UPDATED: Favorable City revenue / expense trend

Melissa Files, Director of City Finance reported this Tuesday that similar to the prior month, "revenue spiked 6% over target while expenditures were 3% under target.  Ms. Files indicated the reasons for this favorable report were similar to earlier monthly reports, as follows:

She stated: "Sales tax on construction took a big jump to $5 million in December. Usually it's in the $2.3 million range.  Everything that has to do with development review - taxes, licensing, and permits - contributed to the favorable outcome." 

Council member Steve Fields said "It looked like there were 4 months similar to what you described.  Does this begin to present a trend?"  Files answered, "Yes," that she was anticipating this in her forecast for 2019 but didn't expect it this soon.  Mr. Fields said "I appreciate this vigilance because I think it's important to our decision-making to know where we're at on our revenue projections." 

Files said her December report was subject to change.  Presiding Officer Hank Hank Margeson he looks forward to Ms. Files formal report in February.   

Council member Steve Fields 

Source:  "Finance, Public Administration, and Communication" Council meeting of 1/22/2019.

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Steve Fields has lived in Redmond for over 30 years. He worked across all functions of government in his positions at King County and the City of Seattle in the Executive offices. Fields guided elected officials on policy, budget, and operational improvements. He advised department heads and their staff to help the government perform better. He currently represents the City of Redmond as a member of the Eastside Transportation Partnership (ETP). Fields is also a Redmond small business owner with his wife.