FY2022 BUDGET SUMMARY
The Farragut Board of Mayor and Aldermen and Town staff are pleased to present the 2022 Fiscal Year budget. As always, the Board of Mayor and Aldermen have made it a priority to find ways to improve services while minimizing long-term costs. In 2020 and 2021, the board and staff faced the additional challenge of keeping the community safe and helping local businesses survive during the COVID-19 pandemic. With the help of federal CARES Act funding, the Town has met these additional challenges while keeping a fiscally-conservative approach to budgeting.
The Town does not collect a municipal property tax from its citizens or businesses. In FY2021, over half of the Town’s revenue came from local sales tax at 53 percent. State sales tax was the second largest at 15 percent followed by Wholesale Drink Tax at 9 percent. Because such a large portion of revenue comes from local sales tax and shared State tax, the Town estimates and budgets the revenues for each fiscal year very conservatively. Our revenue turned out to be higher than was anticipated during the 2021 budget planning process, but during uncertain times, the Town will maintain a conservative stance on spending.
The Town of Farragut continues to redefine quality of life with a beautiful, close-knit, connected community where families and businesses thrive.
To view Farragut's FY2020-2021 budget, click here.
Roll over the above graphic to see unaudited FY2021 budget information.
The Virtue Road improvement project was approved by the Farragut Planning Commission in fall 2018. Changes include widening the road from two nine-foot lanes to two 11-foot lanes with curb and gutter and the addition of an eight-foot multi-use greenway separated from the road by a six-foot grass strip. The first phase of the project, from Kingston Pike to 2,200 feet south of Broadwood Drive, began in early 2021 and is expected to be completed in spring of 2022. Design of the second phase will begin following completion of the first.
For more information on current park and engineering projects, click here.