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Mercer Island council adopts midyear financial update and amends 2025–26 budget
Summary
The council received a second‑quarter financial status update, approved a budget‑amending ordinance and discussed cash flow, LGIP holdings and revenue drivers including sales tax, interest earnings and REET volatility.
The Mercer Island City Council on Sept. 16 received a second‑quarter financial status update and unanimously adopted a budget‑amending ordinance tied to the city’s 2025–26 biennial budget.
Finance Director Matt Mornick and Financial Analyst Ben Schumacher presented revenue and expenditure results through June 30 and described a change in accounting that affects year‑over‑year comparisons. Mornick told the council the city’s account in the Washington Local Government Investment Pool (LGIP) held about $82,000,000 and that most of those funds are committed to projects and operations under the adopted biennial…
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