Tumwater staff present year-to-date budget update, flag timing of property taxes and a large permit refund

Summary

Finance staff told the Budget & Finance Committee on Feb. 28 that year-to-date revenue and expenditures are broadly on track once timing and an unusual $759,000 permit refund are accounted for; staff recommended monthly reporting to track volatile sales-tax receipts and large planned utility capital projects.

TROY (finance staff) and finance department staff presented a year-to-date budget update at the Feb. 28 Budget and Finance Committee meeting in Tumwater, highlighting the timing of property-tax receipts, sales-tax projections, and an atypical building-permit refund that created a negative revenue entry in the community development account.

The presentation gave committee members a fund-by-fund snapshot early in the biennium and explained accounting adjustments intended to show a truer picture of where revenues and expenditures stand after two months.

Troy, who led the presentation, said the general-fund property-tax budget is a little over $10 million but that only about $38,000 had been posted year to date because most property-tax collections arrive in April and November. To give committee members a clearer read on performance, finance staff prorated property-tax receipts to a monthly figure of about $1.6 million. "That'll give…

Tumwater staff present year-to-date budget update, flag timing of property taxes and a large permit refund

Summary

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