9a - Mayor presents 2023-2024 Proposed Biennial BudgetMayor's
2023-24 Biennial Budget
Presented by
Mayor Ferrell
September 20, 2022
2023-24 Theme
❖Federal Way is emerging strongly
from effects of pandemic
❖ City revenues are able to fund more
than we might have hoped
•:� There are always more needs than
there is money, so we have prioritized
prudently
Mayor's Priorities
1. Safety and security of residents and
businesses
2. Achieve a balanced budget (all funds)
3. Assure prioritized city services
4. Strengthen City's fiscal health
5. Maintain City infrastructure
rr.
How Did We Balance the Budget?
Revenues are up
• Sales Tax (due to a strong economy which
infrastructure and services actively support )
• Investments of city's reserves (due to active
city management)
All Departments collaborated to prioritize
highest city-wide needs
Comprehensive needs assessment resulted in a
waiting list to serve us
into the future
Public Safety
1. Safety and security of residents and
businesses
• Additional police officers
• Additional support staff
• Additional police vehicle funding
• Technology
Transparency
1. Increased funding for responding to
public information requests
• One public records position added will help
multiple departments
• Increased volume has required
additional staff time
Winter Operations
To improve City's ability to respond, based on
recent years' experience, we're budgeting
additional:
• Staffing,
• Trucks
• Material
oll
MI&,
a
Inflationary Hurdles Absorbed
Insurance premiums
Self -Insurance Reserve
Cost of jail services
Cost of 911 communications
Lakehaven hydrant maint.
Staff COLA
Continuing Challenges
1. Chronic budget squeeze created by 1
property tax cap on existing property
2. Perpetual vehicle replacement under
inflationary conditions is even harder
3. Perpetual infrastructure repair and
maintenance is a permanent liability
4. Unknown recessionary and inflationary
factors must be prudently built in
Conclusion & Next Steps
✓ Balanced Budget across all funds
✓ Delivers top priority services and
implements a plan for next -dollar needs
✓ Study Sessions are scheduled
✓ City Council input, deliberation, adoption
2023-24 Theme
❖Federal Way is emerging strongly
from effects of pandemic
❖ City revenues are able to fund more
than we might have hoped
•:� There are always more needs than
there is money, so we have prioritized
prudently
Mayor's
2023-24 Biennial Budget
Study
Sessions:
Sept.
20th 5:00
Sept.
26th 5:00
Sept.
29th 5:00
Oct.
4t" 5:00
Oct. 18t" 5:00
Mayor's
2023-24 Biennial Budget
Presented by
Mayor Ferrell
September 20, 2022