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The original item was published from 11/18/2014 10:16:16 AM to 11/18/2014 10:17:04 AM.

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Posted on: November 18, 2014

[ARCHIVED] - Issaquah City Council Adopts Balanced Budget -

After careful consideration, the Issaquah City Council has adopted a balanced budget that sets the stage for a successful future.

The council approved our 2015 spending plan Nov. 17, 2014, after conducting five workshops to discuss Mayor Fred Butler’s proposed budget.

The financial roadmap invests in future-focused projects, strengthens our commitment to sustainability and restructures our budget.

“The council is committed to responsible budget management and long-term financial sustainability, and acknowledges the administration’s commitment to those same important priorities,” City Council President Paul Winterstein wrote in a letter to the mayor.

To help maintain long-term needs, the budget includes a 1 percent increase in the property tax rate. With the increase, the average cost to the owner of a $420,000 home is $4.20 per year.

The budget also restructures how we implement business and occupation, or B&O, taxes.

Under the new plan, more than 30 percent of those who do business in Issaquah (with gross incomes of $100,000 or less) are now exempt from B&O tax.

Other businesses will pay a higher rate for the first time since the tax was created a decade ago. After listening to input, the City Council adopted a 50 percent increase for all types of businesses by:

• Increasing B&O taxes for manufacturing, wholesale and retail companies from 0.0008 to 0.0012 effective April 1, 2015.

• Increasing B&O taxes for printing/publishing, retail services and services/other from 0.001 to 0.0015, effective April 1, 2015.

To learn more, go to issaquahwa.gov/2015budget. Use #issbudget to join the conversation.

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