Paducah releases first-ever summarized report of city finances

On Wednesday, the City of Paducah released a first-ever, user-friendly version of its annual financial report for the past fiscal year.

Each year, the city generates a 200-plus-page Annual Comprehensive Financial Report, but the new 12-page summary is designed to be a condensed snapshot of the numbers behind the operation of city government.

One key highlight is that Paducah’s Statement of Net Position increased significantly in FY2023. Net position is the difference between what the city owns and what the city owes. Paducah now has over $32 million available for future use, compared to $13 million in 2021.

The city’s major revenues also increased in FY2023. Paducah’s total long-term outstanding debt was $39.7 million.

A breakout of Paducah's expenses shows that public safety totaled 47 percent of governmental expenses, or $26.3 million.

The new PAFR (Popular Annual Financial Report) also summarizes several significant community projects that are underway, including the Paducah Sports Park, 911 radio equipment upgrade, and the future riverfront improvements associated with the BUILD grant.

Mayor George Bray said it was his goal to promote transparency in city government. He thanked the Finance Department for taking on the task of reducing complex information into a document that tells Paducah's financial story.

The City of Paducah will also submit this first edition of the user-friendly report to the Government Finance Officers Association of the United States and Canada. Judges will review the document’s understandability and reader appeal for possible award consideration. 

Read the new 12-page PAFR here .