Franklin Aldermen Prep for Upcoming Budget
Late Monday Afternoon, the Town of Franklin Board of Aldermen held their first meeting on the upcoming fiscal year’s budget.
After going through the line items in the town’s budget, there will be less money in the 17-18 budget, according to Town Manager, Summer Woodard, “Overall, the decrease and increase for this proposed upcoming budget year, you’ll have a shortfall of $34,200. One positive bit of good news, it does appear that you will not end up having to anticipate the use of fund balance to budget the current budget for this year, so that’s good news.”
The debt that the town is paying on was also presented to the board to look at. For the total for Water and Sewer, the debt is just over $12.4 million, general debt is at over $1.1 million, and the debt on refinancing fire trucks for the town is at just over $220,000, according to Woodard, “So to combine all three funds the total debt for the town of Franklin is $13,786,521.04”
The town’s projected expenditures for services were not presented at the meeting, because not every department has those figures ready, but they will be in a few weeks, according to Woodard, “Next will be at your May 1st meeting, we’ll present you with a full budget, so we can start looking at expenditures, then we also have another budget work session set for Monday, May 15th at 5:30.”