Title
Continue Discussions on Long Term Revenue Strategies
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Move to provide direction to staff on revenue strategies to pursue for the 2015 budget.
Report
Issue:
Discussion of ideas on long term revenue strategies.
Staff Contact:
Jane Kirkemo, Administrative Services Director, 360.753.8499
Steve Hall, City Manager, 360.753.8447
Presenter(s):
Jane Kirkemo, Administrative Services Director
Background and Analysis:
During the Budget Process staff discussed several potential revenue options to be evaluated for the 2015 budget:
1. Utility Tax on Cable
2. Business and Occupation Tax Revisions
3. Legislative Changes to Transportation Benefit Districts (TBD)
4. Voter approved TBD increases
5. Levy Lid Lifts
6. Local Improvement Districts (LIDs)
7. Councilmanic Debt Issuances
8. One-Time Revenues
The committee discussed the first 2 items at the April committee meeting. The Legislature did not take any action on TBDs during the legislative session so $20 is the maximum a TBD can charge without a vote of the people. For the "one-time revenue" staff was anticipating a one-time increase in the Real Estate Excise Tax (REET) from the sale of the Capital Mall and Top Foods. However, one sale was a name change only and the other was a leasehold change. Therefore, the City will not receive any REET from these transactions. The committee will have a discussion on debt issuance later this month. The remaining revenue options will be discussed throughout the remainder of the year.
During the April meeting the committee gave staff direction to move ahead with the utility tax on cable as a part of the Capital Facilities Plan (CFP). Staff contacted Comcast about our intent to implement the tax. Following a presentation of the CFP there will be an opportunity for Comcast to comment on the tax, but there will be no public hearing. The tax...
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