Goal 6: Enact Comprehensive Financial Management

Goal Description: 

Administer Louisville Metro Government's assets and obligations with fiscal integrity; in a reliable, transparent, and consistent manner.


Update / Why is this important?: 

Comprehensive financial management ensures the overall financial health of Metro Government.  Sound financial health entails balanced budgets, sufficient fund balances, transparency with financial markets, and appropriate internal controls for unqualified audits.



Health Legend




Goal or initiative is completed.
Goal or initiative is not started but is expected to start on time.
Goal or initiative is in progress, on schedule, and expected to be completed on time.
Goal or initiative is not started and is overdue or goal or initiative is in progress, but behind schedule and has an issue that will affect completion date.
Goal or initiative is in progress, but behind schedule and has an issue that may affect completion date.

Initiative Health: What are we doing to accomplish this?


Fiscal Year 2015 closed with revenues in excess of expenditures of $18.9 million.  Fiscal Year 2016 has adopted a balanced budget.

The Fiscal Year 2015 financial audit was concluded by December 31, 2015, with no material weaknesses or signficant deficiencies.  The Fiscal Year 2015 Federal A-133 audit is in process, and anticipated to conclude by February 29, 2016.  There are no material weaknesses or significant deficiencies anticipated.

Metro received the following bond ratings for the 2015 A and B bond issues: 

                                       Fitch - AAA

                                       Moody's - Aa1

                                       S&P - AA+

All ratings were affirmed with stable outlooks.

 

Labor contracts have been settled within Metro's long term revenue growth percentage.  Budget outcomes will be monitored over the course of Fiscal Year 2016.