DATE: January 5, 2018
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator for Finance & Administration
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
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Consideration of Revenue Forecast for Fiscal Year 2018-2019 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, four-five months of revenue is known for the current fiscal year. While the bulk of property tax has not been collected, the assessment values are 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.
At the meeting of January 11th, a comprehensive revenue model of all 14 budgeted funds will be presented. This is the first version of the Revenue Model for the FY 2019 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.
This forecast will be refined as the process moves forward, and more revenues in FY 2018 are received.
A PowerPoint presentation summarizing the attached model and detailed estimates from the Tennessee State Funding Board will be presented at the meeting.
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 am...
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