The City of Franklin is governed by a Board of Mayor and Aldermen. There are eight Aldermen on the Board. Four Aldermen are elected from the four political divisions of the City called wards; four are elected at-large. This governing board is responsible for deciding on the city's policies and procedures by passing Resolutions, Municipal Ordinances and the Municipal Code, all of which are implemented by the various City Departments.
The City Administrator oversees the City's 14 departments and a 2011-2012 budget of $79,451,750. The general fund budget is $52,867,506. The City's property tax rate is 0.434 per $100 assessed valuation. This marks the 25th consecutive year without a property tax increase.
In 2011, Franklin received an AAA rating from Moody's and Standard and Poor's rating services. Both agencies cited the City's strong financial position characterized by prudent reserve levels, stable and affluent tax base and a low overall net debt burden with moderate additional capital requirements.