Title
A Resolution ratifying and approving the Fiscal Year 2026 Budget of the Lexington-Fayette Urban County Industrial Authority. [Mayor's Office, Bencz]
Summary
Authorization to approve the Lexington-Fayette Urban County Industrial Authority’s FY 2026 Budget at a cost of $146,000. Funds are Budgeted. (L0544-25)(Bencz/Atkins)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Yes, Completed by [Evan Thompson, 5/29/2025]}
Risk Management: {Select Yes/No, Completed by [Official, Date]}
Fully Budgeted [select]: Included in FY 2026 proposed Budget
Account Number: 1101-136103-0001-71201 ($50,000)
1101-136103-0001-71212 ($72,000)
1101-136103-0001-71251 ($5,000)
1101-136103-0001-71253 ($6,000)
1101-136103-0001-71299 ($8,000)
1101-136103-0001-76101 ($5,000)
This Fiscal Year Impact: $ 146,000
Annual Impact: NA
Project:
Activity:
Budget Reference:
Current Balance: Included in FY 2026 proposed Budget
Body
WHEREAS, KRS 154.40-301, et seq., allows for the creation of local Industrial Development Authorities;
WHEREAS, the Urban County Council is the legislative body of the Lexington-Fayette Urban County Government, and established the Lexington-Fayette Urban County Industrial Authority as codified in Article XLIX of the Lexington-Fayette Urban County Government Code of Ordinances; and
WHEREAS, as part of said codification (Section 2-515(4)) the Industrial Authority is required to submit its proposed operating Budget for each fiscal year to the Urban County Council for review and approval.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the preamble to this Resolution is incorporated herein in its entirety.
Section 2 - That the Fiscal Year 2026 Budget for the Lexington-Fayette Urban County Industrial Authority, which is attached hereto and incorporated by reference, be and hereby is ratified and approved, and that any requirement that the Budget be submitted to the Urban County Council not less than sixty (60) days prior to the commencement of the fiscal year is waived.
Section 3 - That this Resolution shall become effective on the date of its passage.
PASSED URBAN COUNTY COUNCIL:
___________________________________
MAYOR
ATTEST:
________________________________
CLERK OF URBAN CO