iLocalNews Louisville is your best source of news and information about Derby City.
- Professional Journalist
Louisville Mayor Greg Fischer unveiled his proposed budget today, for the 2015-2016 fiscal year. It’s an $873 million spending plan that he promises does not raise taxes and is designed to strengthen physical, economical, educational and social connections across Louisville.
In remarks to the Metro Council, the Mayor outlined several large initiatives including:
● $14.5 million to construct the new South Central Regional Library in Okolona;
● $13.6 million to pave bumpy roads, repair broken sidewalks and continue building the city’s cycling network, the largest road/sidewalk investment in five years;
● $12 million for the Louisville CARES initiative to create 1,500 units of affordable housing;
● $7.8 million to upgrade the city’s 911 radio system, which receives 1.5 million calls annually ;
● $2.8 million to equip all LMPD officers with body cameras;
● $1.8 million to help expand Animal House, allowing the city to eventually vacate the flood-prone animal shelter on Manslick Road once private dollars are raised.
“These investments not only connect our city through better roads and sidewalks, they connect us socially through improved libraries and enhancements to public safety,” Fischer said. “Our citizens must feel connected to the success of our city and know that the city is connected to their success.”
The budget — One Louisville: Creating a Connected Community — totals $873 million, which includes federal dollars, grants and donations. The general fund budget is $560 million. Revenue growth for the new fiscal year is projected at 1.8 percent. Fischer said because of an improved economy and sound financial management the past five years, including eliminating the city’s structural deficit, Louisville Metro Government is able to make targeted investments.
“The job market has recovered – unemployment is down from over 10 percent to 4.9 percent, and we’ve added more than 40,000 new jobs since January 2011,” he said.
The budget also adds $450,000 to the “rainy day fund” — bringing its balance to $63.5 million — and it includes $2.5 million for a capital improvement project at The Kentucky Center in a collaborative effort with the state.
Metro Council will begin its budget hearings Tuesday, June 2 and is schedule to vote on the budget Thursday, June 25.
To review the full budget, CLICK HERE.
For details, CLICK HERE.
For the Mayor's full budget speech to Metro Council, CLICK HERE.