Question 1

Where does municipal finance data come from?

Accepted Answer

Municipal finance data comes from the Washington State Auditor's Office Financial Intelligence Tool (FIT). All local governments in Washington are required to file annual financial reports, which the SAO publishes through FIT.

Question 2

What are the main revenue sources for a municipality?

Accepted Answer

Most Washington municipalities rely on property taxes, sales taxes (local option), utility taxes, charges for services, intergovernmental transfers, and business & occupation (B&O) taxes. Washington has no state income tax, making sales and property taxes especially important at the local level.

Question 3

What is a General Fund and why does it matter?

Accepted Answer

The General Fund is the municipality's primary operating fund. It covers core services like police, fire, public works, and administration. A healthy General Fund balance (typically 25-50% of annual expenditures) indicates the town can handle unexpected expenses without raising taxes or cutting services.

Question 4

How current is this financial data?

Accepted Answer

Washington SAO FIT data typically lags 6-12 months behind the current fiscal year. The most recent year with complete data is usually one to two fiscal years prior.

Lake Forest Park, WA

Finances — FY 2024

Finances — FY 2024