Hopkinsville City Council heard a fairly positive end of year financial report at Tuesday’s meeting, showing the city is on track to recover from pandemic impacts.
Chief Financial Officer Robert Martin presented his report, saying the numbers show a good rebound in revenues during fiscal year 2020-2021—the city will end the fiscal year with $12.1 million in available cash balance in the general fund, a sizeable increase from the prior year.
A good indicator was a better-than-expected collection of payroll taxes, which while Martin says is lower than what was projected, had a strong enough rebound to put it on par for last year.
That continued into the municipal road aid fund, which Martin says ended the fiscal year with a surplus balance of approximately $10,000 in that fund. He says a good portion of the COVID-19 relief funding also remains unspent, but he intends to approach council in the coming weeks with recommendations and presentation concerning those funds.
Mayor Wendell Lynch says the majority of the thanks for the good fiscal report has to go to the department heads, who found way to save money in their own budgets.
In other action, city council approved on second-reading the partial street closure of East 11th Street between South Main Street and South Virginia Street.