By BROOKE WANSER
In the second of three readings at last week’s Board of Mayor and Aldermen meeting, officials unanimously voted to approve the city’s budget for the 2019 fiscal year.
If final approval is given at next week’s meeting, the new budget will go into effect on July 1, 2018, and will run through June 30, 2019.
Below is a list of the top twelve highlights, changes and updates from the preceding budget.
- The 2018-19 budget for all funds is $152,572.55, a decrease from the previous year’s budget by 2.8 percent.
- Revenue in the city’s general fund is estimated at $70.55 million, an increase of 1.7 percent from last year. The largest portion of city revenue, 50.4 percent, comes from local sales tax, which is slated to also rise by four percent over the next fiscal year.
- The next largest sources of revenue come from state shared tax (16.7 percent), property tax (10.8 percent), and the alcohol tax (6.1 percent).
- The general fund expenditures are the same as its projected revenue stream of $70.55 million. The majority of expenses come from public safety initiatives, which subtract 48 percent from the budget.
- Other top expenditures are public works (17.1 percent), community and economic development (13.7 percent), and finance and administration (10.5 percent).
- The city’s property tax remains unchanged, at $0.4176 per $100 of assessed valuation.
- Residential garbage service rates are being raised from $17.50 to $19.00 each month. In last year’s budget, the fee increased from $16.50 to $17.50, which was the first increase in the service fee in four years.
- Money has been set aside for funding for equipment replacements ($3.5 million), technology enhancements ($500,000), and facility improvements ($500,000).
- The city street maintenance department will also receive a $1 million increase for funding neighborhood street resurfacing and sealing and sidewalk repair.
- The budget has added of 4.5 positions across all funds, 1.5 of which are included in the general fund. This targeted group of new positions are in areas such as engineering, fleet maintenance in the streets department, water management and stormwater, all of which have seen growth.
- City employees will receive a pay increase of 2.5 percent, plus an additional performance-based pay increase of up to an additional 2.5 percent.
- Health insurance premiums for city employees will remain steady with last year’s rates, though the city will begin offering a high deductible health insurance option, paired with a health savings account.
Other expenses from FranklinForward initiative, the city’s strategic plan:
Safe, clean livable city
- Replacement of over 30 police vehicles with more than 100,000 miles on them: $2 million
- Replacement of Fire Tower #2: $1.4 million
City government services
- Architectural services for City Hall: A carryover from last year’s budget of $250,000
- Compost facility office: $25,000
- Sewer vacuum truck: $350,000
Quality life experiences
- Replacement of tennis courts at Jim Warren Park: $425,000
- Architectural service for potential improvements at the Park at Harlinsdale Farm: $100,000
Sustainable growth and economic prosperity
- Pilot program to work with development community for attainable and workforce housing: $100,000
- Franklin Transit fixed-route system with increased pickup frequency and 91X commuter bus to Nashville: $2.9 million
- Support for economic development initiatives of Williamson, Inc.: $10,000
To see breakouts in each category and more specifics on the 2018-2019 budget, click here.