McFee Road Land Purchase - We Can Afford It!

The Town has no debt and is in a very sound financial position.  

We can afford to purchase this property.




For background, the Town of Farragut was established in 1980 without a municipal property tax. We thrive primarily on business generated revenue. In the early years, we had taken on debt to achieve some important goals, but overall we tend to be debt adverse and currently, we manage the funding of our capital improvement program in a pay-as-we-go manner. We have no debt.

 The above is a one page synopsis of our General Fund for fiscal year 2023-24. The budget includes the purchase of the McFee Road land. This can be found on page 43 at the following link:

June 8, 2023 BMA Budget approval

The far right column is the budget for the current fiscal year 2023-24. It shows our projected revenues ($15,502,240) our budgeted expenditures ($10,374,296), transfers from general fund to the ADA Capital Projects fund, State Street Aid Fund, Equipment Replacement Fund and the Capital Investment Program ($8,365,000) and our projected ending fund balance at the end of the fiscal year which is June 30, 2024.  The ending fund balance is approximately $24.3 million.  Setting aside 30% of expenditures as a standard municipal budgeting practice (rainy day fund) leaves $21.1 million in our available fund balance. This budget includes the purchase of this land.

Further, no other capital projects including our road projects were sacrificed in order to purchase this land. In its 43 years of existence, the Town of Farragut has successfully balanced investment in its roads, parks and sidewalk/trail system.

If you would like to see the entire final approved budget for Fiscal year 2023-24, you may go here .


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