JACKSON, Tenn. (June 25, 2015) – Jackson City Council held a special called meeting Thursday to discuss and vote on a 2015/16 budget. Council approves a budget with no tax increase but borrows money to cover infrastructure expenses and some capital costs.
Items on the table for discussion at Thursday’s meeting included: A raise for city employees, and a loan for capital and infrastructure projects.
Council also agreed to borrow $17.4 million for capital projects over the next three years including road repairs, fire and police vehicles.
Councilwoman Vicky Foote was absent from Thursday’s meeting. Councilman Scott Conger cast the only “no” vote to approve borrow the money. Conger said, “We have to plan better for our financial future. We can’t borrow our way to sustainability.”
Gist said the city is financially stable and has set aside money to pay back the $17.4 million. The city has $22 million in fund reserve. Gist said the $17.4 million is needed to provide needed city projects.
The proposed budget includes a 3 percent cost of living raise for city employees.
The city council approved the first reading of next year’s budget.
Council members will vote on the budget a second time July 7.
