City budget reflects period of rapid growth and investment in our community

 

City Administrator Eric Stuckey announced Tuesday, May 9 the City’s proposed budget for Fiscal Year 2017-2018. The proposed FY18 budget for all funds is $145,221,130 which represents an increase of 1.5% compared to FY17.

The proposed 2017-18 (FY18) general fund budget is $68,942,027, which represents an increase of 1.2% compared to the current $68.1 million budget for 2016-2017 (FY17). 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.

Highlights of the Proposed 2017-18 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 proposed budget has a net increase of 8.5 positions across all funds, 5.5 of which are included in the general fund. This targeted group of new positions are in areas such as Parks, Fire, Engineering, Streets, 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 proposed budget includes a general pay increase of 2.5% plus an additional performance-based pay increase of up to an additional 2.5%.
  • The city’s compensation plan will have a complete review. This analysis, initiated in FY17, recommends an overall 4% adjustment to all pay grades (following the annual pay adjustments) which has been included in the FY18 budget. There will also be a department-by-department review of positions to ensure the City’s compensation plan remains highly competitive.
  • Fudning is provided for important investments in equipment replacements of $3.9 million, technology enhancements of $230,000, and facility improvements of $350,000.
  • A rate increase is proposed for residential garbage collection and recycling service. The proposed increase from $16.50 per month to $17.50 per month is the first increase of the residential service fee in four years.
  • The proposed budget incorporates performance measures and sustainability initiatives for every department. The connection to the Strategic Plan, FranklinForward, is clearly linked to performance measures and objectives throughout the budget, including insights from the recently completed citizen survey.

The complete prosposed budget can be found on the City Web site at www.franklintn.gov.