Council approves $379 spending plan on first reading

LEXINGTON, Ky. (WTVQ) – With little debate, the Lexington Urban Council approved a $379 million spending plan for next year that is significantly impacted by the coronavirus shutdown.

The budget takes effect July 1 and takes $20 million from the city’s economic contingency fund to balance the books.

The city still hopes the economic recovery from reopening will improve revenue outlooks. The same goes for revenues from federal reimbursements for coronavirus expenses.

Previous amendments restored some $6 million in funding for housing and social service agencies and to set up a $2.5 million loan program to help small businesses hit hard by the coronavirus-prompted economic slowdown.

The affordable housing money is enough to fund 800 housing units.

Final reading on the budget will be later this month.