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City reports strong new-construction assessed value; staff flags one-time grants and reserve risk
Summary
Finance staff told the council this year's new construction added roughly $122 million in assessed value, bringing the city's total assessed value to about $3.2 billion; staff cautioned some service funding relies on grants that expire in 2025.
Council members pressed finance staff on revenue assumptions and carryover amounts after staff presented assessed-value figures and development-revenue trends.
During the budget presentation, staff reported new-construction assessed value added this year is about $122,000,000 and the city's total assessed value was read as $3,200,000,000. Mayor Rebecca Erickson reiterated the figures: "Oh, the assessed value was $3,200,000,000," and staff said the new-construction component gives the city additional levy capacity but cautioned that some recent growth may not be sustainable year to year.
Finance staff also warned that several grant-funded programs (behavioral health grants, ARPA funds) are expiring in 2024-25 and that continuing those services will require either new grants or council decisions about ongoing funding from the general fund.
