Financial Reporting

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The City of Franklin produces numerous financial reports throughout the year. Many are ad hoc reports prepared for specific departmental needs and for internal controls. Many others are prepared for outside agencies, such as annual audits, monthly and quarterly budget reports, annual budgets, annual Capital Improvement Plan (CIP), grant compliance documentation, etc.

Annual Comprehensive Financial Report (ACFR)

Also known as the annual audit report, this extensive report contains over 100 pages of the most meaningful data about a city’s financial condition. Prepared at the audit's conclusion, it is submitted annually to the State Comptroller for approval as well as to the Board of Mayor and Aldermen. It is also submitted to the Government Financial Officer’s Association for consideration of their annual award for financial reporting. With its FY 2019-2020 ACFR, the City of Franklin has received that award of distinction for thirty (30) consecutive years.

Quarterly Budget Report

Quarterly reports are prepared to monitor the financial transactions of the City versus the annual budget. These reports are delivered to all Board members and reviewed by the Budget and Finance Committee. Quarterly reports are prepared by staff and available approximately sixty (60) days after the end of the quarter.

FY 2023-2024 1st Quarter (July 1-September 30, 2023)
FY 2023-2024 2nd Quarter (October 1-December 31, 2023)
FY 2023-2024 3rd Quarter (January 1-March 31, 2024)
FY 2023-2024 4th Quarter (April 1-June 30, 2024)

_{Annual Operating & Capital Budgets}

The annual budget is carefully prepared each year to outline the operating budget of the City for a twelve month period. Included in the budget are the personnel, operating, maintenance, debt service and capital outlay proposals for the year. The City of Franklin holds hearings each spring and approves the budget in ordinance form by the Board of Mayor and Aldermen. The budget process is lead by the Office of Budget & Performance. Follow this link to learn more about the Office of Budget & Performance and the annual budget process.

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