Burien City finances reported as ‘Good’ through Mid-2013
Two quarters into the 2013-14 Burien budget cycle the city is where it needs to be, council members have been informed.
In a recent quarterly update, Financial Director Kim Krause said the state of Burien’s finances “is still good.”
“We’ve repaid our reserves,” Krause said. The city council borrowed from the reserves last year to avoid a tax increase.
This was done “with a lot of one-time revenues and savings in 2013,” Krause later told The B-Town Blog. “That built up our reserves. Our reserves are trending in the right direction.”
In addition, Krause said, “we’re seeing some improvements in the economy. The number of building permits has picked up and sales tax revenue has picked up.”
In response, City Councilwoman Joan McGilton, who as mayor for three terms presided over the council’s adoption of several budget, again said, “Contrary to rumors circulating in the community, the Burien is not going broke. We have managed the budget responsibly and are in good financial shape.”
Despite impacts of the recession on Burien’s economy in recent years – including the housing market crash and a banking foreclosure that halted the sale of condominiums in the new Town Square complex – council members have managed city budgets with almost no reduction in services and no staff layoffs while maintaining adequate reserves.
Through second quarter this year, current total revenues were $9,262,481, compared with $9,405,172 in 2012. All city financial resources were $15,708,504, compared to $13,304,971 last year. Total expenditures and transfers were $7,924,464 through June 30, compared to $7,995,871 in 2012.
In a related development, the state Auditor’s Office recently reported that for the 14th consecutive year the City of Burien has received a clean opinion on the financial statements, with no findings of non-compliance in an audit of the City’s 2012 financial statements.
A state auditor spent several weeks at City Hall this summer conducting a routine annual financial and legal compliance audit of the city. The audit was completed earlier this summer with findings later presented to Burien officials.