The City is pleased to present this summary of the annual budget for the fiscal year which begins July 1, 2018 and ends on June 30, 2019. The budget is balanced, with revenues meeting expenditures. The proposed 2018-19 (FY19) general fund budget is $70,550,059, which represents an increase of 1.7% compared to the current $69.4 million budget for 2017-18 (FY18). This budget increase is primarily due to cost increases in personnel expenses and the funding of expanded services in the areas of public safety, parks, and streets, all of which are significantly impacted by growth. The proposed FY19 budget for all funds is $152,572,551 which represents a decrease of 2.8% compared to FY18. Increased budgeted expenditures across funds include increases in the General, Sanitation and Environmental Services, Transit, Street Aid, and Facilities funds.
The 2018-19 budget for all funds is $152,572.551 which represents a decrease of 2.8% compared to FY18. Increased budgeted expenditures across funds include increases in the General, Sanitation and Environmental Services, Transit, Street Aid, and Facilities
Of note in this budget:
- The budget is balanced, with current revenues equaling expenditures.
- The budget is in compliance with the Board of Mayor and Aldermen’s debt and fund reserve policies, significantly exceeding the reserve requirements.
- The City property tax remains unchanged at $0.4176 per $100 of assessed valuation. The Invest Franklin dedicated funding for infrastructure/transportation investment and support of City operations remains in place. The City of Franklin continues to maintain one of the lowest municipal property tax rates in the State of Tennessee.
- Overall, the approved budget has a net increase of 4.5 positions across all funds, 1.5 of which are included in the general fund. This targeted group of new positions are in areas such as Engineering, Streets (Fleet Maintenance), Water Management, and Stormwater, all of which have been impacted by growth.
- The general pay increase for City team members will be effective the first pay period of July 2017. The budget includes a general pay increase of 2.5% plus an additional performance-based pay increase of up to an additional 2.5%.
- The budget includes the full implementation of updates to the City’s compensation plan approved by the Board in FY18. This adjustment to the compensation plan is accelerated by a full year compared to the original proposal.
- Health Insurance premiums for our City team members will remain at FY18 rates. There is no increase in premiums. In FY19, the City also will begin offering a high deductible health insurance option paired with a health savings account.
- Funding is provided for important investments in equipment replacements of $3.5 million, technology enhancements of more than $500,000, and facility improvements of nearly $500,000.
- The City’s street maintenance program will have a $1 million increase in funding for neighborhood street resurfacing, street sealing, and sidewalk repair.
- A rate increase is proposed for residential garbage collection and recycling service. The proposed increase is from $17.50 per month to $19.00 per month. The FY19 budget does not require a General Fund subsidy to Sanitation and Environmental Services operations.
- The budget incorporates performance measures and sustainability initiatives for every department. The connection to our Strategic Plan, FranklinForward, is clearly linked to performance measures and objectives throughout the budget, including insights from the recently completed citizen survey.
- A Policy Document
- An Operations Guide
- A Financial Plan
- A Communications Device
We are proud to have had our budget recognized by the GFOA for 10 consecutive years as a recipient of the Distinguished Budget Presentation Award.