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:
* Relevant Plans/Policies:
N/A
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
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 Fi...
Click here for full text