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First‑quarter report: Lakewood general fund balance rises to $15 million on development fees; city cautioned to remain conservative
Summary
City staff reported a March 31, 2025 general fund ending balance of $15 million driven largely by higher development services fees tied to Western State Hospital activity. Interim city manager advised continued spending caution; Transportation Benefit District receipts were down early in the year due to state system conversion, staff said.
Lakewood, Wash. — Interim city finance staff presented the city’s first‑quarter financial report on June 16, showing an operating revenue increase compared with 2024 and a March 31 ending general fund balance of $15 million.
Interim Finance Director (Interim City Manager Miss Krause presented the report) told council the largest revenue increase through March came from development services fees, largely tied to activity at Western State Hospital. Property tax and local sales/use tax were also slightly above projections, while utility taxes showed mixed variance. On expenditures, year‑to‑date operating spending was modestly higher than 2024 but within revised budgets overall, with some department timing differences.
Krause cautioned the council to remain conservative for the remainder of the fiscal year. She noted the Transportation Benefit District receipts were low in early months because the state performed a system conversion that delayed distributions; subsequent months showed makeup distributions. She also noted the city is setting aside TIF property tax receipts in a reserve for future debt service related to downtown projects (the set‑aside shown as $36,547 in the first quarter report).
Councilmembers asked about federal funding risk, utility tax variances and abatement lien figures; staff said they will follow up with details. Krause recommended continuing prudent spending practices pending midbiennium budget reviews.
