CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to adoption of the 2023 Budget and endorsement of the 2024 Proposed Budget; providing temporary flexibility on use of certain City funds to balance the City's budget over the 2023-2024 biennium; amending Section 5.38.055 of the Seattle Municipal Code; amending Resolution 31914; amending Ordinance 125872; and ratifying and confirming certain prior acts.
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WHEREAS, the City faces a long-term structural budget General Fund deficit as existing reliable revenue streams have not grown as fast as inflation, or in some cases have even declined; and
WHEREAS, it is the intent of the Mayor and City Council to explore new progressive revenue options via the Seattle Revenue Stabilization Workgroup, which began its work in September 2022, to address that long-term structural budget deficit, with a goal of proposing progressive revenue options in 2023 that will help balance the 2025 Proposed Budget; and
WHEREAS, providing short-term, time-limited, and use specific flexibility on the use of Transportation Network Company Tax revenues, Short-term Rental Tax funds, or JumpStart Payroll Expense Tax funds will allow the City to balance a 2023 and 2024 budget without significant reductions in services and programs that are supported by revenues that make up the City's General Fund; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 5.38.055 of the Seattle Municipal Code, enacted by Ordinance 126393, is amended as follows:
5.38.055 Payroll expense tax-Allocation of proceeds
A. In any year where General Fund revenues from all sources approved as of January 1, 2020 are projected to be lower than $1,510,029,000 an amount equal to $1,510,029,000 minus the projected General Fund collections from non-payroll expense tax sources may be transferred into the General Fund to support programs and services funded by the General Fund. Projec...
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