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Late TCRS rate hike turns Hendersonville FY2027 operating surplus into shortfall, staff says
Summary
Budget presenter told the Public Works Committee the draft FY2027 operating budget showed a $24,000 surplus, but a same-day Tennessee Consolidated Retirement System (TCRS) rate increase to over 17% will add roughly $800,000 in pension costs and create about a $750,000 shortfall unless spending is cut or revenues revised.
At the March 24 Public Works Committee meeting, the presenter reviewed the draft FY2027 operating budget and warned a late change to pension contribution rates will materially affect the proposal.
The presenter said the draft operating budget—recurring costs only—projected operating revenues of about $66 million and was balanced with a modest $24,000 surplus prior to receiving a notice from…
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