The Boards of Directors of the Nashville Area Chamber of Commerce and Greater Nashville Realtors® engaged an independent consultant group, Elliott Davis, to conduct a study of the finances of Metro Nashville/Davidson County.
“The Nashville Chamber and Nashville Realtors® commissioned this study of Metro’s finances to provide information for our respective boards to shape board strategy and policy in response to budgeting and financial decisions of Nashville,” said Ralph Schulz, president and CEO of the Nashville Area Chamber of Commerce.
The base of this study is an evaluation of certain publicly available financial information, including Nashville’s recent Comprehensive Annual Financial Reports (CAFRs) and annual budgets. The study analyzed funding issues, identified trends in financial results and compared the city’s overall financial condition to other peer cities.
“It’s important to note we are not providing any recommendations about Metro’s finances moving forward, but rather data analysis of a complex subject to assist both boards in better understanding Metro’s current financial situation,” said Jarron Springer, CEO of Greater Nashville Realtors®.
Consultants approached this study by:
- Understanding historical financial information as reported in recently issued CAFRs of Nashville
- Assessing the overall financial condition of Nashville based on information presented in the CAFRs
- Comparing certain historical information of Nashville to that of select peer cities
- Forecasting general fund revenues and expenditures of Nashville based on historical trends and the application of specific assumptions
The study also considers three of the most significant challenges currently faced by growing municipalities across the U.S. - availability of affordable housing developing and maintaining an effective transit system; and navigating the opportunities and risks presented by technology and automation. The study also identifies best practices to enhance Nashville’s processes surrounding financial operations and budgetary decision-making.
The Peer Cities selected for the study are similar to Nashville in terms of the current population, growth rate and organizational structure. Peer cities selected for the study were:
Charlotte - A growing city, dominant in its area with a similar population to Nashville (859,035) and while not a consolidated city there are many shared services with the county.
Louisville - A consolidated city/county government with a similar population (771,158) which is the main city in the region and is expanding its population and economic growth.
Jacksonville - The city consolidated with Duval County many years ago, has a comparable population (952,861) and has a relatively healthy economy.
Indianapolis - Another city with a consolidated government that is also the state capital, dominant in its region and a growing population (867,125) is like Nashville.
Austin - The city is a capital city that dominates its immediate region and is growing in population (963,797) and economic influence.
Denver - This is another consolidated city/county government that is a state capital and is expanding both in terms of population (716,492) and economic growth.
About Nashville Area Chamber of Commerce and Partnership 2020
The Nashville Area Chamber of Commerce is Middle Tennessee’s largest business federation, representing more than 2,000 member companies. Belong, engage, lead, prosper embodies the Chamber's focus on creating economic prosperity by facilitating community leadership. Established in 1990 as economic development and community enhancement initiative of the Chamber, Partnership 2020 is a regional cooperative dedicated to making Middle Tennessee among the nation’s best places to live, work and do business. Partnership 2020 is supported by a diverse group of public and private companies as well as governmental agencies from the organization’s 10-county service area. The work of the Chamber is supported by its members, Partnership 2020 investors and sponsors; the Chamber’s Pivotal Partners (a partnership at the highest level for all Chamber programs and events) are Delek US Holdings, Bass, Berry & Sims, BlueCross BlueShield of Tennessee, Community Health Systems, Gresham Smith and Regions. For more information, visit www.nashvillechamber.com.