Title
Public Hearing on the 2020 Preliminary Operating Budget and Preliminary Capital Facilities Plan (CFP) and 2020-2025 Financial Plan
Recommended Action
Committee Recommendation:
Planning Commission, Bicycle Pedestrian Advisory Committee, Parks and Recreation Advisory Committee forwarded written comments to the City Council. The Finance Committee has reviewed the budget and will meet on November 20 to finalize their recommendations.
City Manager Recommendation:
Hold the public hearing and receive testimony on the 2020 Preliminary Operating Budget and Preliminary CFP and 2020-2025 Financial Plan
Report
Issue:
Whether to hold a public hearing and receive testimony on the 2020 Preliminary Operating Budget and Preliminary CFP and 2020-2025 Financial Plan.
Staff Contact:
Debbie Sullivan, Director, Administrative Services, 360.753.8499
Presenter(s):
Jay Burney, Interim City Manager, 360.753.8740
Debbie Sullivan, Director, Administrative Services, 360.753.8499
Background and Analysis:
2020 Preliminary Operating Budget
The 2020 Preliminary Operating Budget was presented to Council on October 29, 2019. This hearing provides additional opportunity for the Council to hear from the public. The operating budget maintains service levels and programs with some enhancements in priority areas. It also includes utility rates increases, recommendations for allocating lodging tax to various organizations, and changes in development fees.
The 2020 preliminary operating budget appropriates $186.9 million for expenditures. The General Fund, which covers basic core municipal services (i.e. Fire, Police and Parks) is $85.9 million, a 4% increase over the 2019 budget. The 2020 budget also includes expenditures to cover the following:
1) refinancing outstanding debt to take advantage of lower interest rates; as part of the refinance process, bond proceeds will be received to cover the debt; and
2) revenues collected through utility rates that will be transferred to the cap...
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