TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
N/A
N/A
N/A
TITLE:
title
2023-2024 Preliminary Budget Public Hearing #3
OVERVIEW STATEMENT:
recommendation
Hold a public hearing on property taxes and other revenue sources for the 2023 fiscal year. Proposed tax and fee increases in the 2023-2024 preliminary budget include the following:
* Property tax levy increase of 1% in 2023 and 1% in 2024 as allowed under state law (this impacts existing property owners);
* Property tax levy increase from new construction, which is estimated to be 3.8% in 2023 and 3.6% in 2024;
* Development, parks and recreation, business license, and other fee increases in 2023 and 2024 based on inflation;
* Combined City water, wastewater and stormwater utility rate increase of 3.6% in 2023 and 3.6% in 2024 (note that there were no City utility rate increases in 2021 or 2022);
* King County Wastewater Treatment charge increase of 5.8% in 2023 and 6.5% in 2024 (this is a pass-through charge); and
* $20 per vehicle license fee, which would take effect on January 1, 2024 and be dedicated to funding pavement management projects, following the creation of a Transportation Benefit District in the second half of 2023.
The Long-Range Financial Strategy establishes a target range for the Price of Government of 5.0-5.5% of aggregate personal income in Redmond, excluding certain one-time revenues. The Price of Government is estimated to be 4.0% in 2023 and 3.8% in 2024.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
N/A
* Required:
Revised Code of Washington (RCW) 84.55.120 (The legislative body must hold a public hearing on revenue sources for the coming year's budget, including consideration of possible increases in property tax revenues, pri...
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