DATE: January 7, 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 Financial Indicators
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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 development and introduction of a series of Financial Indicators which can be used to evaluate Franklin's overall fiscal health.
Background
Using a series of recognized metrics from professional organizations, including the International City/County Management Association, (ICMA), the Government Finance Officers Association (GFOA), Standard & Poor's, as well as data from the State of Tennessee and the City of Franklin, and the U.S. Census Bureau, staff has compiled 13 indicators which can be used to evaluate the City's fiscal health. These indicators are:
- Revenues per Capita
- Intergovernmental Revenues
- Revenues Related to Economic Growth (Elastic Revenues)
- Uncollected Property Taxes
- Expenditures per Capita
- Fringe Benefits
- Enterprise Operating Position
- Fund Balances
- Long-Term Debt
- Debt Service
- Pension Obligations
- Unfunded Liabilities
- Capital Outlay
This material is intended to provide policymakers with an informed snapshot of where Franklin stands financially heading into the FY 2017 Budget Process. It is not the purpose of this exercise to propose a budget or recommended level of services; rather it is to evaluate the City via a series of benchmarks, including measures such as revenues and expenditures per capita, benefit costs, funded and unfunded liabilities (such as liabilities for pensions, employee leave balances, road impact fee offsets, contingent liabilities to City Boards or Agencies, etc.) incurred by the City, debt service, reserve position and population.
Materials will be distributed at the meeting.
Financial Impact
There is no f...
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