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
First Quarter 2025 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2025 to March 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 March 31, 2025, include the following:
REVENUE:
Total revenue is 8.9%, or $1.7 million, below target.
* Property Tax is 96.6%, or $339,000, above target.
* Sales & Use Tax is 54.9% ($1.8 million) above target, driven primarily by growth in wholesale and information industries. Please note that due to a two-month lag in collections, March 2025 is not yet included.
* Utility & Other Taxes are 9.4%, or $230,000, below target.
* Development Permits and Fees are 21.0%, or $844,000, below target, due to a decrease in construction activity compared to previous years. Development fees were updated in 2024.
* Other Revenues are 42.5%, or $2.2 million, below target.
EXPENDITURES:
* Total expenditures are 0.6%, or $2.2 million, under target.
* Spend rate for some departments are above/below target:
* Executive Department is 2.5%, or $368,000, below target primarily due to position vacancies.
* Planning Department is 3.0%, or $892,000, below target primarily due to position vacancies and timing of one-time expenditures.
* TIS Department is 1.0%, or $278,000, over the target primarily due t...
Click here for full text