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Finance director reports stronger‑than‑budgeted 2024 revenue; council warned of potential near‑term headwinds
Summary
Finance Director Linda Merrill reported Kenmore ended 2024 with revenues above budget, lower overall expenditures and a strong fund balance, while cautioning about several near‑term revenue risks and large capital needs.
Finance Administration Director Linda Merrill presented Kenmore’s fourth quarter and year‑end 2024 financial report and highlighted revenue performance, expenditures, reserves and investment holdings.
Highlights: the city’s amended biennial revenue budget (~$32.9 million) was outperformed with actual revenues of about $35.4 million (roughly 7% above budget) driven by higher other taxes (business & occupation, cannabis), development fees and investment interest. Expenditures for the biennium were about $29.4 million against an amended…
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