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~ The City of Tacoma's biennial budget for 2025-2026 was approved by the City Council at their meeting on December 10, 2024. However, as required by state law, a mid-biennium budget modification is now underway to account for any changes in spending and revenue.
According to the FAQ background provided by the Management and Budget Office, a mid-biennium budget modification is necessary during the first year of the biennium. This allows for adjustments to be made based on new or updated Council policies, as well as any trends in revenue or expenses.
As of now, General Fund revenues are mostly on track with projections, after correcting for an overstatement in license revenues. However, there is some concern as three out of four major revenue sources - Business, Sales, and Utility Taxes - are currently under projections. Property tax is the only source that is meeting its projection.
While most other revenue sources are meeting their projections, expenditures appear to be underspent by $5.2 million. However, after adjusting for timing issues of payments, this amount decreases to approximately $2.5 million.
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Looking ahead at the Mid-Biennium Budget Modification (Mid-Mod), there are expected to be additional budget pressures due to the fact that city revenues do not grow as fast as expenditures. This includes potential costs such as police and fire overtime, large settlements totaling over $10 million, and infusions for Workers' Compensation and Third-Party Liability funds.
The overall approach to Mid-Mod this year will focus on essential services like public safety and budget corrections. The timeline for this process includes departments and the Office of Management & Budget (OMB) reviewing proposed changes from August to early September 2025. The City Manager will then review these proposals from mid-September to early October 2025 before City Council study sessions take place in early October.
Council will consider Mid-Mod on October 7, 2025, during a study session, followed by a Committee of the Whole meeting on October 14, 2025. A public hearing and expected first reading will take place on October 21, 2025, with an expected second reading and adoption on October 28, 2025.
For more information on the Management and Budget Office and the Mid-Biennium Budget Modification process, visit https://tacoma.gov/budget.
According to the FAQ background provided by the Management and Budget Office, a mid-biennium budget modification is necessary during the first year of the biennium. This allows for adjustments to be made based on new or updated Council policies, as well as any trends in revenue or expenses.
As of now, General Fund revenues are mostly on track with projections, after correcting for an overstatement in license revenues. However, there is some concern as three out of four major revenue sources - Business, Sales, and Utility Taxes - are currently under projections. Property tax is the only source that is meeting its projection.
While most other revenue sources are meeting their projections, expenditures appear to be underspent by $5.2 million. However, after adjusting for timing issues of payments, this amount decreases to approximately $2.5 million.
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Looking ahead at the Mid-Biennium Budget Modification (Mid-Mod), there are expected to be additional budget pressures due to the fact that city revenues do not grow as fast as expenditures. This includes potential costs such as police and fire overtime, large settlements totaling over $10 million, and infusions for Workers' Compensation and Third-Party Liability funds.
The overall approach to Mid-Mod this year will focus on essential services like public safety and budget corrections. The timeline for this process includes departments and the Office of Management & Budget (OMB) reviewing proposed changes from August to early September 2025. The City Manager will then review these proposals from mid-September to early October 2025 before City Council study sessions take place in early October.
Council will consider Mid-Mod on October 7, 2025, during a study session, followed by a Committee of the Whole meeting on October 14, 2025. A public hearing and expected first reading will take place on October 21, 2025, with an expected second reading and adoption on October 28, 2025.
For more information on the Management and Budget Office and the Mid-Biennium Budget Modification process, visit https://tacoma.gov/budget.
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