Title
2025 Budget Process Update
Recommended Action
Committee Recommendation:
Discussion only. No action requested.
City Manager Recommendation:
Receive an update on the 2025 budget process.
Report
Issue:
Whether to receive an update on the 2025 budget process.
Staff Contact:
Joan Lutz, Budget and Financial Manager, 360.753.8760
Presenter(s):
Joan Lutz, Budget and Financial Manager
Jay Burney, City Manager
Background and Analysis:
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 a high-level update on the current status of the 2025 budget and on 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:
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:
There is no financial impact resulting from this discussion.
Options:
1. Receive the presentation.
2. Do not receive the presentation.
3. Reschedule the presentation to a future meeting.
Attachments:
None