Title
2025 Operating Budget Discussion
Recommended Action
Committee Recommendation:
Not referred to a committee
City Manager Recommendation:
Receive an update on the 2025 Operating Budget.
Report
Issue:
Whether to receive an update on the 2025 Operating Budget.
Staff Contact:
Jay Burney, City Manager, 360.753.8740
Presenter(s):
Jay Burney, City Manager
Background and Analysis:
The 2025 preliminary budget process is underway. On September 17, the City Manager updated the City Council on budget balancing assumptions, expense reductions, revenue adjustments, and General Fund enhancements. The balancing position at that time was $(6,769,000). On October 8, the City Manager shared non-General Fund enhancements and a proposed approach for evaluating reductions.
The City Manager will discuss with Council an updated General Fund balancing position based on adjustments to revenue and a proposal for non-personnel and personnel reductions. The City Manager will also share an update on the General Fund balancing position for Parks, Arts, and Recreation as well as a proposal to reduce the General Fund Impact on the Development Fee Fund which supports Community Planning & Development. Additionally, a proposal for City Council Support, revenue options, and an updated 10-year forecast will be presented.
Climate Analysis:
This agenda item is expected to result in no impact to greenhouse gas emissions.
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 item as it addresses City finances and fiscal governance.
Financial Impact:
This item is for discussion only and has no financial impact at this time. However, direction from the City Council will aid in providing a final budget recommendation for 2025.
Options:
1. Receive an update and provide guidance on the 2025 Budget process.
2. Do not receive an update and provide guidance on the 2025 Budget process.
3. Receive an update and provide guidance on the 2025 Budget process at another time.
Attachments:
None