Bellevue Adopts $1.5 Billion Budget, Sets Property Tax Rate

BELLEVUE, WA - The City Council recently passed the 2017-18 two-year budget, which includes a $1 billion operating budget, $65 million for special purposes, and $413 million for capital improvements. The $1.5 billion two-year budget increased about 8 percent over the last budget.

In passing the budget, the Council also set the local property tax rate. The rate set in the budget is $1.14 per $1,000 of assessed property value. Bellevue's city tax rate was still low compared to other local cities. The city portion of property tax in Seattle in 2016 was about $2.72 per $1,000 of assessed value, for example.

The budget projects utility rates to increase 4 percent overall in 2017 and 2018. Water and sewer rates will increase 1.8 percent in 2017, and 0.7 percent in 2018, according to the budget.

Some other highlights from the budget include:

• Money was set aside for priority infrastructure projects like the Grand Connection, the Eastside Rail Corridor, phase 1 of Meydenbauer Park, and the Downtown Park Circle
• Puts more toward the city's reserve balance, which helps the city's credit rating and can be used in case of a budget shortfall
• Contributes $3.5 million to study the affordable housing needs of Bellevue
• Sets aside nearly $12 million to study city transportation needs and improve traffic safety in downtown, BelRed, Wilburton, and other growing areas
• Increases development fees - like building permits - to meet expected higher demand

Mayor John Stokes highlighted the upcoming infrastructure upgrades the budget addresses.

"This budget establishes a solid base for where Bellevue is going in the future," he said in a statement. "We have many exciting projects ahead including the Eastside Rail Corridor and the Grand Connection as well as work on challenging ones including siting a permanent men's shelter and creating more affordable housing."

Image via Flickr user JMV