Tax revenues are up but staffing has remained a challenge for the city of Port Townsend, according to its end-of-year 2022 financial update reported to councilmembers Monday.
The update provided a …
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Tax revenues are up but staffing has remained a challenge for the city of Port Townsend, according to its end-of-year 2022 financial update reported to councilmembers Monday.
The update provided a summary of the city’s financial activity from the start of 2022 through December.
Revenues are up for the municipality, including a $765,000 increase in sales taxes, lodging taxes increasing by $164,000; real estate excise taxes rising by $400,000; as well as development and permitting fees increasing by $210,000.
Staffing is still a challenge for the city, with the financial report showing a vacancy rate of around 15 percent.
Lastly, the city’s general fund balance for 2022 was estimated to be $5.3 million, but the actual ending fund balance was $6.7 million, which the city utilized to make an early $1.6 million payment on its limited tax general obligation bonds from 2012 and 2017.
To view the full results of the financial update, go to cityofpt.granicus.com/GeneratedAgendaViewer.php?view_id=4&event_id=3530 and open the associated documents for “Year End Financial Report.”
