I am pleased to announce that the 2017-2018 adopted budget is now available on our City’s website. For the first time in many years, our Finance Department has created a “Budget Book” which compiles all the City’s funds and budget information in a format that is accessible to the public. The City has also submitted our 2017-2018 budget book to the Government Finance Officers Association in the hopes of being awarded the Distinguished Budget Presentation Award. The full 2017-2018 Budget Book can be viewed at: http://www.lynnwoodwa.gov/Government/Budget-and-Finance/Biennial-Budget.htm.
In this budget book, you’ll discover the results of Budgeting for Outcomes, the new method used to develop our two-year budget. This budget, along with the work we’ve done through efficiency studies, reorganizations and process improvements will allow us to better navigate through changing conditions and seize new opportunities to advance Lynnwood as a great place to live, work, do business, go to school, shop and play.
I am so proud of the work that our city staff, directors and councilmembers put into creating this budget and the work they continue to do to ensure that our city services and programs are delivered in a way that is responsive to our residents, conscious of our precious resources, and achieves our Community Vision.
Over the past few years, we have had several major development projects occur in our City. These projects bring revenues from construction fees and sales tax, and we save it in a special Economic Development Infrastructure Fund (EDIF) which will be used to finance public infrastructure and public facilities as we prepare for City Center development and Light Rail in 2023. The balance of this fund will be approximately $6.3 million at the end of the 2017-2018 biennium.
Our City is starting off this two-year budget with a strong foundation. I am pleased to report that the City’s 2015-2016 General Fund expenditures came in under budget, and revenues were slightly over budget. This allowed the City to begin the 2017 budget year with $10.1 million in the General Fund carried forward from 2016. And for an added bonus, we just received word that sales tax revenues from 2016 were 9.5 percent higher than sales tax revenues in 2015!
Our City’s adopted 2017-2018 budget includes a healthy General Fund reserve of $11.7 million at the end of the biennium. Lynnwood’s economy is strong and I will continue to work with our city department directors, councilmembers and community members to ensure Lynnwood’s prosperity now and into the future.
Nicola Smith, Mayor of Lynnwood