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Lynnwood officials outline $7–8 million 2026 shortfall; property‑tax bank capacity, utility‑tax hikes and fees among options
Summary
City finance staff told the Lynnwood City Council on Nov. 3 that mid‑biennial adjustments leave a multi‑million‑dollar shortfall for 2026 and presented revenue options including use of property‑tax bank capacity, utility‑tax increases on city‑provided services, vehicle‑tab fee adjustments and business/permitting fee changes.
City finance staff told the Lynnwood City Council on Nov. 3 that a mid‑biennial review shows a multi‑million‑dollar shortfall heading into 2026 and presented a menu of revenue options and schedule requirements to close the gap.
Finance Director Meyer said the city has "bank capacity" in its property‑tax levy that Council could use under state limits. The council’s current levy is about $7.2 million; Meyer said the statutory formula would allow a maximum levy near $11,052,000 under current assumptions — roughly $3.85 million of additional capacity. Staff emphasized that using the full bank capacity is lawful, but that future levy growth would be limited by state rules (roughly 1% per year) unless voters approve additional measures.
Meyer ran scenarios intended to be actionable in the short term. Key…
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