Title
2025 Budget Status and 2026 Budget Process Update
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive an update on the status of the 2025 budget status and the 2026 budget process.
Report
Issue:
Whether to receive an update on the 2025 budget status and the 2026 budget process.
Staff Contact:
Joan Lutz, Senior Budget and Finance Manager, 360.753.8760.
Presenter(s):
Joan Lutz, Senior Budget and Finance Manager
Background and Analysis:
The City of Olympia budgets on an annual basis with the fiscal year beginning January 1 and ending December 31. The operating budget process is roughly an eight-month long process culminating with the City Council approving the next year’s budget in late November or early December.
The Finance Committee will be provided with a high-level update on the 2025 budget status and 2026 budget process regarding current assumptions for revenue collections, various expense drivers and the process moving forward.
The City Manager will present his preliminary budget to Council in late September/early October.
Climate Analysis:
There are no anticipated climate impacts from receiving an update on the 2025 budget status and the 2026 budget process.
Equity Analysis:
One of the goals of the City’s budget process is to ensure that city services are provided equitably to our residents and business communities, as well as the greater Olympia community. This agenda item is not expected to further impact known disparities in our community.
Neighborhood/Community Interests (if known):
Members of the community may have an interest in this agenda as it deals with City finances and fiscal governance.
Financial Impact:
There is no financial impact resulting from this discussion.
Options:
1. Receive an update on the status of the 2025 budget status and the 2026 budget process.
2. Do not receive an update on the status of the 2025 budget status and the 2026 budget process.
3. Take other action.
Attachments:
None