Louisville Metro government ended the last fiscal year with an $18.9 million surplus, Mayor Greg Fischer announced Tuesday.
Fischer said he’s proposing spending about half of the surplus funds — $6.1 million — on paying off debt held by the Louisville Water Co.
He’s also proposing $3.6 million for the city’s rainy day fund and $2.5 million for the risk management fund.
Another $2.4 million will go to “various government accounting-related expenses, including potential legal costs,” said Daniel Frockt, the city’s chief financial officer, in a news release.
The rest would cover the difference from grant funding that fell through, new computer servers and future, undetermined projects.
The Metro Council will vote on the proposal for surplus spending on Thursday, according to the city news release.
“We feel like paying down debt is an awfully good way to (use the surplus) just so we can be in a good position for tomorrow,” Fischer said.
The 2015 fiscal year, which had a $553 million general fund, ended June 30.
The surplus stems from $6.3 million in unbudgeted revenue and $12.6 million in saved expenses.
In the news release, the Fischer administration said the surplus was the result of “sound fiscal policies, experienced management and strict budget adherence.”
“Department directors held the line on their budgets, working to ensure that every one of those dollar was well-spent. It illustrates our ability to run a lean, efficient operation — and it took a team effort,” Fischer said in the news release.