FSP

 

 

 

 

 

 

 

 

 

 

 

 

Upcoming Public Meetings:

The March 24 City of Kenmore Financial Sustainability Plan Virtual Community Meeting has been postponed.

The City of Kenmore is committed to engaging with our community on the future of our financial sustainability. Due do COVID-19 and rapidly changing events in our community, we felt it was best to postpone this meeting until our residents could be more fully engaged in the process. Please check back often for updates and stay tuned for a new meeting date in the near future!
 

Why is Kenmore’s Financial Sustainability Plan important NOW?

Although the City of Kenmore has been adopting balanced budgets, operating expenditures could start exceeding operating revenues as soon as 2022. This could create a $2 million structural deficit by 2026. Last fall, City Council approved a process for creating a Financial Sustainability Plan and a charter for a task force of community members to assist in solving this problem. The Task Force, City staff and Management Partners are currently working together to review this issue, determine the problem and advise on future steps. This discussion is about your City budget and community, please join the conversation!

 

 

City of Kenmore Financial Sustainability Plan Background & Information
 

2021 - 2026 Financial Sustainabiltiy Plan (January 2019-June 2020)

Due to State-imposed limits on property tax growth, flat growth in other revenues, unfunded state and federal mandates, and other factors, the City’s operating revenues are not keeping pace with the cost of doing business. As a result, the City of Kenmore faces an upcoming structural deficit in its operating budget (General Fund and Street Fund).

While the City has been adopting balanced budgets, operating expenditures could start exceeding revenues as soon as 2021.  Re-evaluating priorities, services and revenues can help bring a budget with a structural deficit back into balance.

The City Council has directed staff to begin the public process of creating a Financial Sustainability Plan.

A first phase of the process involved the following activities in the 4th quarter of 2019 and early 2020:

  • A community survey
  • An independent assessment of the City’s financial projections and long-range forecasts
  • Updates to the City’s Priority-Based Budgeting system
  • Communications about the budget and City finances, including a financial forecast report to the City council in January 2020. Update 1/3: These materials can be found here.

Starting in January 2020, the issue and possible solutions will be discussed in a thorough public engagement process, including use of a task force of community members to examine the issue and advise the City Manager on the City’s options. This process will conclude with a report from the City Manager to the City Council before the City Council begins their deliberations on the 2021-2022 biennial budget. The goal of this process is to create a plan which reflects our community’s values and balances revenues and expenditures for six years.

Learn more:

The issue has also been discussed in recent City newsletters:

Please contact fsp@kenmorewa.gov any questions or if you’d like to receive updates on this project. 

Click here for more information on the City Financial Sustainability Task Force.

 

 

 

 

Last updated: Wed, 03/18/2020 - 3:14pm