LEXINGTON, Ky. (WTVQ)- The Urban County Council voted today to move more than $2 million into the city’s Rainy Day Fund.
The city says Mayor Jim Gray asked the council to increase the fund. According to the city, “With the addition of $2.3 million, the Rainy Day Fund now totals $29.7 million, representing 9.1% of the General Fund.”
The money will be set aside for emergencies. The city says it comes from a $19.5 million surplus left over from the 2015 budget year, which ended June 30.
The city established the Rainy Day Fund in the 1990s. It says money has never been withdrawn from it.