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Edmonds finance director reports stronger-than-expected midyear fund balance; warns revenue timing and red-light camera receipts require caution
Summary
Director Gould told the council the city's year-to-date fund balance was higher than budgeted largely because capital projects were delayed and staffing was below budget; real estate excise tax spiked in June and red-light camera revenue arrived later than assumed, requiring conservative planning for the mid-biennium budget modifications.
Edmonds Finance Director Gould presented the city's June 2025 quarterly financial report on Aug. 4, telling the council the city is showing a better-than-expected fund balance at midyear but cautioning that the pattern includes timing anomalies that require conservative budgeting.
Gould said the city's overall funds were up about $5.6 million year-to-date while budgeted to be down $8.2 million, largely because several capital projects were delayed and staffing levels remained below budgeted positions. He noted a $6 million interfund loan from utilities had been recorded and that real estate excise tax (REET) produced an unusually large June payment ' about $944,000 ' a spike that…
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