2025 Budget Retreat Update
Knoxville's finances are healthy, and the City's bond ratings remain stellar.
Sales tax revenues are higher than forecast; City spending is less than budgeted.
At a Feb. 14, 2025, Budget Retreat, Mayor Indya Kincannon, City Council members and City Finance staff assessed where the City stands, financially, mid-way into its budget year.
Due to sustained rising inflation and pension costs, plus relatively flat overall revenue growth in recent years, City officials noted a long-term need to increase revenues.
After discussing finances, the Mayor and her senior staff provided updates on a number of priorities and strategic initiatives:
Crime is down.
A new class of firefighters is graduating from the Academy.
The City's $48.5 million invested in affordable housing since 2019 has leveraged $729 million in partner funding. That has created more than 2,600 new affordable housing units.
Citywide, Knoxville is growing. Families and property owners are investing. Permits in 2024 were issued for $367.3 million in total valuation of projects.
You can watch a video of the Budget Retreat by Knoxville Community Media at
www.KnoxCM.org; the KCM video should be available by Monday, Feb. 17.
• 2024-2025 Six Month Financial Report [PDF]
• Financial Update Presentation [PDF]
• City Overview Presentation [PDF]