December 31, 1998 - CURRENT
Executive Summary
This report provides an overview of the financial picture of the City. The information in it should be useful to anyone interested in a quick snapshot of the City’s finances, such as Seattle citizens, the City’s elected officials and other decision makers within the City system, and jurisdictions gathering comparative data.
Seattle has experienced strong economic growth over the past several years, which has translated into increasing tax revenues to the City. The City’s general government revenues have risen on average over the past five years by 3.6 percent per year more than inflation (inflation averaged 3 percent per year), allowing for increased operating expenditures in public safety, transportation, parks, and other areas.
The increased revenues have also helped pay for additional general government capital expenditures for major maintenance, and for the principal and interest payments on $424.7 million in general obligation debt issued over the past five years. Proceeds from the debt issuances have gone toward paying for needed infrastructure such as police facilities and general office space, for capital improvements to the City such as expansion of the Convention Center and construction of a downtown concert hall, and for increased basic services such as additional facilities for low income citizens and improvements to the transporation infrastructure.
One indication of the financial health of the City of Seattle is the upgrade the City received in 1998 from Moody’s Investors Service to a Aaa debt rating on its voter-approved general obligation debt. Fewer than a dozen other large cities in the United States have this highest rating.
The City-owned utilities have also experienced some small growth in revenues and expenses above the general rate of inflation. Increased operating costs and expanding capital programs were, in general, the drivers of the increases to utility rates.
The City has begun a systematic, comprehensive process of gathering and reporting performance measures for each City department. By year-end 1999, the City will have information comparing actual performance to targeted performance in the City’s most critical service areas. Highlights of these performance measure statistics will be included in next year’s Popular Annual Financial Report.
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