Lacey Finance Director Troy Woo has outlined the city's budget calendar for 2025, emphasizing significant activities, economic outlooks, and the critical role of public engagement.
The process, which traditionally begins with the release of the annual Budget Call memorandum, is set to follow a detailed schedule with key dates from summer to the end of the year.
"This is a really good opportunity to provide the more significant activities of the budget as we go forward, both for the city council and the public," Woo said during the Lacey City Council meeting on June 18.
Woo underscored the importance of budgeting as a community planning tool, saying, “Budgeting is the process of planning the future of our community. So, of course, public engagement is certainly critical to that.”
Woo provided an overview of the economic context, highlighting ongoing higher inflation and anticipated Federal Reserve actions.
"We are still looking at higher inflation. The Federal Reserve wants to see progress," Woo explained. The finance director highlighted that labor costs would significantly impact the city's budget, particularly in the general fund.
"This is a budget that is likely to focus on sustainability versus new programs," Woo added.
Key dates for the 2025 budget activities include:August 27: Briefing on final 2024 budget amendments
Lacey Mayor Andy Ryder stressed the importance of educating the public about the budget process.
"It's really important because this is very complicated," Ryder said, and advocated for more consistent public workshops on budgeting and property taxes.
"The most important document and the most important thing we do as a council—adopting our budget," Ryder emphasized.
Comments
No comments on this item Please log in to comment by clicking here