FY 2026 27 ANNUAL BUDGET website

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FY 2026-27 BUDGET OVERVIEW 
 
Current Local Economic Climate 
• The city’s unassigned General Fund fund balance has been increasing for the previous few years from 
$17,507,197 for FYE 2021, $18,416,143 for FYE 2022, $19,147,282 for FYE 2023, but dropped to 
$18,854,640 for FYE 2024, and increased again to $19,221,791 for FYE 2025. The current General Fund 
fund balance represents 80.47% of General Fund annual expenses including transfers out.   
 
• The city’s property tax rate has been declining from 1.3476 during 2022 to 1.0078 during 2023, 2024, 
and 2025.  
 
• The local unemployment rate is 3.6% as compared to the state rate of 3.5% and the national rate of 4.3%. 
 
• The national rate of inflation has been declining for several years from 8.5% during July 2022, 3.2% 
during July 2023, 2.9% during July 2024, 2.7% during July 2025 but increasing to 3.3% during March 
2026. 
 
Outcome of the 2026 Strategic Summit 
The 2026 Strategic Summit was held on February  20, 2026 at the McMinn Higher Education Center  and 
facilitated by the Southeast Tennessee Development District (SETD) to discuss and outline the general goals 
for the upcoming fiscal year. The priorities that emerged from the daylong session are listed below and have 
been incorporated in the proposed budget.  
 
• Complete Fire Station #3. 
• Replace Fire Department service truck.  
• Replace internal computer wiring at City Hall. 
• Replace end-of-life network switches and end-user hardware. 
• Add/replace security cameras at the parks and at rear of Public Works facility.  
• Replace municipal court software.  
• Upgrade point of sale concession equipment at Regional Park. 
• Extend Eureka Trail to Prof Powers Park and improve trail head.  
• Replace vehicles for the Police Department.  
• Complete Green Street improvements. 
• Complete the Mayfield, Regional Park, and Cook Drive stormwater project.  
• Enhance Mayfield Park by adding Mayfield themed items as a visitor attraction.  
• Complete the downtown street, pedestrian, sidewalk, signage, and landscaping improvements master 
plan.  
• Create a stormwater master plan, storm water utility fund, and fee schedule to fund future stormwater 
improvements.  
• Resurface city streets and install/repair sidewalks. 
 
 
 
 
 
 
 
 
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