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Finance director reports mixed revenues; sales tax remains key indicator
Summary
At the Aug. 12 council meeting Finance Director Groome reviewed the city’s June financials, reporting real estate excise tax and several other revenues varied month-to-month while sales tax — the single most important indicator — trended slightly under budget year to date.
The City of Federal Way’s finance director presented a midyear snapshot Wednesday showing mixed revenue performance and reaffirming the city’s approach to manage the budget by monitoring revenues and holding a waiting list for nonessential projects.
Director Groome (Finance) told the council that property taxes are tracking on budget because levies are collected predictably, while real estate excise tax (REET) had dipped in 2023 and 2024 but showed a year-to-date uptick in June. “When the real estate excise tax revenue falls short, that means that we have to defer the timing of the projects,”…
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