Mountlake Terrace officials pointed to higher sales tax and development fee income as the main factors for a rosy 2013 year-end financial report for the city.
With general fund revenue the highest it has ever been, combined with a 4 percent savings in expenses realized by city departments during the year, officials were optimistic about the financial condition of city government during an April 3 meeting.
“This is the first quarterly report in years that I can remember that we actually have a good news story,” said Mountlake Terrace Finance Director Sonja Springer. “We can see a really solid economic recovery in the city of Mountlake Terrace.”
“No more doom and gloom, at least for now,” she added.
General Fund operating revenues, made up of tax collections, permit and license fees, and other miscellaneous collections, totaled $14,859,193 in 2013, ending a three-year trend that saw city collections decrease each year since 2010.
Annual General Fund Operating Revenues (City of Mountlake Terrace)
2013 — $14,859,193
2012 — $14,183,728
2011 — $14,200,887
2010 — $14,376,897
2009 — $13,801,193
Officials were also pleased with the various other city funds, noting that many showed strong increases in revenue. “I think we’re seeing an uptick in everything that the City of Mountlake Terrace is doing,” said City Manager Arlene Fisher.
City Council members also expressed their satisfaction with the financial report. “We’re not running deficits, we’re not projected to run any deficits, we’re maintaining our reserves, we’re continuing to maintain our additional 5% strategic reserve, and we’re delivering services,” summarized Council member Bryan Wahl.
You can view the City of Mountlake Terrace Fourth Quarter 2013 Financial Report Power Point presentation here.