LOUISVILLE, Ky. — The ongoing coronavirus pandemic has created uncertainties for Louisville's budget, but the city's Chief Financial Officer (CFO) David Frockt said things are more positive than expected. During a mid-year budget update to Metro Council, Frockt said Louisville Metro Government’s General Fund revenue estimate has increased from $613 million to $647 million.
According to Frockt, the estimated $34 million increase comes from forecasts of higher-than-expected growth in corporate profits and company payrolls due to federal aid to businesses during the pandemic.
"The fact that we had pandemic relief from the federal government, not just the $133.8 million directly to metro, but just within the community through things like the PPP program, the actual direct payments to households, those have buoyed the local economy," Frockt said.
Frockt noted that any growth in the city's economy is still below what it would have been without the pandemic.
“We feel confident about these projections, but there are caveats,” he said, including, “The national economy lost jobs in December and we still don’t know the full cost of Louisville Metro Public Health and Wellness’ work fighting COVID-19 public health, nor how much state and federal aid may come to the city and its residents.”
Mayor Fischer will present his budget for the next fiscal year in April.
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