DATE: May 4, 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 Ordinance 2018-10, an Ordinance to Adopt a Budget for Fiscal Year 2018-2019 (05/10/18 Finance 4-0, 5/22/18 WS and 1st BOMA 8-0, 06/12/18 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 the Operating and Capital Equipment Budget for the Fiscal Year 2018-2019.
Background
The City Administrator is required to present a budget proposal to the Board of Mayor & Aldermen for the new fiscal in time for the Board to consider the proposal and enact the budget prior to July 1 of the new budget year. The Municipal Code calls for the budget to be adopted by ordinance upon three reading of the Board and a public hearing. The dates for those readings were established by the previously adopted Budget Calendar.
Financial Impact
The ordinance will create a balanced budget for the Fiscal Year 2018-2019.
Recommendation
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Staff recommends adoption of the budget ordinance.