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Tag: City Budget

Feb.
14th

Tacoma: City officials explain Council’s new “compensation philosophy” won’t affect employees’ current pay

As we reported today, the Tacoma City Council this week approved a new “compensation philosophy” that drops the target pay ceiling for city employees.

The council’s action reduces the city’s current standard — which targets paying city employees  better than about 70 percent of employees doing similar work — to a standard that’s now above 60 percent of the market.

What city officials didn’t readily say during reporting for the story Wednesday was how exactly the new approach would affect current employees.

Today, City Manager T.C. Broadnax and Human Resources Director Joy St. Germain said it won’t affect them

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Nov.
20th

Tacoma: Health care savings could free up $11.3 million for targeted city services next year; deal with unions could save another $1.3 million in 2014

A smaller-than-expected increase in the City of Tacoma’s costs for providing employees with medical coverage could free up to $11.3 million over the next two years.

Nearly a third of that money would be used to restore funding to city services targeted for budget cuts or pay for other unfunded programs, City Manager T.C. Broadnax told the City Council Tuesday.

The savings also would allow the city to set aside about $2 million to help pay for unfunded police officers and firefighters down the road, when nearly $13 million in federal grants that now cover more than 40 public safety

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Aug.
28th

Tacoma: Council executes new contract with Teamsters Local 117, calling for pay raises amid grim budget forecast

Tacoma’s City Council unanimously executed a new contract for 239 city employees across various departments today — an agreement that will cost the city about $125,000 more per year in pay raises covered by the next general fund budget.

The council’s action will increase pay for Teamsters Local Union No.117 bargaining unit members by 2.7 percent next year, including raises for 34 employees who are paid out of the financially strapped general fund.

The move comes amid a projected $60 million budget shortfall in 2013-14.

Several council members stressed this week that, despite a new contract with pay raises, the

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July
24th

Tacoma: Federal grants will cover only part of lingering city budget shortfall, Broadnax says

Two long anticipated federal grants that were finally awarded last month to help spare more than 50 City of Tacoma police and fire jobs won’t cover most of a still lingering budget shortfall in 2012, City Manager T.C. Broadnax said Tuesday.

City budget officials have determined only about $2.5 million of the nearly $13 million in multi-year police and fire grants can be applied this year to help the city trim a remaining $11.8 million general fund gap.

That still leaves a roughly $9.3 million hole in 2012 – a shortfall Broadnax said he’ll address after reviewing various city revenue

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July
9th

Tacoma: Amid ongoing budget crisis, Fitch downgrades two city bonds yet again

For the second time in six months, a San Francisco rating analyst has downgraded the city’s ratings for two taxpayer-backed municipal bonds and placed them on a long-term negative outlook.

Fitch Ratings on Monday downgraded Tacoma’s unlimited tax general obligation (ULTGO) bonds to an A+ rating from what had been AA rating. Fitch also downgraded the city’s limited tax general obligation (LTGO) bonds to A from an AA- rating. The city currently holds $23.8 million in debt in ULTGO bonds and $82.3 million in LTGO bonds. 

The impact of  Fitch’s downgrade won’t cost taxpayers more money, but it could mean the

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June
11th

Tacoma: City announces schedule for community budget meetings

We recently wrote about Tacoma City Manager T.C. Broadnax’s plan for a more collaborative city budgeting process that would seek the public’s input.

Today, the city announced a scheduled for a series of planned public budget meetings.

Here’s the city’s press release:

City seeks your input at 10 Community Budget Input Meetings

Tacoma residents are invited to participate in the creation of the 2013-2014 Biennial Budget through a series of Community Budget Input Meetings in late June and July in the five City Council Districts across the city.

The purpose of the Community Budget Input Meetings is to help

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May
23rd

Tacoma: Broadnax details collaborative budget process

City Manager T.C. Broadnax announced Tuesday he’ll take Tacoma’s 2013-14 general fund budget planning out of City Hall next month and into its neighborhoods, where he’ll seek to “demystify” the process and gather input about city spending priorities from the public.

“I’m hoping this will be a much more community-oriented process this year,” he said.

Broadnax unveiled his new budgeting approach during Tuesday’s City Council study session, during which he also briefed members about the still lingering $11 million shortfall facing the current budget.

Since he took office in February, Broadnax has held off making any more budget cuts this

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May
1st

Tacoma: City reimburses TPU, others for misappropriated funds

The City of Tacoma has reimbursed $2.4 million to Tacoma Public Utilities and other city entities for misusing restricted reserve funds three years ago to help balance the city’s general fund budget, the city’s finance director said Tuesday.

“We took care of it today,” Finance Director Bob Biles said.

With interest, the city’s repayments include $1.3 million to TPU, $502,00 to General Goverment utilities and about $660,000 to other city entities. The repayments will come out of the general fund’s rainy day cash balances and won’t affect the current year’s budget shortfall of about $11 million, city officials said.

Biles

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