The city released its updated revenue forecast on Oct. 17 and Rachel Smith, president and CEO of the Seattle Metropolitan Chamber of Commerce, issued the following statement:
“Today’s Economic and Revenue Forecast included good news and we echo Mayor Bruce Harrell’s encouragement in light of the forecast. The overall economy is stronger than expected, the Fed’s actions to bring inflation under control are working – and not causing net job loss or plunging us into a recession. The city’s core general fund revenues – the revenues that pay for things like public safety and addressing homelessness – are growing. The forecast also tells us city leaders can increase revenue by encouraging activity in construction and real estate and making workers feel safe downtown. With over 60% of the city’s general fund revenue coming from business taxes, policy decisions have a direct impact on their reliability and opportunity for growth. We hope this news will impact the conversation, as the Seattle City Council debates public safety and downtown revitalization investments proposed in Mayor Harrell’s budget. We also hope these projections impact long-term thinking on plans to address a looming budget deficit in 2025, as well as raising taxes, including transportation impact fees on new buildings, including housing.”