Trustees Review 2024 Budget Amid Financial Challenges and Reserve Management

During the recent King County Committee of the Whole meeting, budget discussions took center stage, highlighting the financial strategies for the upcoming year. Jeff, a board member, provided an overview of the 2024 budget, emphasizing the board's dual responsibilities: financial stewardship and oversight of the executive director.

Despite initial plans for a deficit, the board managed to navigate the year without dipping into reserves, thanks to prudent management and cost-saving measures implemented during the pandemic. Jeff noted that these efforts resulted in a healthy reserve fund, which will be crucial as they prepare for 2025.

Looking ahead, the approved budget for 2025 anticipates a return to deficit spending, with revenues projected to fall short of expenses. The board plans to utilize reserves to cover this gap. Jeff acknowledged the ongoing challenge posed by the 1% revenue cap and mentioned that the board is exploring a potential levy lid lift for 2026, conducting research and polling to gauge community support for this initiative.

This proactive approach to budgeting and financial management underscores the board's commitment to maintaining stability while addressing future funding challenges. As they move forward, the focus will remain on balancing fiscal responsibility with the needs of the community.