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City Manager's Proposed Budget for Fiscal Year 2016 Released

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COVINGTON, KY – City Manager Larry Klein presented his proposed budget for fiscal year 2016 at last night’s City Commission meeting. In accordance with Kentucky Revised Statute, the City Manager must recommend a structurally balanced annual budget no less than 30 days prior to the end of the fiscal year. The City’s current fiscal year ends on June 30, 2015.

Estimated Revenues for the 2015-2016 General Fund Budget are $47,010,405, a decrease of 0.57% from fiscal year 2014-2015. Estimated Expenditures for the 2015-2016 General Fund Budget are $46,976,369, a decrease of 0.60% from fiscal year 2015-2015.

Under the themes of responsibility, sustainability, and investment, City Manager Klein outlined six key goals in his budget recommendation. They include a structurally balanced budget, financial responsibility and sustainability, budget transparency, investment in Capital Funds and Economic Development Project Funds, growth of General Fund Revenues with emphasis on property and payroll taxes, and a reduction of General Fund Expenditures through operational efficiencies and other cost reductions.

City Manager Klein said that, while his recommendations contain difficult choices, it must represent the City’s commitment to sound financial practices and establish priorities for growth and investment.

City staff will hold two public presentations of the proposed budget to explain the budget and answer questions and receive comments on the following dates:

  • Tuesday, May 19 at 6 p.m., Covington City Hall Commission Chambers, 20 W. Pike St.
  • Thursday, May 21 at 6 p.m., as part of the CNC meeting at the Center for Great Neighborhoods, 1650 Russell St.

To access the proposed budget documents, including the City Manger’s full budget recommendation memo, click here.