Franklin City Administrator Eric Stuckey gave an overview presentation of the upcoming fiscal year’s budget during Tuesday’s Board of Mayor and Alderman meeting.
The proposed 2019-20 general fund budget is $73.7 million, which reflects a 1.2 percent decrease compared with the current budget of $74.7 million, according to the presentation.
Overall, the proposed budget totals $160,838,175, which reflects a 0.6-percent increase over the current fiscal year. The city’s property tax rate would also remain the same, at 41.76 cents per $100 of assessed value.
Some other budget highlights include adding 10 staffers in various departments, including engineering, streets, purchasing, administration, information technologies, parks and police. Of the proposed general fund budget, 73 percent is dedicated to personnel expenses for 740 city workers.
The proposed budget would allow for the hiring of three more police officers. Public safety makes up 47.9 percent of the general fund in the upcoming budget.
City employees would also receive a 2.5-percent pay increase in addition to being eligible for a performance-based increase of up to 2.5-percent.
In the city’s five-year general fund outlook, revenues are projected to grow by 15 percent from fiscal year 2020 to 2024, equating to 3 percent annually.
Fund balances for future capital improvement projects through 2028 are also on track in the upcoming fiscal year, with approximately $20 million budgeted for roads, $13 million in city facilities, $5 million in county facilities and $9.5 million in parkland.
The city’s share of local sales tax revenue, which for a period of three years is going to the Williamson County School District, will begin to go to the city in fiscal year 2022. Plans are for the funding to be split between city operations and capital projects.