Total budget for the year is $227,810,799
Cookeville – The City of Cookeville has released details of its proposed 2024 fiscal year budget and the total budget for the year is $227,810,799. There is also a proposed 10-cent property tax increase.
The City Council will hold a public hearing concerning the budget at City Hall, 45 East Broad Street June 15 at 5:30 p.m.
“All citizens are welcome to participate,” reads a public notice issued by the city. “The budget and all supporting data are a public record and are available for public inspection by anyone at the office of the Finance Director.”
Visit them HERE or in person at 45 East Broad Street in Cookeville.
The proposed general fund budget for 2024 will see $32,842,350 in local tax revenue, $1,876,974 in state tax revenue and $2,441,647 in revenue from “other sources.” There is also an expected $42,417,695 total expenditure including salaries and “other.”
The “other” in this scenario totals $22,914,460.
In the general fund, the “beginning fund balance” is $34,829,798 while the “ending fund balance” sits at $29,724,593. The number of full-time employees for the city has increased from 298 to 301.
There are also the state street aid funds to discuss. The total revenue expected from this aid is $6,230,065. Total expenditures there will see $6,446,278. According to the notice, the beginning fund balance is $1,829,895. By the end of the fiscal year, the city expects to have a balance of $1,613,682. The ending balance is expected to be lower than that of last year’s budget.
The Debt Service Fund is a proposed revenue stream of $6,308,862. There will be a proposed $6,533,863 expenditure here which will leave the city with $15,739,823.
Read the public notice HERE.
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