To view the entire meeting, visit https://youtu.be/-Hx-5ax5v3A.
FY2021 Annual Comprehensive Financial Report Presentation
Finance Director Jonathan Perkins and David Hampton of Kemper CPA Group, LLP provided an overview of the City’s Annual Comprehensive Financial Report which includes the City audit. The audit is required by State law; however, the Report is a voluntary document that the City prepares to provide additional information and transparency to the public. The report is for the fiscal year that ended June 30, 2021. The audit states that there are no findings of deficiencies related to the financial statements. Paducah is one of the few cities in Kentucky that prepares a Report. For 30 consecutive years, Paducah has been awarded the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA). The entire Report and previous audits dating back to 2001 can be found on the City’s website.
Annexation Incentives
The Paducah Board of Commissioners approved an ordinance outlining annexation incentives to attract commercial, industrial and residential developments into the City of Paducah. These incentives are to “advance the conversation of voluntary annexations.” The consensual annexation of property will increase Paducah’s population and revenue tax base which will enhance Paducah’s economic well-being and aid in the maintenance of existing infrastructure and facilities. In preparing this ordinance, the Planning Department reviewed the annexation incentives for several Kentucky cities. The incentives, which would be outlined specifically in a Memorandum of Agreement with the property owner, could include the following:
- Property Tax Rebate Incentive. This incentive would reimburse a property owner the City of Paducah real estate property tax revenues collected for five years with a defined beginning and ending date as approved by the Board.
- Sanitation Incentive. This incentive would allow the City to provide free basic sanitation service for up to one year up to $10,000.
- Closing Cost Incentive. This incentive would allow a one-time lump sum payment to a property owner equal to the amount of closing costs with a cap of $1000 with the explicit intent to sell the property once it is in the City limits.
Additional Meeting Information
- New City employees were introduced to the Board: Senior Administrative Assistant (Finance Department) Kari Freeman and Business Development Specialist Melanie Reason. Reason recently served as Neighborhood Planner.
- Appointment of Morgan Walker and Basil Drossos to the Creative & Cultural Council.
- Municipal order approved accepting the donation of property located at 2009 Guthrie Avenue.
- Municipal order approved to designate the Section 8 bank account signatories.
- Monday, Martin Luther King, Jr, Day, is a holiday. City Hall and other offices will be closed.
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