Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Franklin County commits $1 million to supplement TCAT CDBG project
Summary
The county commission approved using $1,000,000 of committed general‑fund balance to supplement a Community Development Block Grant for a Tennessee College of Applied Technology in Franklin County and established a capital projects fund; the transfer will be restored to committed reserves over five years.
The Franklin County Board of Commissioners on April 17 approved Resolution 8a‑0417 to use $1,000,000 of committed general‑fund balance to supplement a Community Development Block Grant project to build, furnish and equip a Tennessee College of Applied Technology (TCAT) in Franklin County. The motion to approve was made by Commissioner Johnny Hughes and seconded by Commissioner Stanley Bean; the measure was approved by roll‑call vote.
The action also included a companion budget motion that converted committed reserves into an unassigned fund balance for the purpose of allocating the money to a newly created capital projects fund. A budget resolution adopted at the same meeting directs the county to return the $1 million to its prior “committed” designation in five annual installments of $200,000. Finance Director Andrea Smith provided the revenue and expenditure context and the Finance Committee had already forwarded the project funding to the full commission after its April 4 meeting.
Why it matters: County leaders said the allocation allows Franklin County to cover a local match needed to leverage state and federal CDBG funds for the campus, positioning the county to host a TCAT site that county officials expect to support workforce training. The commission also voted separately to adopt a number of related budget amendments to create and fund a capital projects account for the project. The board recorded the Comptroller’s letter on the planned refunding (dated April 13) into the record as part of the meeting materials.
What’s next: The county will move the committed fund balance to an unassigned balance and spend the money in the capital projects fund for the TCAT project; the resolution sets out a five‑year schedule to restore the committed balance.
