On Tuesday, February 18th, the Budget, Finance, and Economic Development (BFED) Committee will hear an update on the the Parks Capital Fund from Director of Parks and Recreation Monica Conrad.
The Parks Sustainable Funding Tax Initiative was passed by voters in November, meaning that an additional 2.25 cents per $100 on all taxable property will be collected to support a dedicated Parks Capital Fund. Money from the Parks Capital Fund can only be used on parks capital projects; it is not able to be used to pay for park operation or day-to-day maintenance costs.
The initiative is expected to produce $8 million dollars in revenue. The Mayor’s Administration and Councill will likely begin using the funding to support projects outlined and prioritized in the 2018 Parks Master Plan.
Here is the expected timeline for how the Parks Fund will be implemented:
In February 2025, the Park Advisory Board will appoint a Strategic Planning Subcommittee that will create guiding policies and procedures on how the fund will be used.
These policies and procedures will be presented to the BFED Committee in March 2025.
The Mayor’s Administration will include a budget for projects to support with the Parks Capital Fund in the Mayor’s Proposed Budget, which will be released in April. Council will revise and finalize the Budget in June.
Money from the Parks Capital Fund will not be available to spend until January 2026.
📺
Watch the meeting: The Budget, Finance, and Economic Development (BFED) Committee will meet on Tuesday, February 18 at 1pm in Council Chambers. You can attend in-person or watch live on LexTV.
Jemi Chew is a senior at the University of Kentucky majoring in journalism with minors in Arabic and Islamic studies and public policy. She is passionate about rural and community journalism and proud to call Kentucky home.
