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
Second Quarter 2025 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2025 to June 2025. Please note that the 2024 year-end process is still in progress, and the figures presented here are preliminary due to the impact on January figures.
☒ Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
☒ Receive Information ☐ Provide Direction ☐ Approve
REQUEST RATIONALE:
N/A
N/A
N/A
N/A
OUTCOMES:
The key financial highlights from January 1, 2025, through June 30, 2025, include the following:
REVENUE:
Total General Fund revenue is 3.0%, or $1.9 million, above target.
- Property Tax is 2.8%, or $392,000 below target.
- Sales & Use Tax is 20.0% ($2.8 million) above target, driven primarily by growth in wholesale and information industries.
- Utility & Other Taxes are 2.5%, or $153,000, below target.
- Development Permits and Fees are 6.3%, or $490,000, above target.
- Business License Fees are 2.8%, or $136,000, below target.
- Other Revenues are 3.8%, or $658,000, below target.
EXPENDITURES:
- Total General Fund and expenditures are 1.1%, or $3.9 million, under target.
- Spend rate for some departments are above/below target:
- Executive Department is 4.9%, or $735,000, below target primarily due to position vacancies and timing of spending one-time projects.
- Planning Department is 5.4%, or $1.6 million, below target primarily due to position vacancies and timing of one-time expenditures.
- Overtime Expenditures: Total overtime expenditures are 10% ($1.2 million) over the expected target. Overages are primarily seen in the Fire department, due to the backfilling of department vacancies to maintain daily staffing levels, and the Police department, due to the review of body-worn camera footage and community outreach.
- Capital Investment Program (CIP): Total expenditures are 13.4%, or $23.0 million, under budget, reflecting the continuation of several major projects, including the Evans Creek Relocation project, Pedestrian and Bicycle Improvements, Downtown Adaptive Signals, Pavement Repairs, MOC Predesign, and ADA Facility Improvements.
- Business Technology Investment Program (BTIP): Total expenditures are 11.7%, or $1.1 million, under budget, reflecting the continuation of major projects, including Workforce Management Phase 2, Dynamics 365, and Tourism Data Software Implementation.
COMMUNITY/STAKEHOLDER OUTREACH AND INVOLVEMENT:
- Timeline (previous or planned):
N/A
- Outreach Methods and Results:
N/A
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 and 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 |
|
4/15/2025 |
Business Meeting |
Receive Information |
|
5/20/2025 |
Business Meeting |
Receive Information |
Proposed Upcoming Contact(s)
|
Date |
Meeting |
Requested Action |
|
11/18/2025 |
Business Meeting |
Receive Information |
Time Constraints:
N/A
ANTICIPATED RESULT IF NOT APPROVED:
N/A
ATTACHMENTS:
Attachment A: Second Quarter 2025 Financial Report Presentation