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FY 2020 Budget

FY 2020 Budget
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Annual Operating & Capital Budget
FY 2020 City Administrator’s Presentation on the Budget

FY 2020 Proposed Budget Summary

FY 2020 Proposed Operating & Capital Budget

The City is pleased to present this summary of the annual budget for the fiscal year which begins July 1, 2019 and ends on June 30, 2020. The budget is balanced, with revenues meeting expenditures. The proposed 2019-20 (FY20) general fund budget is $73,789,465, which represents an decrease of 1.2% compared to the current $74.7 million budget for 2018-19 (FY19). 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, support services and streets, all of which are significantly impacted by growth. The proposed FY20 budget for all funds is $160,838,175 which represents an increase of 0.6% compared to FY19. Increased budgeted expenditures across funds include increases in the General, Sanitation and Environmental Services, Road Impact, Debt Service, and Water Management Funds.

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 budget has a net increase of 10 positions in the General Fund. These new positions are targeted in the areas of Engineering, Streets, Purchasing, Administration, Information Technologies, Parks, and Police, all of which have been impacted by growth and the City’s need to manage a larger group of infrastructure and facilities projects.
A general pay increase for City team members will be effective the first pay period of July 2019. The budget includes a general pay increase of 2.5% plus an additional performance-based pay increase of up to an additional 2.5%.
Health Insurance premiums for our City team members includes a 2.5% increase in premiums for the “traditional plan,” the first increase in two years. There is no increase in premiums for the City’s “high deductible” plan paired with a health savings account, an option that was initiated last year.
Funding is provided for important investments in equipment replacements ($2.67 million), technology enhancements, and facility improvements.
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.
The creation, approval and execution of the operating budget is one of the most important policy and financial decisions the City of Franklin is tasked with annually. The City of Franklin adheres to the guidance and principles for budgeting set forth by the Government Finance Officer’s Association of the United States and Canada. Specifically, we believe that a budget should be:

GFOAAward
– 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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