FY2019 BUDGET SUMMARY
FY2020 BUDGET SUMMARY
The Farragut Board of Mayor and Aldermen and Town staff are pleased to present the 2020 Fiscal Year budget. The budget was developed with the philosophy that the Board of Mayor and Aldermen must continually look for opportunities to maintain and improve existing services while minimizing long-term costs.
The Town of Farragut does not collect a municipal property tax from its citizens or businesses. The single largest source of the Town’s revenue comes from local sales tax at 56%. State sales tax is the second largest at 17% followed by Wholesale Drink Tax at 11%. The Town estimates and budgets the revenues for each fiscal year very conservatively. This is due to the primary source of revenue being local sales tax and State shared tax.
The total General Fund budget is $7,436,187, which represents an increase of $424,436 or a six percent increase over last year’s budget of $7,011,751. 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. Projected revenue for FY20 is $11,352,072, an increase of $432,752 or four percent above the budgeted FY19 revenue of $10,919,320.
The Capital Investment Program (CIP) is used to consolidate the acquisition, design and construction of major capital improvements of the Town. The CIP FY20 proposed budget of $21,345,000 provides funding for transportation, parks and general facility/equipment. The CIP long-term budget includes expenditures of $29,930,000 for roads and parks through 2024.
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 FY2019-2020 budget, click here.
Roll over the above graphic to see unaudited FY2019 budget information.
Now that exterior restoration of the Campbell Station Inn is complete, plans are underway for construction of a beautiful, park-like area around the historic building. The design includes two new entrance drives, a parking area and restroom building, as well as open lawns with landscaping and interpretive signage. Once this project is completed, it will be a community gathering place and a source of pride for Farragut. Construction should begin in late summer or early fall 2019.
The new plaza at the Campbell Station Inn is expected to be completed by summer 2020. For more information on current parks and engineering projects, click here.