City CFO reports near‑balance in unaudited fiscal year results, highlights surplus and revenue shifts
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Summary
Redmond's deputy city manager and CFO presented unaudited fiscal-year results showing a near‑balanced general fund, strong permit revenues, and an impact from lower state liquor tax receipts.
Jason F., deputy city manager and chief financial officer, presented an unaudited fiscal dashboard for the year ending June 30.
“These are unaudited,” Jason said as he opened the report. He told council that property taxes were collected at about 99.8% of budget and that the general fund was projecting a slight operating surplus, roughly 0.2% after adjustments. He highlighted an approximate $340,000 impact from statewide declines in the liquor tax. Permit revenues remained strong, with planning permit revenue around $650,000 against a $360,000 budget and system development charges (SDCs) totaling about $12.9 million for the year.
On utilities, Jason reported the water fund ran close to budget and wastewater continued to show a surplus. He noted the airport showed increased operating surpluses after a large cash infusion into terminal expansion and said the city is monitoring affordability of a recently sold bond tied to that project.
Why it matters: the unaudited results indicate Redmond ended the fiscal year close to long-term averages on operating metrics and with reserves/one-time balances available for upcoming capital conversations, including the public safety facility and terminal expansion invoices still to come.
Next steps: auditors are on site and figures will be finalized in the audited year-end report; the council flagged future discussion of how to use savings on the public safety project and upcoming conversations about capital funding.