ONE More About Franklin: This month’s edition is running a bit late in honor of another special late delivery! Mary Kate Brown who helps send out Moore About Franklin was busy welcoming her and Josh’s new baby girl, Mary-Harper Brown. Mary Harper weighed 8 lbs, 7 oz, was 21 inches long and is Moore About Franklin’s newest subscriber!
Other Exciting News: Below are pictures from the Music City Honor Flight. This is a free trip to honor our WWII veterans by traveling to Washington, DC and viewing the WWII Memorial and other memorials. It was a charter flight with all expenses paid by contributions.
Veterans are accompanied by guardians and Dr. Moore accompanied three Franklin WWII veterans: Harver Barton, David Fryer and Thomas King. “It was such an honor to travel with these three veterans, part of the greatest generations of Americans, and hear their stories and see their reaction to the memorials in our Nation’s Capital,” said Moore.
All Things Financial-Prior newsletters have addressed the financial roadmap for the City. The following comments reflect a positive response to this roadmap and financial plan for the future.
- Monthly Sales Tax Report-The September sales tax report reflecting activity in July showed an increase for the sixth straight month and was reported as a 7.5% increase compared to the same time period in 2009. The State of Tennessee’s performance for the entire period was a positive 3.3%.
- Refunding Bonds-At the September 14 Board of Mayor and Alderman meeting, a resolution was passed authorizing the issuance of General Obligation Refunding bonds not to exceed $17,725,000 dollars. This refunding will save the City almost $1.5 million dollars in net present value. The purpose of the refunding was to replace some of our variable rate debt with a locked in interest rate to add more stability to our financial status.
- Triple AAA again-Both Moody’s and S&P reaffirmed the City’s bond rating as continuing to be AAA. The rating is based on factors such as a strong financial position, stable tax base, financial reserves, and debt. This rating supports the strong financial position that the City enjoys and brings with it lower interest rates when issuing bonds. This is an enviable position to have such as when we are going thru the upcoming negotiated sale of bonds to refund the variable rate bonds.
- Budget-Final numbers are coming in for the budget and it appears that the City will be under budget for the year. This is a reflection of hard work on the part of the employees and some significant cost saving efforts. Thru this process there has been no lay-offs, no loss of services, and no tax increases.
- Pay Raise!-City workers have gone for over two years without a pay increase. The Board approved a 2% cost of living increase for City employees.
Breezeway School Traffic Study-The September 14 work session discussed issues relative to traffic that will be generated with the opening of this school in 2011. Four separate areas were identified for roadway improvements: Wilson Pike and Clovercroft Road, Wilson Pike and McEwen Drive, Clovercroft Road at the School Access, and Wilson Pike at the one-lane railroad underpass. The interlocal agreement with the Williamson County School Board and the City states that WCBE will improve the access area around the school on Clovercroft and signalize the intersections of McEwen and Wilson Pike and Wilson Pike and Clovercroft. The City will design for a new three lane bridge on McEwen at Wilson Pike and which will be funded from existing adequate facilities funds and the $1 million dollars that the County made available to the City. This portion of the project will actually be a start on the Phase IV improvements of McEwen.
Old, Old, Old-A property swap with Williamson County several years ago resulted in the City owning the “old jail” and the “old, old jail” on Bridge Street. One of the dilemmas has been what to do with them. Last year they were declared surplus property shortly after learning of the million dollars plus price tag to bring them back to life. Recently, a request was made for bids on these properties and the only bid was rejected until further evaluation of the zoning and flood plain/fringe could be evaluated. These buildings are currently zoned civic and institutional reflecting their original use and this is likely to be changed to improve their marketability.