FY2022 BUDGET SUMMARY
The Farragut Board of Mayor and Aldermen and the Town staff are pleased to present the FY2023 budget. Town staff has prepared a fiscally conservative and balanced budget that reflects the exceptional level of service provided to Farragut residents. Some of the Town’s FY23 budget priorities include construction of important roadway improvements, pedestrian connections and park infrastructure enhancements.
In February 2022, the Board of Mayor and Aldermen reaffirmed the Town’s Strategic Plan and outlined priorities for the current year. The Strategic Plan provides a road map for the Town’s future, aligning Farragut’s vision, goals and objectives for the next 10 years and beyond. Furthermore, the FY23 General Fund and Capital Investment Program budgets were approved to meet the goals identified in the Strategic Plan.
The Farragut area continues to experience economic growth in both residential and commercial development. New subdivisions are currently under development throughout Farragut, and commercial development remains steady with the redevelopment of the former Kroger site on Kingston Pike into a mixed-use commercial and residential area. Commercial activity is also developing along the Outlet Drive corridor with the opening of a new Top Golf facility.
Although the Farragut economic base is steady, there is uncertainty about external factors that may impact our local economy. As inflation has risen to its highest level in over 40 years, the cost of materials and labor is making the price of capital projects increase exponentially. The increased risk of the economy falling into a recession has tempered our revenue projections heading into FY2023.
These challenges make it imperative that we continue to position the Town of Farragut to meet the demands of an uncertain future. Our goal is to maintain a conservative approach toward financial management and expansion of services while maintaining the high standards that bring residents and businesses to Farragut.
To view Farragut's FY2022-2023 budget, click here.
Roll over the above graphic to see unaudited FY2022 budget information.
A new Advanced Traffic Management System (ATMS) will help when traffic slows down in Farragut. This town-wide signal system upgrade will allow signal timing to be changed to accommodate temporary traffic situations, like a backup on the interstate.
A Congestion Mitigation Air Quality (CMAQ) Grant will cover the cost of the upgrade, and the project will be managed by the Town’s Engineering Department. The goal is to update the Town's existing closed-loop signal system to a centrally-controlled signal system that will be managed from Town Hall.
The Town opened bids for installation in August 2022. The Tennessee Department of Transportation (TDOT) will review bids to ensure compliance with federal regulations and standards before the contract is awarded.
For more information on current park and engineering projects, click here.