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Finance director outlines contingency plan for possible $5.5 million sales-tax shortfall
Summary
Redmond finance staff presented a long-range financial strategy update and contingency planning that estimates a potential $5.5 million general-fund loss tied to sales-tax revenue and says departmental reductions up to 3% appear manageable; a deeper, program-level review is next.
Redmond Finance Director Cochran told the Committee of the Whole on June 10 that staff have prepared a contingency plan to address a projected general-fund shortfall of about $5,500,000 tied to a sharp, rapid decline in sales-tax revenue.
The presentation summarized assumptions and near-term levers the city could use to bridge a sudden revenue gap and outlined a two-phase approach: an initial line-item reduction analysis followed by a programmatic review to evaluate impacts on services.
“We would be general fund only looking at about a $5,500,000 loss really associated to, sales tax,” Director Cochran said, describing staff analysis of a steep,…
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