Prestonsburg's new budget makes use of surplus to cover deficits
The city of Prestonsburg is weighing an $18 million budget for its upcoming fiscal year, which begins July 1. The city council held a first reading of the budget ordinance Monday night. The ordinance must still be approved following a second reading at a future meeting of the council before becoming official, and can still be amended prior to final passage.
The budget projects $18 million in revenues, but $1 million of that amount is money from previous year surpluses that will be used to cover deficits in tourism, City Utilities and Stonecrest. The budget predicts deficits of over $25,000 for tourism, over $991,000 for utilities and over $14,000 for Stonecrest. Tourism and utilities will cover their own deficits from prior-year surpluses, while the city will cover Stonecrest’s deficit.