by Emerald Staff
On Monday, Seattle’s Budget Office released some dire economic forecasts and revenue projections, which showed an additional $26 million reduction to the City’s 2020 General Fund revenue, relative to the June forecast, and is now projecting a total 2020 General Fund revenues of $1.19 billion, down from the adopted 2020 budget of $1.5 billion.
The Budget Office says that when combined with the loss of other revenue streams that support a variety of basic municipal services, it now anticipates $337 million less revenue, when compared to the 2020 Adopted Budget. This represents a revenue shortfall of 19%.
Continue reading Seattle Budget Office’s Economic Forecast Highlights Continued City Revenue Decline in 2020 and 2021