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Flood recovery uncertainty leaves Snoqualmie reserves below target without federal reimbursements, staff says
Summary
Deputy Finance Director Jen Hughes reported that if the city recovers estimated federal reimbursements reserves would be about 14.2% of ongoing general fund expenditures (target 15%); without federal recovery reserves could fall to about 11.7%, widening the shortfall and complicating this budget year.
Deputy Finance Director Jen Hughes told the Finance & Administration Committee on Feb. 23 that there were no new developments to report on flood recovery but offered updated estimates on the city's reserve position.
Hughes said, with the reserve target at 15 percent, "If we recover the estimated amount from the federal government, our reserves will be an estimated 14.2% of our general fund ongoing expenditures, which would leave a shortage of 0.8%." She added, "If we do not recover any money from the federal government, that will drop our reserves to 11.7%, leaving an approximate shortage of 3.3%."
Mayor Mayhew reiterated a commitment to provide flood recovery updates every meeting until the matter is resolved: "...until this is resolved, we will bring you this update every 1 of your meetings, so every 2 weeks." Council members said the potential reserve shortfall would complicate the coming budget year and noted concerns about the pace of federal reimbursements.
Administration said reports are being filed and questions are being answered, but the numbers have not yet moved; staff will continue biweekly reporting and refine the "no update" wording for clarity in future materials.
