The total General Fund budget is $10,379,296, which represents an increase of $774,776, or an 8% increase over last year’s budget of $9,604,520. The Town of Farragut budget maintains its current level of service and is balanced without dipping into the Rainy-Day Fund, which equals 30% of total expenditures.

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Since FY15, both revenues and expenditures have steadily increased. The Town has increased staff to accommodate the expansion of projects and services. The chart below shows the historical data for both revenues and expenditures over the last ten years.

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The FY24 budget was developed with a philosophy that the Board of Mayor and Aldermen must continually look for opportunities to maintain and improve existing services while minimizing long-term costs.

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There is no debt in the Town’s FY2024 budget. The Town has been debt free since 2001. The organizations’ philosophy has been to pay as we go, rather than issue bonds for Capital Investment Projects.