TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
|
Finance |
Chip Corder |
425-556-2189 |
DEPARTMENT STAFF:
|
Finance |
Haritha Narra |
Financial Planning Manager |
TITLE:
title
2023-2024 Budget Update: Preliminary General Fund Forecast
OVERVIEW STATEMENT:
recommendation
The preliminary General Fund forecast was presented to the Directors’ Team on April 5, 2022 as part of the 2023-2024 budget kick-off with staff. The highlights of the forecast, the Mayor’s budget direction to staff, noteworthy budget process changes, and the budget calendar will be reviewed by the Finance Director.
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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
• Required:
N/A
• Council Request:
N/A
• Other Key Facts:
The General Fund forecast will be finalized in July when the biennial operating budget is balanced, and it will be presented to the City Council on September 6, 2022.
OUTCOMES:
A 2.0-4.0% funding gap is projected in the General Fund in 2023-2024 due to the compounding effect of high inflation, which took root in June 2021. In April 2022, the Seattle/Tacoma/Bellevue CPI-W and CPI-U were 8.5% and 9.1%, respectively. Ongoing revenue growth can’t keep pace with expenditure growth.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
• Timeline (previous or planned):
N/A
• 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:
N/A
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)
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Date |
Meeting |
Requested Action |
|
N/A |
Item has not been presented to Council |
N/A |
Proposed Upcoming Contact(s)
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Date |
Meeting |
Requested Action |
|
N/A |
None proposed at this time |
N/A |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
2023-2024 Budget Update: Preliminary General Fund Forecast