$4.1 million in ‘revenue over expenditures’ estimate for Town FY 22
In its first in-person meeting in Farragut Town Hall since the COVID-19 pandemic began, Farragut Board of Mayor and Aldermen passed its 2021-22 budget with a unanimous vote, on second reading, adopting the annual General Fund, State Street Aid Fund Capital Investment Fund, Equipment Replacement Fund, Tourism Fund and Insurance Fund budgets during its meeting Thursday, June 10.
Town administrator David Smoak said the only changes from the first reading were an anticipation of revenue at $12.258 million with expenditures at $8,150,132, a 14.2 percent increase over the fiscal year 2021 end-of-year estimate.
“This amount did increase $1,000 from the first reading,” Smoak said. He noted the increase includes additional money for school support at the request of the Education Relations Committee.
“At the end of the fiscal year, we project that we’ll have $4.1 million in revenues over expenditures,” he said. “We’ll also be able to fund our Rainy Day fund at a total of $2.445 million, and we project an available fund balance at the end of FY’22 to be $19.2 million.”
FHS Softball Day
On another note, Vice Mayor Louise Povlin read a proclamation declaring Friday, June 11, as Lady Admirals Softball Day in Farragut, as the team’s players and coaches were on hand following a special year.
Povlin congratulated head coach Nick Green and the Lady Admirals team members “for their amazing season,” winning the Division I Class AAA state championship in Murfreesboro in late May with a final record of 37-2.
“That doesn’t come easy, and there’s a lot of work that’s put into that,” said Alderman Drew Burnett, who has a son playing for the FHS boys soccer team.
