The Town of Collierville takes pride in its role as a steward of taxpayer dollars, emphasizing transparency and accountability in its budgetary practices.

The Budget in Brief aims to ensure transparency, accessibility, and clarity in the budget process. This document serves to inform you about your Town's budget procedures, presenting comprehensive details on revenues, expenditures, and departmental budgets.

Notably, the Town of Collierville has successfully maintained a favorable financial standing and a AAA credit rating by Moody's Investor Service. The Town has taken fiscally responsible measures in previous years and makes strategic investments in service level improvements whenever possible.

The Town of Collierville received the Distinguished Budget Award from the Tennessee Government Finance Officer Association (TGFOA) for the 26th consecutive year in FY2022-2023, and a Certificate of Achievement for Excellence in Financial Reporting for the Annual Financial Report in 2021.


Budget Considerations:

1. Optimizing the Past - Strong fiscal stewardship and policy making in recent past has positioned the Town for financial success and allowed reserves to grow.
   
   
2. Picking up the Pace - While the Town's fiscal health is robust, more revenue is necessary to keep pace with community and BMA expectations, including: keeping Collierville safe; combatting ongoing inflation and increased cost of doing business; addressing aging infrastructure and facilities; enhancing employee retention and recruitment; augmenting technology needs, aptitudes and efficiencies.
   
   
3. Setting the Standard - Collierville should continue to set the standard and example when it comes to being: the community of choice; the safest municipality in Shelby County; stewards of well-maintained and well-planned infrastructure; technologically innovative; employer of choice for existing and future employees. 

Budget Strategies:

•    More assertive revenue projections.
•    Property tax increase (12 cent increase from $1.72 to $1.84 per $100 of assessed value.)
•    Water and sewer rates increased equivalent to around $5 on a typical resident's utility bill.
•    Street paving spending increase.
  
  

FY24 Adopted Budget

The 2024 Adopted Budget General Fund expenditures account for $76,162,443.00.

Town of Collierville Budgeted Funds:

•   General Fund (The Town's Primary Operating Fund)
•   Retirement Fund
•   Post Employment Benefits Fund (OPEB)
•   Historic Preservation Fund
•   Capital Improvement Fund
•   Grant Fund
•   Water and Sewer Fund
•   State Street Aid Fund
•   Sanitation Fund
•   E-Citation Fund
•   Drug Fund
  
  

Where does the money come from?

General Fund 79,630,571 million

• Property Tax 42.4 M; .53%
• Sales Tax 19.1 M; .24%
• State shared 6.6 M; .08%
• All other (includes charges for services; fines & fees; licenses and permits; recreation charges) 11.5 M; .15%

Allocation of $79,630,571.00 Revenue:

• Town Operations   $71,327,344.00
• School support       $5,718,889.00
• Other allocations    $2,584,338.00

Revenue for Town Operations:

• Taxes
  • Property taxes  $41,692,906.00
  • Local Option sales tax  $13,344,073.00
  • Business taxes  $3,020,000.00

• Licenses and Permits  $2,431,250.00
• Intergovernmental  $6,617,000.00
• Charges for services  $1,602,466.00
• Culture/recreation charges  $590,115.00
• Fines & Forfeits  $1,398,034.00
• Other  $631,500.00

Where does the money go?

Overall, the adopted FY 2024 budget includes expenditures in five main categories in the General Fund: 

1. PUBLIC SAFETY - $35.5 million (46.6 %) includes Police, Fire/Ambulance, Court operations, Code compliance, and Animal services.

2. INFRASTRUCTURE - $19 million (24.9%) includes Paving and street repair, Drainage improvements, Public services, Town facilities, and Debt service.

3. EDUCATION - $9.4 million (12.4%) includes Maintenance of effort, Debt service for high school, School resource officers and crossing guards, and Specific school grounds maintenance.

4. COMMUNITY SERVICES - $8 million (10.5%) includes Financial Services and technology, Administration and human resources, Planning and development, and Grants and special appropriations.

5. RECREATION AND CULTURE - $4.3 million (5.6%) includes Parks and greenspace, Library, museum, Family recreation, and Resident programs and events

 Notable Capital Improvement Projects:

• Fire Station #6
• Public Services Equipment Purchases
• Synthetic Turf Fields
• Wolf River Greenway Pedestrian Bridge
• Shelby Drive Widening
• Enterprise Resource Planning System