TO: Committee of the Whole - Finance, Administration, and Communications
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Kelley Cochran
Deputy Finance Director
TITLE:
title
2022-2028 Revenue Forecast: General Fund, Capital Investment Program (CIP), and Utility Funds
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 2023-2024 preliminary budget is based, focusing on the General Fund, CIP, and Utility Funds.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
Long-Range Financial Strategy and Fiscal Policies
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
The General Fund revenue forecast is primarily based on actual revenues through the first six months of 2022, current and projected development activity, and the June and August 2022 forecasts by the King County Office of Economic and Financial Analysis.
OUTCOMES:
N/A
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:
N/A
Other budget impacts or additional costs: ? Yes ? No ? N/A
If yes, explain:
Examples: software with a yearly cost, revenue generating, match requirements, etc. - if none, enter 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
5/24/2022
Study Session
Receive ...
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