$26.3M Franklin general fund budget adopted for FY 23
Published 5:19 pm Tuesday, May 24, 2022
The Franklin City Council voted unanimously Monday, May 9, to adopt a $26.3 million general fund city budget for fiscal year 2023, with the real property tax rate remaining at $1.03 per $100 of real property valuation for FY 2022-23.
No one from the public spoke during the April 25 public hearing on the budget.
In her May 4 staff report to the City Council, Franklin City Manager Amanda C. Jarratt noted that the budget represents an increase of $219,288 or 0.8% above the FY 2020-21 amended budget.
Providing a brief summary of some of the new budget’s key features during the May 9 meeting, Jarratt said, “It does provide for implementation of some of our capital improvement projects. It does provide a 3% cost of living adjustment and a 2% merit increase to city employees. It does increase the minimum wage paid by the city of Franklin to $13 an hour.
“It does not take money from the unassigned fund balance because of the borrowing that we are planning to implement over the next two fiscal years, but as I mentioned in some of our work sessions, it does utilize non-sustainable sources of funds from several of the enterprise funds,” she continued. “So again, I just want to note that for the record as well.”
Her staff report noted that the budget includes current year funding of $4.3 million for Franklin City Public Schools.
When Jarratt opened the floor to questions, Ward 4 Councilman Dr. Linwood Johnson said, “The only question I have included would be the taxes, the revenue on the used cars and so forth, that would be adjusted later?”
Jarratt replied, “That will be a second public hearing that we’ll have. I’m still working with Ms. (Selenia R.) Boone, our commissioner of the revenue, regarding the personal property tax rates and the values, so that will be a second public hearing that we have.”
Franklin Mayor Frank M. Rabil thanked Jarratt and the city staff for their work on the budget.
Jarratt said, “I do want to thank Ms. (Tracy) Spence and the finance department team as well as the department heads that worked very hard on this budget, especially with the demands that are on them and the pent-up needs that they know that we need to meet for the city of Franklin, so I do appreciate all of their time working on the budget.”