Franklin proposes $87 million budget, property taxes would remain unchanged
Franklin City Administrator Eric Stuckey proposed May 15 the a city budget for Fiscal Year 2013-14 of $87,049,146, which represents an increase of 6.2 percent compared to the 2012-13 budget for 2012-13.
“This modest increase in our budget is primarily due to cost increases in the services we purchase, funding some previously unfunded positions, and expanding our services to the roadways and park land that have been developed or improved since the last budget cycle,” according to a press release. “The proposed 2013-14 budget remains below funding levels in the budget adopted five years ago for fiscal year 2008-09.”
The $5,108,085 increase reflects decreases within several funds – solid waste, drug and the Community Development Block Grant – with a few increases in general, street aid, road impact, facilities tax, stormwater, hotel/motel, transit and debt service.
“Today, the local economy is showing clear signs of improved strength, with the pace of development increasing. Over the past two years, the community has added more than 4,300 jobs, most coming from the expansion of existing local businesses. New development projects and some “placed on hold” during the recession are gaining momentum,” Stuckey said. “The city of Franklin has dedicated much time and effort in recent years preparing for growth with initiatives such as the integrated water resource plan, sanitary sewer basin study updates, extensive transportation planning, and development process improvements. The city of Franklin strives to make its planning a competitive advantage in attracting jobs, residents, and investments. We expect the pace of development to continue to increase in Fiscal Year 2014 and for our growth planning efforts to again be put into action.”
Highlights of the Proposed 2012-13 Budget
- The city property tax rate will remain unchanged, marking the 27th year without a property tax rate increase. (The last increase was in fiscal year 1987).
- The budget is balanced, with current revenues equaling expenditures. For the second year since the onset of the Great Recession, there is no planned draw on fund balance. In addition, projections show that general fund reserves will grow in FY2012-13.
- The budget is in compliance with the Board of Mayor and Aldermen’s debt and fund reserve policy and significantly exceeds the reserve requirements.
- A targeted group of positions in several departments that were held vacant in prior budgets will be filled, and some new positions are added in the budget. These positions are in areas such as street maintenance, parks, and Building and Neighborhood Services, which have been impacted by growth.
- A general salary increase of two percent effective July 5, is provided for employees, plus $125,000 for funding of the merit pay program for a second year.
- A new classification and compensation study will be implemented over a two-year period, with the first adjustments – raising pay for employees currently below the new minimum salary – occurring approximately in the first quarter of the fiscal year.
- The proposed budget includes funding to conduct a special census during the year to document the city’s growth and capture population-based, state-shared revenue.
- The proposed budget incorporates performance measures and sustainability initiatives for every department.
Source: City of Franklin
The entire proposed budget is available in PDF format by clicking here.
Posted on: 5/15/2013