Council discusses use of 14-06 affordable housing sales-tax funds and remaining property-acquisition dollars

City staff presented options and examples for using Spokane Valley's 14-06 sales-tax revenues and remaining property-acquisition funds at the council's May 27 meeting, and asked for council guidance on next steps.

Accounting and Finance Program Manager Sarah Farr summarized the city's available resources. Farr said the city's special revenue account (Fund 108) for the 14-06 sales-tax rebate is projected to have a fund balance of about $1,200,000 at the end of 2025 and generates an estimated $200,000 per year; the revenue stream is a state rebate collected for 20 years beginning in 2020. Farr also noted the city received ARPA/CLFR funds and council previously allocated $2,000,000 for property acquisition for affordable and homeless purposes; about $1,300,000 of that property-acquisition…