City Presents Fiscal Year 2018 Recommended All-Funds Budget; Emphasizes Themes of Improvement, Sustainability & Planning

COVINGTON, KY – On Tuesday, May 30, the City Manager submitted the Recommended All-Funds Budget for the Board of Commissioners’ consideration for the fiscal year beginning July 1, 2018. The proposed budget highlights the City’s goals and priorities.

Presented by Interim City Manager Loren Wolff and Interim Finance Director Bill Moller, the balanced budget includes 23 appropriated funds totaling $104.7 million in revenue plus fund balance and $95.6 million in expenditures for operations and capital improvements.

Aligning with the themes of improvement, sustainability and planning for the future, the FY 2018 goals and highlights include: a structurally balanced budget; establishment of a rolling five-year operating budget forecast to better anticipate changes in resources so that expenditures can be planned accordingly; establishment of a long-term debt policy; changes in fund definitions so as to combine the Capital Reserve Fund and the Infrastructure Fund for capital purposes; and, continued investment in the City’s five-year capital improvement plan.

The recommended budget additionally includes funding for an operational review of the City’s organizational structure and a review of the City’s financial practices, policies and procedures.

Interim City Manager Loren Wolff stated, “We are in a period of transition as the new Mayor and City Commission set strategies and fill key roles in the City Administration, including the City Manager position.

“With this in mind, the recommended budget includes funding for an operational review of the City organization structure and a review of financial policies and procedures to improve citywide efficiency and effectiveness.”

Also featured within the recommended budget, funding will be allocated for significant capital projects, including the Riverfront Commons project, the Devou Clubhouse project, City fleet purchases, the Scott and Sixth Street Streetscape project, and new emergency service radio systems for the Covington Police Department, Fire Department and Department of Public Improvements.

Interim Finance Director Bill Moller stated, “A budget is not just numbers on a spreadsheet, but a reflection of aspirations and values. The three themes flow through the budget – improvement, sustainability, and planning for the future.”

The recommended budget was discussed and developed in numerous public meetings with the Board of Commissioners, City management, public and staff, consistent with the City’s efforts to continue its transparency initiatives.

The FY 18 Recommended Budget is available at City Hall’s Finance window and by clicking here. Additionally, it will be made available on the City’s interactive transparency platform OpenGov in the next several days.