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
TITLE:
title
2025-2030 Revenue Forecast: General Fund, Utility Funds, and Capital Investment Program (CIP)
OVERVIEW STATEMENT:
recommendation
Provide an economic update on the U.S. Real GDP forecast, Seattle/Tacoma/Bellevue CPI-W forecast, and King County forecasts for taxable retail sales growth, assessed valuation growth, and employment growth, and review the revenue forecasts upon which the 2025-2026 preliminary budget is based, focusing on the General Fund, utility funds, and CIP...body
? 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 first six months of 2024, current and projected development activity, and the June and August 2024 forecasts by the King County Office of Economic and Financial Analysis.
OUTCOMES:
Discussion with Council will create clarity and a foundation for upcoming review of the 2025-2026 preliminary budget.
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:
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
2/13/2024
Committee of the Whole - Finance, Administrati...
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