Bellevue Finance Director Rich Severson and Assistant Finance Director Jason Tordoff presented a draft of the Fiscal Year Ending 2026 Budget to the Bellevue City Council on Tuesday evening during the Council’s regular meeting. Their PowerPoint presentation can be seen by clicking here.
Here are the FYE 2026 Budget Highlights:
Expenditure Budget:
- The City of Bellevue is proposing a balanced fiscal year 2025-2026 budget of $195,118,071.
- This represents a 1.7% decrease in budgeted expenditures year-over-year.
- Over the last 15 years the city has focused on controlling departmental budgets and some planned projects have come in under budget or were postponed or eliminated to manage spending.
- As a result, the cash reserves have remained adequate to maintain strong credit ratings with S&P Global. Currently, the city maintains a “AA+” long-term rating on the most recent bond issue and affirmed it’s “AA+” long-term rating on the city’s existing S&P rated debt outstanding.
Revenue Budget:
- Total revenues are budgeted to be flat compared to the prior year. Projected 0.2% decrease year-over-year.
- The reason that overall revenues are expected to remain flat is due to lower grants and cost sharing associated with next year’s projects. The city continues to monitor the impact of legislation at both the State and Federal level to ensure long-term success of city finances.
General Fund:
- Total general fund budget of $161,998,099.
- Public Works represents the largest expense in the general fund accounting for 40% of the spending.
- Prioritizes nearly $46 million in strategic investments to build new and maintain existing infrastructure within Bellevue.
- $ 10.0 million entertainment district
- $ 6.6 million in drainage improvements.
- $ 5.2 million in road reconstruction projects.
- $ 5.0 million MUD Water Main Extension.
- $ 3.5 million in concrete projects.
- Public Safety, police (15%) and fire (11%), make up 26% of general fund spending.
- Prioritizes wages and benefits to ensure BPD can recruit and retain quality public safety officers and ensures competitive compensation for fire and emergency services personnel.
- The new Bellevue Bay Indoor waterpark has budgeted construction costs of $30 million or 18.5% of general fund spending.