The City of Bellevue anticipates keeping its levy flat for the 2024-25 fiscal year, despite a spending increase of 27.6%.

Thanks to an 8% increase in taxable valuation, the levy will remain at 0.61 per $100 of assessed valuation under the proposed 2024-25 budget, according to finance director Rich Severson. That rate, which generated $34.4 million in revenue for the current fiscal year, is expected to generate $37.2 million for the 2024-25 fiscal year.

The budget calls for $198.5 million in spending, a $42.9 million increase from the 2023-24 budgeted expenditures, Severson said. The budget employs $75.8 million in bonds and existing cash reserves to pay for capital projects, including $40 million in bonding for the indoor waterpark. Another $20 million of waterpark bonding will be done in future years as needed. Operational expenditures will increase, partly to help wages catch up with inflation.

Budgeted resources (revenues and cash balances) of $229,281,295 and expenditures of $198,504,005 will leave a cash balance of $30,777,290, according to council materials. That's an increase of $6,408,190 in cash reserves, primarily due to proceeds from the waterpark bonds of $40 million, of which $28 million is anticipated to be spent in FY2025 and $12 million carried over and spent in early FY2026. Other capital and operating expenditures will use $15 million of existing cash reserves.

The second reading of Ordinance No. 4163 to adopt the 2024-2025 fiscal year budget was done during the Sept. 17 City Council meeting. A public hearing was held on the budget following the meeting. The City of Bellevue budget was one item on the agenda for a joint public hearing slated for 6:30 p.m. on Sept. 19 at Aspen Creek Middle School, 18414 Summit Drive, with a vote expected on Sept. 24.