TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Kelley Cochran |
425-556-2748 |
DEPARTMENT STAFF:
|
Finance |
Haritha Narra |
Deputy Finance Director |
|
Finance |
Hailey Zurcher |
Financial Planning Manager |
TITLE:
title
2027-2028 Biennial Financial Forecast
OVERVIEW STATEMENT:
recommendation
Review the revenue forecasts upon which the 2027-2028 preliminary budget is based, focusing on the General Fund and utility enterprise funds. The presentation also includes the forecast for a potential development enterprise fund and provides information about a new revenue opportunity for the General Fund under House Bill (HB) 2015.
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☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
• Relevant Plans/Policies:
Fiscal Policies, Long-Range Financial Strategy
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
The revenue forecast is primarily based on actual revenues through the second quarter of 2026, current and projected development activity, June and August 2026 forecasts by the King County Office of Economic and Financial Analysis, and June 2026 forecast by the Washington State Economic and Revenue Forecast Council.
OUTCOMES:
Discussion will prepare Council for the upcoming review of the 2027-2028 preliminary budget.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
OneRedmond Government Affairs Committee, September 24, 2026
Public Hearings:
-September 15, 2026
-October 6, 2026
-October 20, 2026
-November 2, 2026
• Outreach Methods and Results:
N/A
• Feedback Summary:
N/A
BUDGET IMPACT:
Total Cost:
N/A
Approved in current biennial budget: ☐ Yes ☐ No ☒ N/A
Budget Offer Number:
N/A
Budget Priority:
Strategic & Responsive
Other budget impacts or additional costs: ☐ Yes ☐ No ☒ N/A
If yes, explain:
N/A
Funding source(s):
N/A
Budget/Funding Constraints:
N/A
☐ Additional budget details attached
COUNCIL REVIEW:
Previous Contact(s)
|
Date |
Meeting |
Requested Action |
|
1/27/2026 |
Study Session |
Receive Information |
|
1/31/2026 |
City Council Retreat |
Receive Information |
|
2/10/2026 |
Study Session |
Receive Information |
|
3/3/2026 |
Business Meeting |
Approve |
|
3/10/2026 |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
|
3/24/2026 |
Study Session |
Receive Information |
|
4/14/2026 |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
|
4/14/2026 |
Study Session |
Provide Direction |
|
4/28/2026 |
Study Session |
Receive Information |
|
5/12/2026 |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
|
5/12/2026 |
Study Session |
Receive Information |
|
9/8/2026 |
Study Session |
Receive Information |
|
9/15/2026 |
Business Meeting |
Receive Information |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
10/6/2026 |
Business Meeting |
Receive Information |
|
10/13/2026 |
Committee of the Whole - Finance, Administration, and Communications |
Receive Information |
|
10/20/2026 |
Business Meeting |
Receive Information |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: Presentation