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Finance director presents quarterly report; council accepts TID annual reports and approves Ehlers contract and budget amendment
Summary
The director of finance reported March 2025 quarter results and presented tax-increment district (TID) annual reports; council voted to accept the reports, authorized a $2,500 contract with Ehlers & Associates for TID cash-flow work and approved a 2024 budget amendment to align appropriations with actual performance.
The City of Franklin’s director of finance presented the March 2025 quarterly financial report and the required tax-increment district (TID) annual reports at the Aug. 5 council meeting. Council accepted the reports, authorized a small contract with financial adviser Ehlers & Associates to assist with TID cash-flow updates and adopted a budget amendment to reconcile 2024 appropriations with actual performance.
Highlights from quarterly report: Through March 2025 the general fund balance was roughly $58.5 million and the city reported a $1.3 million surplus through March (the director warned that such surpluses commonly decline through the remainder of the year as expenditures continue). Investment income was higher than budgeted due to permit activity; sanitary sewer and other enterprise funds were generally in line with budget. The director noted landfill-siting revenues are projected at about $2.5 million for 2025, about a 26% increase over the last four years.
TID annual reports and Ehlers contract: The director of finance said assessor reporting corrections will produce a bump in tax-increment values in the coming year; she outlined reported versus corrected values for several TIDs and summarized outstanding debt in each district. Council accepted the TID annual reports and approved a $2,500 contract with Ehlers & Associates for continued cash-flow modeling and presentation to the joint review board; the city’s finance director and economic-development staff will continue to prepare the annual reports.
Budget amendment and other actions: Council approved an ordinance amendment to bring 2024 appropriations in line with actual performance as required by state statute. The director said most overspending was offset by additional revenue and the amendment keeps funds within statutory budgetary guidelines. The council voted to accept and place the quarterly and TID reports on file.
Outcome and next steps: The Ehlers contract will be charged to the relevant TIDs and the finance department will submit corrected values to the Department of Revenue where applicable. The budget amendment was adopted by roll call; staff indicated more detailed line-item questions could be answered by email on request.
