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Town of Farragut budget 2007 prognosis ‘a good one’: Olson


The town of Farragut will be examining its proposed budget in the coming weeks and town administrator Dan Olson said the financial prognosis is a healthy one.

“The town’s financial status is a good one,” Olson said.

Olson, in his budget, said the proposed budget numbers for fiscal year 2007 include $9, 491,211 in total expenditures, an increase of $2,277,150 or 31.56 percent over the current fiscal year expenditures.

Total revenues for fiscal year 2007 are projected to be $6,655,946. Budgeted revenues for the upcoming fiscal year are expected to be $804,846 greater than the current fiscal year.

Olson said the reason for the increase is “principally due to increases in our local sales tax revenues and intergovernmental revenues.”

The difference between the money going out and the money coming in, he said, would be made up by use of the cash reserves in the amount of a little under $3 million.

The general fund expenditures make up a large portion of the total expenditures, totaling $3,917,945, an increase of $608,862, or 18.4 percent, from the current fiscal budget.

Olson said the reason for the increase in the general fund expenditures includes “in-creasing cost for personnel-related expenditures, fuel and other similar expenses.”

In the budget, Olson recommends the town consider hiring an engineering technician and a development coordinator to assist with the review of plans.

He advises the Board of Mayor and Aldermen the town will have other additional operating expenses due to projected increases in employee health insurance and workers compensation premiums; additional sponsorship of the Farragut West Knox Chamber of Commerce, and a new budget within the general fund for the compliance with NPDES requirements.

According to the capital improvement projects list for fiscal years 2007, the largest ticket items would include improvements at Kingston Pike and Everett Road ($580,000), improvements to Campbell Station Road between Parkside Drive and Jamestown Boulevard ($520,000) and $500,000 for McFee Road Park.

 

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