First BOMA budget steps taken to prepare for FY 2022
Farragut’s Board of Mayor and Aldermen kicked off the 2021-22 budget season Thursday, March 11, during a 30-minute workshop prior to its regular bi-monthly meeting.
It was the first of four scheduled budget workshops, which will be held prior to BOMA meetings during the next two months.
Town administrator David Smoak led the Board through a Power Point, describing the General Fund revenue and expenditure projections for both the current fiscal year and the year ahead.
Various revenue sources were listed in the Power Point — primary among them local and state sales tax and wholesale beer, liquor and mixed drink taxes. Total revenue estimated for fiscal year 2020-21 is just beyond $13 million, with a proposed budget of $12.258 million for 2021-22.
One revenue source, the Hall Income Tax, will be phased out after the 2022 fiscal year, but in the meantime provided an estimated $1.2 million in revenue to Farragut alone this year, and will offer an estimated $400,000 in FY 2022.
During the current year, the CARES act provided an additional $204,652 to Town coffers, which was spent on equipment, supplies and an expanded Holiday Light the Park project.
General Fund expenditures are estimated to be $7.134 million for the current fiscal year and $7.7 million in the year ahead.
Smoak said about the Town’s overall budget, 33 percent is spent on operations and 67 percent is spent on personnel.
He also listed items not included in the expenditures column — at least not yet —for the upcoming budget are program changes, merit considerations (raises), community grants and classification/compensation plan recommendations regarding personnel.
However, those issues are set to be discussed at the upcoming workshops set for Thursday, March 25 (CIP workshop), Thursday April 8 (equipment, CIP and other funds) and Thursday April 22 (program changes) with times to be announced.
A draft of the 2021-22 Fiscal Year budget is tentatively set for presentation to BOMA April 30. A press release from the Town suggested residents may offer feedback regarding the budget process by contacting their representatives: Ward 1 (North of Kingston Pike), Vice Mayor Louise Povlin (lpovlin@townoffarrgut.org) and Alderman Scott Meyer (smeyer@townoffarragut.org). Ward 2 (south of Kingston Pike), Aldermen Ron Pinchok (rpinchok@townoffarragut.org) and Drew Burnette (dburnette@townoffarragut.org).
Mayor Ron Williams may be reached at rwilliams@townoffarragut.org.
All Town meetings are being held virtually beginning at 7 p.m., the second and fourth Thursdays of each month.
