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City finance manager reports steady revenue, outlines 2027 budget calendar
Summary
City staff reported midyear finances: 2026 general levy $3.3M, city contribution to TIF $500K, sales & use tax budget $7.1M, REET reserves about $3.3M, and staff shared a draft 2027 budget calendar with a Sept. 15 council education session on revenue sources.
Finance staff presented the city's midyear financial snapshot and a draft calendar for the 2027 budget process.
"Our 2026 total general levy is 3,300,000," the presenter said, and he explained the city's role in a tax increment financing (TIF/LIFT) partnership: "Our contribution annually to that program is $500,000; Spokane Valley Fire contributes about 350,000, and the county contributes the rest," a combined $1,000,000 that triggers a state match for economic development projects. Staff noted the city's general fund had collected roughly 56% of the year-to-date expected revenue through June and emphasized timing effects for community development revenue tied to major permit submittals.
The presentation included line items for the tourism promotion (Fund 117) distributed to Visit Spokane, REET balances (about $3.3 million), and streets fund effects after transitioning from a utility tax to a Transportation Benefit District (TBD) sales tax; staff said that shift left a recurring gap of about $300,000 annually for street funding but the TBD currently funds roughly 80% of street operations. Golf fund revenues also improved; staff reported net July receipts of about $130,000 and said golf revenues are being used to pay down a bond this year.
