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| Regular Council Meeting - Hybrid Meeting |
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| Council consideration: |
| An Ordinance adopting the city's 2023-2024 Biennial Budget. |
| ANALYSIS: |
This Ordinance adopts the 2023-2024 Biennial Budget. The budgeted revenue and expenditure amounts are based on the preliminary budget presented by the City Manager on October 1, 2022, and modified by the City Council during the budget workshops in October. These modifications are listed in the Errata Sheet (Attachment 1) by program. The Program Inventory is provided as Attachment 2. In accordance with Washington State law, public notice was issued following the filing of the preliminary budget for two consecutive weeks prior to the public hearing on the City Council's preliminary budget scheduled for November 8, 2022. Following the public hearing on the budget and the property tax levy rate, the City Council may adopt the City's 2023-2024 Biennial Budget.
The budget appropriations are consistent with City Council direction on what to include in the development of the City's Preliminary 2023-2024 Biennial Budget. The Preliminary 2023-2024 Biennial Budget maintains current service levels, and provides increase to some service levels through approved decision cards, utilizing 2 months of excess reserves while fully funding the 33% (4-month) strategic operating reserve for the General Fund. Expenditure and fund balance appropriations by fund and by year are included in the attached Exhibit A.
This Ordinance adopts by reference the 6-year Capital Improvement Plan (CIP) (Exhibit B), the salary schedule for City employees, including any adjustments and COLA (Exhibit C). |
| BUDGET SIGNIFICANCE: |
| This Ordinance provides for a total appropriation of all city funds for the biennium of $265.1 million. |
| COMMITTEE REVIEW(S) AND RECOMMENDATION(S): |
| The City Council reviewed the budget and CIP at the budget workshops on October 5, 15, and 22, 2022. |
| ALTERNATIVE(S): |
| A budget for the next biennium must be adopted prior to December 31, 2022, per state law. |
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