Mayor Freddie O’Connell has submitted his second Capital Spending Plan (CSP) to the Metro Council, proposing a $527 million investment aimed at enhancing schools, parks, and essential infrastructure in Nashville. This plan aligns with the priorities of O’Connell’s administration to improve the quality of life for residents by focusing on transportation, education, and community facilities.
The proposed budget includes $103.6 million for infrastructure enhancements, such as bridge and roadway improvements, bikeways, sidewalks, and safety initiatives like Vision Zero and traffic calming measures. Additionally, $33.5 million is designated for foundational infrastructure improvements on the East Bank, in collaboration with partners such as The Fallon Company, Oracle, and the Tennessee Titans.
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Metro Schools are set to receive a significant investment of $98.4 million, which includes $10 million for Glencliff High School renovations and $87 million for district-wide maintenance projects. These funds will allow Metro Nashville Public Schools to address deferred maintenance and incorporate solar installations to reduce energy costs.
The plan also allocates $5 million for the construction of a new Hadley Park Library in North Nashville and $27.8 million to enhance Metro Parks facilities, making them more accessible and safe for the community.
Mayor O’Connell’s proposal emphasizes strategic neighborhood investments and maintaining essential city services, with $89 million earmarked for General Services facilities and vehicle fleet upgrades, including new firetrucks. An additional $21 million is slated for WeGo transit vehicle replacements, and $31 million for information technology enhancements. The waste services department will receive $12 million for foundational work.
Solar installations at Metro Schools, The Fairgrounds Nashville, and Metro Parks properties are expected to offer cost savings to the city over time. Metro Finance is monitoring federal and state funding sources to ensure financial stability as capital projects progress.
The Capital Spending Plan now awaits review and approval by the Metro Council.
For more information on related initiatives, visit the Boards and Commissions page.
Source: Read Original Release
Tennessee October Revenue and Fiscal Analysis
Tennessee’s October revenues totaled $1.5 billion, surpassing last year’s figures by $22.6 million but falling short of budget estimates by $30.1 million, with a growth rate of 1.53%. General fund revenues were $27.1 million below estimates, while sales and corporate tax revenues also fell short. However, fuel and other taxes exceeded expectations. Year-to-date figures indicate a 1.40% increase over budget estimates, with total tax revenues rising by 1.51% compared to last year. The budgeted revenue estimates for fiscal year 2024-2025, based on recommendations by the State Funding Board and adopted by the General Assembly, can be viewed on the state’s website here. For detailed tables, click here.