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Budget and Finance committee reconvened; 2024 year-end review shows flat tax receipts, mayor seeking cuts
Summary
The reconvened Budget and Finance Committee reviewed the city’s preliminary financial position for 2024, heard that sales and business taxes are largely flat, and was told the mayor has asked departments to prepare for a potential 6% cut and an additional 3% contingency exercise.
The Budget and Finance Committee, reconvened on March 10, received the 2024 year-end financial review and heard that several revenue streams such as sales tax and business-and-occupation tax were largely flat. Finance Director Andy Absorb presented the city’s preliminary financial position through Dec. 31, 2024.
Council Member Lisa Anderson, chairing the reconvened committee, said the mayor’s office has asked department heads to prepare for a 6% reduction scenario and to run an additional 3% contingency exercise to brace for a potential downturn. Committee members noted that enterprise funds such as water, sewer and roads remain in healthy condition and are not drawn from the general fund.
Nut graf: The review signals tighter near-term general-fund fiscal management while capital and enterprise funds remain functional; the mayor and departments will continue monitoring and preparing budget options for future council review.
Details
- Presentation: preliminary financial position for the period ending Dec. 31, 2024; full presentation and financial documents available on the city website per the meeting. - Revenue outlook: sales tax and B&O tax receipts generally flat; expenditures rising. - Department actions: mayor requested department heads to prepare budgets reflecting a 6% reduction and an additional 3% contingency exercise. - Next steps: the committee will receive more detailed budget updates at subsequent meetings; councilmember Anderson said a more detailed session is planned for a future council meeting.
Ending: Committee members recommended continued monitoring and departmental preparation to protect reserves and maintain essential services.
