Hopkinsville City Council heard the monthly financial report and approved the third payment of CARES Act funding to help with future pensions obligations.
During Tuesday night’s meeting, Chief Financial Officer Robert Martin presented the financial report and said the general fund revenue over expenses is showing a decrease of more than $1.87 million in October 2021 when compared to the same time last year in October 2020.
He added that his research has shown the decrease is due to differences in timing, new expenses, and budgeting.
In addition, Martin said when looking at payroll tax collections there is a 7.4% budget shortfall for this time of the year.
He added they are not reaching the levels they budgeted pre-COVID.
In new business, council members approved the third payment of CARES Act funding of $231,094 to be designated from the City’s General Fund balance as an addition to the Future Pension Obligation Reserve.
Council members also approved incentives for The Rabbit’s Nest, LLC with co-owner Rich Maddox proposing to make a $1.7 million investment to develop property located at 601 South Main Street to provide residential and retail property in downtown Hopkinsville.
And in other action, the council also authorized up to $12,280 of American Rescue Plan Funds to be used by the Christian County Health Department to advertise COVID-19 vaccines on two radio stations located in Tennessee.
Prior to the financial report and an annual report from General Manager Jeff Hurd with Hopkinsville Electric System, the city council went into closed session for almost 1.5 hours to discuss an economic development proposal. When the meeting was called back into open session, Mayor Wendell Lynch announced there was no action to be was taken.
