The flag of Lexington, Kentucky, is a white background with tiny square outlines of blue and gold, and the city's seal in the center.
Symbolism[]
The seal contains Morrison Chapel of Transylvania University, which symbolizes the history of the area. Transylvania University was the first college west of the Allegheny Mountains. The horseshoe above Morrison Hall represents the importance of horses in this area of Kentucky. The horseshoe is positioned with the open end upward, for good luck. The burley tobacco leaves stress the importance of tobacco to the economy of Lexington, the world’s largest burley tobacco market. The blue in the background of the seal is for the bluegrass of Kentucky.
2004 NAVA survey[]
The flag scored 3.11 / 112nd out of 150 on the 2004 NAVA City Flag Survey, behind Spokane, and ahead of Bakersfield.
"Community Spirit" flag[]

The community spirit flag of Lexington, Kentucky, is a white background with a blue silhouette of a horse, with a TM symbol underneath it. On Wikipedia, the TM symbol is removed. This was apparently recognized by Wikipedia as the city's flag, but not by CRW Flags.
It was labelled as a "Community Pride" flag, which is a term to describe unadopted US city flags, for the community.
According to the Portland Flag Associations' spreadsheet about all the City Flag Changes[1] (and also an article about the flag in WTVQ[2]), the flag was adopted in 2017 just as another flag, which meant that the current flag will not be changed.
2022 NAVA survey[]
The flag reached 101st out of 312 on the 2022 NAVA City Flag Survey, with a score of 4.98 / a C+, behind Walla Walla, and ahead of Albany.