DATE: May 3, 2019
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Brock, Assistant City Administrator for Finance and Administration
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
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Consideration of Ordinance 2019-18, an Ordinance to Establish a Property Tax Rate for FY 2019-2020 (05/09/19 Finance 3-0; 05/28/19 1st BOMA Reading 7-0; 06-11-19 BOMA 2nd Reading 8-0) Third and Final Reading
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning property tax rates for the upcoming Fiscal Year 2019-2020.
Background
The City of Franklin relies upon a variety of funding sources to support operations. As in most cities across the United States, the City of Franklin is dependent in part upon a local property tax rate to support general operations, and to fund and service debt incurred on capital projects.
The City's proposed property tax rate is $0.4176 per $100 of assessed valuation, or no change from the
current rate. The proposed FY20 budget recommends the continuation of the additional dedicated property tax funding (Invest Franklin) adopted by the BOMA two fiscal years ago. As a reminder, this consisted of:
? $0.07 (.0700) per $100 of assessed valuation - This component would be dedicated to infrastructure
investments and transportation needs, including roadway improvements/expansions, parks, and City facility needs. One penny of this component would be specifically dedicated to funding for transit, connectivity through multi-use trails and sidewalks, and other alternatives to roadway transportation. All of this this amount is being dedicated to Debt Service in FY 2020.
? $0.03 per $100 of assessed valuation - This component would be dedicated to supporting City
operations and service delivery.
Maintaining the rate will allow the City to focus on the application of these revenues to the...
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