DATE: January 5, 2018
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/Chief Financial Officer
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
title
??Consideration of Ordinance 2017-53, An Ordinance To Amend The Budget Of The City Of Franklin For Fiscal Year 2017-2018; (01/11/18 Finance 3-0, 01/23/18 BOMA 1st Reading 7-0, 2/27/18 2nd Reading 7-0) 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 amending the Fiscal Year 2018 Budget for compliance with State budgeting guidance regarding:
1. Ensuring authorizations in place to balance each fund's budget on a cash basis on June 30, 2018.
Background
The State Comptroller has provided guidance that budget amendments are to be on the cash basis and must occur prior to fiscal year end (June 30) to ensure no fund has a deficit fund balance or deficit cash balance at June 30.
In order to stay ahead of this responsibility, staff is proposing five budget amendments.
The amendments are as follows:
1. General Fund: This amendment has two components:
a. Reduction of $29,459 in Payment-In-Lieu-of-Tax (PILOT) and corresponding increase of $29,459 in Property Tax due to the ending of the PILOT for Community Health Services. That revenue will now be received in property taxes. Now, only two remaining PILOTS remain for the City: Franklin Housing Authority (established in 1967 and has no end date) and Nissan of North America (established in 2005 and expires once the TIF district is paid off).
b. Allocation of wage increases to departments from General Expenses totaling $292,171. These wage increases are budgeted in General Expenses and are a result of the BOMA's approval of Resolution 2017-83 on November 28th, 2017, which changed to the City's Compensation Plan to both m...
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