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Poulsbo finishes 2024 with revenues above budget; council weighs carryover priorities
Summary
Finance staff reported 2024 sales-tax collections of about $5.672 million versus a $5.5 million budget; the city also received higher-than-expected REET and utility-tax receipts. Staff recommended a careful, structured approach to carryover and midyear investments.
Deb, finance staff presenting the year-end report, told the council the city received 12 months of sales-tax distributions and that year-end results were above budget. "We budgeted $5,500,000 for 2024 and our actual revenue for the year is 5,672,000," Deb said, adding that utility-tax receipts and one-time grant receipts (TIB and other grants) also contributed to stronger-than-projected revenue. Deb noted the city had budgeted to use reserves and that the improved results reduce the need to draw those reserves this year.
Councilmembers asked for zone-level breakdowns and additional analysis to guide carryover spending. Deb recommended a structured approach to midyear carryover investments so the council could make informed decisions about one-time uses such as waterfront boardwalk work or vehicle purchases. Staff also described variability in the real-estate excise tax (REET) and how transactional receipts can cause swings year to year.
