DATE: April 6, 2018
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
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FY 2019 Budget Presentation - Other (Development/Growth) Funds (City Facilities Tax, County Facilities Tax Fund, Road Impact Fund, Hotel Motel Tax Fund, In Lieu of Parkland Fund)
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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 budget proposals for the Other (Development/Growth) Funds - namely the
City Facilities Tax Fund, the County Facilities Tax Fund, the Road Impact Fund, the Hotel Motel Tax Fund and the In Lieu of Parkland Fund for Fiscal Year 2018-2019.
Background
Each year, the Budget & Finance Committee reviews the detailed budget of each City Department. At the meetings in February, March, and April, departmental staff makes a presentation of the plans for the next budget cycle and the requested funding for those anticipated needs. This provides the Committee with an idea of the size and scope of budget requests that may be included in the City Administrator's proposed budget, which is typically delivered at the May committee meeting.
Financial Impact
The financial impact varies by department, depending on the increase in population, the required services, equipment replacement needs, and program enhancements.
Recommendation
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Staff recommends review of the budget materials. No action is required.