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
Fourth Quarter 2024 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2023 to December 2024. Please note that the 2024 year-end process is still in progress, and the figures presented here are preliminary.
? 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, 2023, through December 31, 2024, include the following:
REVENUE:
Total revenue is 12.9%, or $30.4 million, above target.
* Property Tax is 1.5%, or $772,000, below target.
* Sales & Use Tax is 21.4% ($17.8 million) above target, driven in part by growth in wholesale, accommodation, food services, and recreation. The primary contributor to this increase is development activity; however, there has been a decline in 2024 compared to previous years. One-time sales tax revenue from construction totals $24.0 million. Please note that due to a two-month lag in collections, November and December are not yet included.
* Utility & Other Taxes are 30.9%, or $6.6 million, above target primarily due to increase electricity rates by Puget Sound Energy.
* Development Permits and Fees are 0.3%, or $74,000, below target, decrease in construction activity compared to previous years. Development fees were updated in 2024.
* Other Revenues are 87.4%, or $6.7 million, above target due to high Annual Percentage Yield (APY) on short term investments.
EXPENDITURES:
* Total expenditures are 2.9%, or $8.5 million under target.
* Spend rate for some d...
Click here for full text