Hopkinsville Mayor Carter Hendricks says the city’s next year financial outlook is positive.
The Republican mayor, who took office last year, proposed the $33.4 million 2016-2017 budget at city hall this morning.
Hendricks notes a 3.2 percent payroll growth, a positive trend of cash flow with a 28% percent balance and enough revenue to leave reserve funds untouched in the next year.
“And we’re thankful that even during the tough recession of the past 7 to 8 years, this city maintained a strong financial position, and it happened because of bold leadership, and the willingness to continue to invest in ourselves and created growth through job creation," said Hendricks.
He says even though the payroll growth trend has softened since last year's 8.5 percent growth rate, it's still a sign of a strengthening economy.
"Over the last five years, you've seen a very powerful trend of payroll growth, that's what drove your city's ability to have a surplus at the end of last year that allowed us to invest in a skate park, a dog park, Hopkinsville Community College and several other important initiatives and projects," he said.
The city is also setting aside money in anticipation of next year's celestial event expected to bring in tourists from the country and abroad.
“We’re also including over a hundred thousand dollars in eclipse preparations," said Hendricks. "The fact of the matter is the eclipse is coming very quickly: August 21st, 2017. And we happen to be the scientific epicenter of this once in a lifetime international experience”
Hendricks says the budget accounts for close to $15M worth of projects - including park renovations and a new sportsplex - by increasing the insurance premium tax to 7.5 percent.
The fiscal year begins July 1st.
