We are fortunate to live in a city that has a balanced budget. Sound fiscal management is key to our continued growth and financial viability.
Revenue – We continue to show modest gains in the overall tax and revenue base. As Franklin continues to grow, we should derive income from a multitude of sources in order to sustain a healthy economy. As your Mayor, I will work to stimulate small business growth, and be a proponent of expansion in world class dining, shopping and event venue development that fits within our community standards. The larger and more diverse our outside revenue base, the less burden that is placed on property owners through taxation of real property. Attached are graphs of the 2023 Franklin Budget Summary to view the breakdown of revenue and expense.
Expenses – Fiscally conservative management has kept Franklin’s budget balanced. Our ability to pay debt service on time has garnered Franklin the Standard & Poor’s and Moody’s AAA Bond Rating, the highest industry standard. Our bond debt is lower than most Tennessee cities on a per capita basis. Prudent fiscal management has been the reason growth has paid for itself in the City of Franklin. Although we enjoy a robust economy, the events of 2020 remind us that things can change in the blink of an eye. Maintaining healthy savings, good credit ratings and diversified income streams will mitigate financial crisis management in years to come should another event of magnitude present itself.