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Seattle Economic Forecast Shows Better Than Expected Recovery, Additional Revenue
Seattle’s City Budget Office released an updated economic forecast and new revenue projections for 2020 and 2021. Surprisingly, given all the turmoil, city leaders say the outlook is brighter than expected.
The City Budget Office now estimates an additional $57 million in net revenue from both the Real Estate Excise Tax, sales tax, and additional General Fund revenue. While some revenue sources increased following actual collection, some revenues fell below forecasts including the Commercial Parking Tax and Short Term Rental Tax.
Seattle Mayor Jenny A. Durkan says, “Seattle has faced a year of unprecedented crises including a global pandemic, an economic crisis, a civil rights reckoning, and a climate crisis. While Seattle faces a long-term recovery in the months and years to come, the revenue forecast released allows the City to restore some of the most difficult budget cuts.”
Priorities include increasing services for the individuals experiencing homelessness, a restoration of the strategic investment fund, a mitigation of City layoffs, and a citywide cleanup program to address litter and illegal dumping, as well as restoring funding to the Transportation and Parks Departments’ capital maintenance fund.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
