DATE: January 6, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Michael Walters Young, Business Process Improvement Manager
SUBJECT:
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Consideration of Revenue Forecast for Fiscal Year 2016-2017 Budget
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the resources that may be available for the next budget year.
Background
While the forecasting of revenue is a year-round process, January is an appropriate time to begin reviewing the current forecast for revenue in the next fiscal year. At this point, six months of revenue is known for the fiscal year in many categories. While the bulk of property tax has not been collected, the assessment values as fully projected. The largest revenue category, local sales tax, has only four months of actual results reported; however, the trend of receipts versus budgeted figures gives some guidance as to what the final numbers might be.
This is the first version of the Revenue Model for the FY 2017 Operating Budget process. Although early, it is a comprehensive forecast inclusive of all funds for which budgets are approved by the BOMA - including the General Fund, all Special Purpose Funds and all Proprietary (business-type) Funds. Overall revenues for all funds are forecast to increase by 2.1% over FY 2016 to $127,854,652. General Fund revenues are forecast to increase 2.3% over FY 2016 to $61,264,423.
This forecast will be refined as the process moves forward, and more revenues in FY 2016 are received.
Financial Impact
This is a report only and no action required. No financial impact is anticipated from this report, however, there is a clear financial impact as a result of this forecast as it will set the amount of available spending for the City in FY 2017.
Recommendation
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Staff will update this forecast as the budget process moves forward.