FY 2018 Approved Budget Summary

FY 2018 Approved Budget

FY 2018 Proposed Budget Presentation to Budget & Finance Committee - May 11, 2017

The City is pleased to present this summary of the annual budget for the fiscal year which begins July 1, 2017 and ends on June 30, 2018. The budget is balanced, with revenues meeting expenditures. The general fund budget is $68,942,027, which represents an increase of 1.2% compared to the current $68.1 million budget for 2016-17. 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 2017-18 budget for all funds is $145,221,130 which represents an increase of 1.5% compared to FY17. Increased budgeted expenditures across funds include increases in the General, Transit, Stormwater, Street Aid, Road Impact, Debt Service, and Water/Sewer funds.

Franklin continues to be a highly desirable community for families and businesses to call home.  At the heart of this vibrancy is a community that values its history while investing in its future. Over the past year, our community has led the nation in job growth for four consecutive quarters, according to the U.S. Department of Labor. In 2016 alone, Franklin saw $774 million of permitted investment. These statistics are a tribute to the strength of our local economy but even more to Franklin’s excellent quality of life. Our city is honored to be a community that so many are choosing as a place to invest, build a business, raise a family, spend a vacation, and most of all, a place they proudly call “home.”

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 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 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.
• Funding 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 included 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 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 9 consecutive years as a recipient of the Distinguished Budget Presentation Award.  

Free viewers are required for some of the attached documents.
They can be downloaded by clicking on the icons below.

Acrobat Reader Windows Media Player Word Viewer Excel Viewer PowerPoint Viewer