TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Kelley Cochran
425-556-2748
DEPARTMENT STAFF:
Finance
Haritha Narra
Financial Planning Manager
TITLE:
title
Budget Process Update and Financial Report Review
OVERVIEW STATEMENT:
recommendation
To update Council on the status of the planning efforts for the upcoming budget process and to seek guidance on proposed improvements to staff facilitation of the process for Council. In addition, the financial results for the city through November 2023 will be reviewed. Discussion will help to inform the upcoming budget and forecast update scheduled for a Study Session on February 27th.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
N/A
OUTCOMES:
Staff's intent is to make improvements to the budget process that provide adequate opportunities for Council input before the proposed budget is developed and that facilitate the Council's review of the proposed budget in a more efficient manner.
Regarding the November 2023 Financial Report, the City is doing well overall so far in the biennium and the results highlighted below indicate that things are going as planned. Staff is currently reviewing the initial 2023 year-end results and developing the preliminary forecast for the 2025-2026 budget. Information on both efforts will be shared with Council during the upcoming Study Session.
REVENUE
? Property Tax is 1.5%, or $357,000, above target.
? Sales & Use taxes is 20.1%, or $7.0 million, above target primarily due to the high level of development activity.
This includes retail sales tax, criminal justice sales tax, and use tax. One-time retail sales tax, which primarily relates to construction activity, is $12.1 ...
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