TO: Members of the City Council
FROM: Mayor Angela Birney
DEPARTMENT DIRECTOR CONTACT(S):
Finance
Chip Corder
425-556-2189
DEPARTMENT STAFF:
Finance
Haritha Narra
Financial Planning Manager
TITLE:
title
2023-2024 Budget Update: Preliminary General Fund Forecast
OVERVIEW STATEMENT:
recommendation
The preliminary General Fund forecast was presented to the Directors' Team on April 5, 2022 as part of the 2023-2024 budget kick-off with staff. The highlights of the forecast, the Mayor's budget direction to staff, noteworthy budget process changes, and the budget calendar will be reviewed by the Finance Director.
body
? Additional Background Information/Description of Proposal Attached
REQUESTED ACTION:
? Receive Information ? Provide Direction ? Approve
REQUEST RATIONALE:
* Relevant Plans/Policies:
Fiscal Policies
* Required:
N/A
* Council Request:
N/A
* Other Key Facts:
The General Fund forecast will be finalized in July when the biennial operating budget is balanced, and it will be presented to the City Council on September 6, 2022.
OUTCOMES:
A 2.0-4.0% funding gap is projected in the General Fund in 2023-2024 due to the compounding effect of high inflation, which took root in June 2021. In April 2022, the Seattle/Tacoma/Bellevue CPI-W and CPI-U were 8.5% and 9.1%, respectively. Ongoing revenue growth can't keep pace with expenditure growth.
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:
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
N/A
Item has not been presented to Council
N/A
Proposed Upc...
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