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. Franklin has received an AAA rating from Moody's as well as Standard and Poor's rating services for several consecutive years. 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.