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No Rose Colored Glasses
By Jean Godden
The economic news is downright gloomy: King County is looking at a large budget shortfall. So is the state. And we all know that the federal government has been borrowing to meet its obligations at home and abroad. Energy prices are up; housing prices are down. As energy prices cycle through the economy, food and commodity prices are on the rise. And real wages are eroding.
For those of us living in Seattle, the situation is not quite as dismal as elsewhere. But you may be sure that the Emerald City won’t escape unscathed, even though the city still has economic sectors that are holding their own. Tourism continues to buoy the local economy; construction, although slowing, provides a boost, and foreign trade – partly because the dollar is low by comparison with other currencies – has remained stable.
At City Hall, we’ve been proceeding with caution. The mayor recently released a list of cuts from the 2008 budget and a second list of projects he wants put on hold until the economy improves. The budget freezes do not require City Council approval; but council action is needed to delay capital projects. While it is unfortunate to have to forego or delay projects, it is prudent to slow spending in order to avoid steep cutbacks in 2009 and 2010.
The reality of cuts has cast shadows over the coming budget process. Drawing up a budget for a city the size of Seattle is an almost year-long activity and the City Council has been putting its work on a fast-paced schedule in order to concentrate full attention on drawing up a 2009 budget and a proposed 2010 budget.
Councilmembers passed a budget resolution in June, outlining council priorities. The top six are public safety, human services and housing, transportation, pedestrian safety, environmental stewardship and neighborhood planning.
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