FY 2021 Approved Annual Operating & Capital Budget 

Our community, our state, our country and our world are in the midst of unprecedented times.
For the first time in our lifetimes, we are faced with a global pandemic paired with a significant
worldwide economic downturn. At the time of this recommended budget submittal, the depth
and duration of the economic downturn are unknown. In the face of these uncertain times, the
City of Franklin will continue to move forward maintaining service levels, investing in our future,
and enhancing our community’s competitive position.

The challenges ahead will be significant and the uncertainty we face is real. However, we have a
highly capable City team supported by strong, long-term financial plans and policies that will
provide financial capacity to weather these difficult times. Our best efforts will be required to
meet the demands that lay ahead. The City must continue to deliver high quality services,
enhance existing infrastructure, and prepare for growth in terms of services, infrastructure, and
community impact. Our actions take place in the face of a national and worldwide health crisis
and economic downturn, the likes of which we have not seen in generations. During these
difficult times, our citizens rely even more on our support and our ability to maintain a high
level of basic services. The City of Franklin cannot wait for national and state solutions. Instead,
we must craft a budget and action plan that is both fiscally prudent and consistent in
maintaining our commitment to community service.

With this in mind, the City is pleased to present this summary of the annual budget for the fiscal year which begins July 1, 2020 and ends on June 30, 2021. The budget is balanced, with revenues meeting expenditures. The 2020-21 (FY21) General Fund budget is $70,221,303, which represents a decrease of 10.2% (or $8 million reduction) compared to the current $78.2 million budget for 2019-20 (FY20). The FY21 budget for all funds is $154,318,230, which represents a decrease of 10.5% ($18.1 million
reduction) compared to FY20. 

Of note in this budget: 

• The budget is balanced, balanced, with a planned use of reserves to maintain services.
• The budget fully complies with the Board of Mayor and Aldermen’s debt and fund reserve policies 
• Essential service levels are maintained. 
• Despite significant budget reductions, there are no layoffs of existing staff. City team
  member salaries are frozen at this time, with no market or merit increases.
• The City will fully absorb the cost of benefit increases, including health insurance premiums,
  keeping employees “whole” in FY21.
• 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.
• This budget will likely be updated later in the year as more information is available regarding the revenue impact of the pandemic and economic downturn.

- 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 11 consecutive years as a recipient of the Distinguished Budget Presentation Award.  

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