THE BRISTOL TENNESSEE CITY COUNCIL HAS APPROVED A 95 MILLION DOLLAR BUDGET FOR FISCAL YEAR 2008-2009. THIS WILL MEAN AN 8 CENT PROPERTY TAX INCREASE FOR BRISTOL TENNESSEE RESIDENTS. THE TOTAL SPENDING PLAN IS ABOUT 18 PERCENT HIGHER THAN THE PREVIOUS PROJECTION DUE TO STATE AND FEDERAL GRANT FUNDING THAT WILL BE USED FOR SEVERAL MAJOR PROJECT. THE HIKE IS AIMED MAINLY AT LONG OVERDUE SCHOOL CONSTRUCTION AND RENOVATIONS, AS WELL AS OTHER CAPITAL PROJECTS. MEANWHILE, CITY EMPLOYEES WILL RECEIVE A TWO PERCENT PAY INCREASE WITH OTHERS GETTING MERIT RAISES.