For fiscal year 2020, Town of Farragut officials expect to appropriate more than $13 million from both revenues and monies from the general fund on projects including the new community center, major upgrades at McFee Park and several high profile road and infrastructure improvements.
The budget was presented by Town administrator David Smoak to Farragut’s Board of Mayor and Aldermen for a public hearing and its first vote during its last regular meeting Thursday, May 23.
“One of the most important things we do every year is set out a funding plan on what the Town wants to get accomplished,” Smoak said. “We start with a planning retreat, and meet with the Board of Mayor and Aldermen in workshop sessions from January to April, making sure our money is going where it needs to go.
“It also helps us accomplish long-term goals for our parks, infrastructures and work force,” he added.
Smoak said in the 10 years he has been administrator, “revenues have increased over expenditures, and over the last seven years we have put a substantial amount into our savings account.”
Town officials are estimating $11,352,072 in revenues for fiscal year 2020 from a variety of state and local taxes, along with program fees and other sources, which breaks down to $103.30 per citizen.
Smoak said 63 percent of the budget pays for full-time and part-time personnel — a number that will increase in the coming year to add staff at the community center.
The center itself is among the 2020 budget appropriations, with an estimated $400,000 being spent on first-year construction and start-up costs.
Smoak pointed out ongoing Town expenditures at the community center were estimated to be around $150,000 annually, as operating the facility will be a shared financial venture with Knox County.
Capital Investment Program projects earmarked for the upcoming year also will include $8 million for McFee Park, $650,000 for Sidewalks along Smith Road, $500,000 for Union Road improvements (in addition to grant funds totaling $3.4 million) and $3.9 million on Phase 1 of Virtue Road improvements.
A second reading and public hearing will take place Thursday, June 13 (tonight), before BOMA will vote on final approval of the Budget, just in time for the July 1 start of the new fiscal year.
Budget documents are available to the public at Town Hall.