Title
2027 Budget Update
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Receive an update on the 2027 Budget, discuss 2026 year-end position above required reserve, 2027 Budget balancing position and discuss City Manager recommended priority order of enhancement requests.
Report
Issue:
Whether to receive an update on the proposed 2027 Budget and discuss enhancements and the City Manager’s recommendations on prioritizing them.
Staff Contact:
Mike Githens, Finance Director, Finance Department, 360.753.8465
Presenter(s):
Jay Burney, City Manager
Mike Githens, Finance Director
Background and Analysis:
The 2027 budget process began in June 2026. The Finance Committee has received an initial update outlining key budget assumptions and dedicated General Fund revenues. Since that briefing, staff have continued developing the budget and refining key financial components.
A second update was provided to Finance Committee at their Sept. 21 meeting, covering current revenue projections, revised assumptions, the 2026 year-end forecast, and the City’s balancing position for the 2027 Operating Budget, including the remaining budget gap and the work required to present a balanced budget.
The Finance Committee will receive an updated 2026 year-end forecast, an updated balancing position for the 2027 Operating Budget, and discuss the City Manager’s recommendations for prioritization of enhancement requests.
Attached is supporting information related to a Climate Funding Enhancement request that will be discussed during the presentation.
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 deals with City finances and fiscal governance.
Financial Impact:
The individual presenters will share financial impacts as part of their presentation.
Options:
1. Receive an update on the 2027 Budget.
2. Do not receive an update on the 2027 Budget.
3. Take other action.
Attachments:
Proposed Building Decarbonization and Resilience Retrofit Funding Packages