The enacted budget for 2017-18 focuses heavily on public safety and builds on momentum to repair roads and sidewalks, increase affordable housing and complete a network of regional libraries. Investments in technology funded in the budget will expand the city’s high-speed fiber infrastructure and enhance delivery of city services to Metro residents.
Sustained Financial Strength
Three nationally recognized credit rating services – Fitch, Moody’s, and Standard & Poor’s – cited Metro’s strong economy, sound management, and budgetary flexibility as basis for again granting positive bond ratings. Fitch assigned and affirmed its highest rating of AAA; Moody’s affirmed its Aa1 rating; and S&P affirmed its AA+ rating. Metro’s rainy day fund was increased by $1 million in FY17, bringing the funding level to a new historical high of $68.9 million.
Continued Excellence in Financial Reporting
Metro received its seventh consecutive “Certificate of Achievement for Excellence in Financial Reporting” for its Comprehensive Annual Financial Report from the Government Finance Officers Association of the U.S.
and Canada. The association also presented Metro’s fourth straight “Distinguished Budget Presentation Award” for the 2016-17 budget.
The ‘AAA’ ratings reflect the metro
government’s … strong revenue and
expenditure frameworks, and Fitch’s
expectation that the metro government will maintain a high level of financial
flexibility throughout economic cycles.”
– Fitch Ratings, Inc.
Where the Money Comes From (percentage)
- Occupational taxes 56.8%
- Property taxes 25.5%
- Payments made to city for various services 3.4%
- Dividend payment from Louisville Water Co. 3.2%
- Intergovernmental revenue 3.0%
- Fees from permits, licenses issued by the city 2.8%
- State municipal aid/road aid 2.0%
- Federal Community Development Block Grants 1.7%
- Other 1.6%
Where the Money Goes (percentage)
- Public Safety 54.2%
- Community Building Agencies 12.0%
- Central Government Services 11.3%
- Public Services 9.4%
- Offices of Mayor, Metro Council, County Attorney
- and other elected officials 4.8%
- Economic, real estate and workforce development 4.2%
- Capital/Building Projects and annual Debt Payment 4.1%