2013/14
proposed General Fund budget totals $46.49M, and includes all of the City's
services such as fire, police, public improvements, community services
recreation and others. The City's proposed Capital budget is approximately $75 million over the five year period of 2014-2018, with a recommended first-year
allocation of $26 million in FY 2013/14. Last year's capital budget was $8 million.
Klein presented the budget at the Commission's May 21 meeting. A first reading of the budget ordinance
is scheduled for the City Commission meeting on June 11. If any changes occur to the budget after first reading on June 11, a new first
reading will occur on June 25; if no changes occur, a second reading will occur
on June 27 at the Commission meeting.
Tuesday, August 19 2014 4:10 PM EDT2014-08-19 20:10:07 GMT
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