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
Third Quarter 2025 Financial Report
OVERVIEW STATEMENT:
recommendation
Review the City's financial performance from January 2025 to September 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 September 30, 2025, include the following:
REVENUE:
Total General Fund revenue is 7.0%, or $6.2 million, above target.
* Property Tax is 3.0%, or $440,000, below target. The next significant property tax payment is expected in November 2025.
* Sales & Use Tax is 19.8% ($5.4 million) above target, driven primarily by growth in wholesale and information industries.
* Utility & Other Taxes are 1.0%, or $88,000, below target.
* Development Permits and Fees are 6.9%, or $760,000, above target. Development fees were updated in 2024.
* Business License Fees are 0.2%, or $11,000, above target.
* Other Revenues are 2.0%, or $412,000, above target.
EXPENDITURES:
* Total General Fund and TIS expenditures are 1.5%, or $5.3 million, under target.
* Spend rate for some departments above/below target:
* Executive Department is 6.7%, or $999,000, below target primarily due to position vacancies and timing of spending one-time projects.
* Planning Department is 7.7%, or $2.3 million, below target primarily due to position vacancies and timing of one-time expenditures.
* Overtime Expenditur...
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