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Edmonds reports mixed 2024 revenue results, warns of heavy January cash flow
Summary
Mayor Mike Rosen told the City Council that 2024 produced some revenue gains but overall the city fell short of budgeted targets; large January bills will create immediate cash‑flow pressure.
Mayor Mike Rosen told the Edmonds City Council on Jan. 14 that the city closed 2024 with mixed revenue results and is facing heavy cash demands in January.
Rosen said property‑tax and EMS levy receipts rose from the prior year but still fell short of the budgeted target; sales tax grew modestly but also missed the adopted forecast. Development‑services revenue exceeded budget. Rosen warned that the city’s cash position is strained at the start of the year because several large, scheduled payments hit in January.
Why it matters: the shortfalls and the timing of large, one‑time payments help explain the administration’s push to adopt an interfund loan to smooth cash flow while the council considers budget changes for 2025–26.
Rosen gave specific examples of January payments that create the “heavy hit” to cash flow: the city’s WCIA insurance payment (about $2.4 million in a single check), the annual fire contract payment (about $960,000) and sizable software maintenance invoices (about $145,000). He also reported that general fund expenses for 2024 totaled roughly $52,083,262 and were slightly below the revised budget.
Acting Finance Director Kim Dunscombe briefed council members and later presented detailed materials on the proposed interfund loan and reporting expectations during the council’s budget deliberations.
Council members asked for follow‑up detail on reserve levels and for a monthly tracking worksheet showing any interfund draws and the repayment schedule.
