The City of Seattle will likely have to make fewer cuts to its 2013 budget because of stronger-than-expected tax revenues.
City Budget Director Beth Goldberg told the Seattle City Council Tuesday that $11.4 million in additional revenue is projected through 2014. The City had been anticipating a $32 million shortfall in each of 2013 and 2014.
Sales tax revenues are up, driven primarily by new apartment construction in the city. Real Estate Excise taxes and B&O taxes also are higher than anticipated, Goldberg said. The city also saw some one-time economic boosts this year. The city’s share of the sale of state liquor stores brought in $1.3 million. Passage of the Library Levy by voters in August and a renegotiated contract with city firefighters will also save money.
Mayor Mike McGinn will announce the details of the 2013-14 budget Sept. 24.