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Lexington's finances improve a bit

Lexington's financial outlook took a turn for the better in November, but city officials still plan to move forward with budget cuts.

The preliminary November numbers in the licenses and permits category — the city's largest revenue area, which includes payroll tax, business net profit tax, insurance premium fees and franchise fees — showed that Lexington rebounded from October's sharp decline in the payroll tax.

In fact, collections in the licenses and permits category increased so much that the city is now posting a positive figure in that area in its year-to-date numbers. At the end of October, the licenses and permits category was down $580,288, or 0.9 percent, for the fiscal year that began July 1.

Through the first five months of the fiscal year, the licenses and permits category is up $2.3 million, or 2.8 percent, over the same period last year.

In the payroll tax category, the city has collected $2.1 million more for the year, a 3.5 percent increase ove r this time last year.

Read the complete story at kentucky.com

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