Wednesday, October 8, 2014

Mayor John Marchione presents his 2015-2016 Preliminary Budget

Mayor John Marchione presented his 2015-2016 Preliminary Budget to the City Council last night.  It is part of a six-year financial plan.  The total budget is $617 million for the biennium (and the General Fund portion is $166.5 million) which has a 6% increase over the previous budget and four new full time employees.

An estimated $10 million gap was created during the budget offer process (from the original $4.2 million estimated gap) according to Mike Bailey, Chief Financial Officer.  Marchione estimated the price of government in the City to be at a 20 year low but the gap leads to the following revenue adjustments:

> an automatic 1% property tax increase
> a 3% cable utility tax
> a business tax of $7 to recoup lower transportation impact fees
> a business tax of $8 to account for inflation over recent years
> an increase in utility taxes on water (3%) and sewer (2%) to account for inflation
> a six-year, .35/1000 property tax levy (operating and capital) effective 2016 and on the 2015 ballot.

The following large projects  ($75 million) will require a 2018 property tax levy vote requiring 60% supermajority:  1) Pool and Recreation facilities, 2) Transportation improvements, 3) Investments in Trails and Parks.

The bulk of the budget is for capital projects.  Between 2015-2020 the following capital projects are scheduled:  Read More >>

> Redmond Way/Cleveland Street couplet
> Overlake Village Station bridge
> Union Hill Phase III
> Redmond Central Connector Phase II
> Downtown Park
> Public Safety Building updates

The following Utility Capital Projects are planned during 2015-2020:

> Keller Farm Wetland Bank
> Evans Creek relocation
> Overlake stormwater facility
> Tosh Creek flow control and water quality control
> Pump Station upgrades

The City Council is holding two public hearings on the budget this Fall on October 21 and November 18.  The public is invited to comment at City Hall during Council's meetings.

Reported by Bob Yoder

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