The City is pleased to present this summary of the annual budget for the fiscal year which begins July 1, 2015 and ends on June 30, 2016. The budget is balanced, with revenues meeting expenditures.
Franklin’s local economy continues to grow at a strong pace with more than 5,000 jobs and over $415 million of permitted development in 2014. Of note in this budget:
- The General Fund budget is $59.8 million, a 6.7% increase over FY 2015. With this budget, the City has reached the same level of spending as FY 2009.
- The property tax rate will not increase in Fiscal Year 2016. Franklin maintains its position as the lowest city property tax rate among communities with a population of 25,000 or more in Tennessee.
- The City’s Sanitation and Environmental Services function is fully self-supporting and the monthly fee for curbside collection of waste, recycling and yard waste remains unchanged.
- In FY 2016 the City will open a new Fire Station (#8) located in the Westhaven neighborhood. Fire Station 7 is operating in a new interim facility located in southeast Franklin. Both station are strategically located to provide fire suppression and emergency medical responses our growing community.
- This budget has been constructed using the City’s Strategic Plan, FranklinForward. More information is on the back of this summary.
- This budget conforms with BOMA reserve policies, and meets or exceeds reserve levels.
- Franklin maintains a “AAA” bond rating from both Standard & Poor’s and Moody’s Investor Services.
- 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 7 consecutive years as a recipient of the Distinguished Budget Presentation Award.