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A Financially Sound City: Revenues Up, Expenditures Down

Mayor Indya Kincannon, senior staff and City Council members participated in a mid-year budget retreat on Feb. 16, 2024, at the Public Works Service Center.

The annual retreat kicks off the public process of preparing the City’s budget for the 2024-25 fiscal year.

A key part of the meeting involved assessing the City’s financial posture midway through its current budget and forecasting the last half of the current fiscal year.

The financial indicators at the halfway mark are positive.

Year-end revenues are forecast to be 2.8 percent above the adopted 2023-24 budget.

“Local Option Sales Tax is driving the majority of the increase to the amended budget, increasing $3,126,280,” states a General Fund Analysis that was prepared by the City Finance Department for the budget retreat.

Meanwhile, projected full fiscal year expenditures are anticipated to be slightly lower than the amended budget by $1.4 million.

The analysis states: “The cautiously optimistic projected revenue growth combined with new businesses in the City’s growing downtown area and continued influx of people from other states bode favorably for the City’s finances. 

“S&P upgraded the City’s debt (bond rating) to AAA in 2022, and we expect to maintain this top-tier rating in FY24. The City remains financially sound and has developed a forecast that continues to provide high-quality core services for the citizens of the City of Knoxville.”

2023-2024 Six Month Financial Report [PDF]
Financial Update Presentation [PDF]
City Overview Presentation [PDF]

Budget Links

• 2023-2024 Six Month Financial Report [PDF]
• Financial Update Presentation [PDF]
• City Overview Presentation [PDF]
• 2024-2025 Budget Info
• 2023-2024 Budget Info
• 2023-2024 Adopted Operating Budget [PDF]
• Budget Archive (budgets from years 2001-current)

Budget Calendar

January 24-26, 2024 - Capital Budget Hearings / Meetings with Departments
February 16, 2024 
- City of Knoxville Budget Retreat and Six Month Financial Report released
March 6-8, 2024 - Mayor's Budget Hearings 
April 26, 2024 - Mayor's State of the City Address and Proposed Annual Operating Budget released
April 30, 2024 - City Council First Reading of Proposed Budget & Tax Ordinances
May 16, 2024 - Legislative Budget Hearing & Public Hearing
May 2024 - Knoxville-Knox Planning Commission Hearing on CIP
May 28, 2024 - City Council Second Reading of Proposed Budget & Tax Ordinances (City Council is expected to move to May 30, 2023)
June 15 2024 - Last Possible Day to Approve Budget & Tax Ordinances
July 1, 2024 - New Fiscal Year Begins