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FIN 2025-10-27 COMPLETE AGENDA PACKET
City of Tukwila Finance and Governance Committee O Armen Papyan, Chair O Dennis Martinez O Verna Seal AGENDA MONDAY, OCTOBER 27, 2025 — 5:30 PM Distribution: A. Papyan D. Martinez V. Seal T. Sharp Mayor McLeod M. Wine A. Youn L. Humphrey ON -SITE PRESENCE: TUKWILA CITY HALL HAZELNUT CONFERENCE ROOM 6200 SOUTHCENTER BOULEVARD REMOTE PARTICIPATION FOR THE PUBLIC: 1-253-292-9750, ACCESS CODE: 441656166# Click here to: J in Micr s ftv"Teams IMeet:IinU.1i For Technical Support: 1-206-433-7155 Item Recommended Action Page 1. BUSINESS AGENDA a. Contract with Clearwater Advisors for Investment a. Forward to 11/3 Regular Pg.1 Advisory Services Consent Agenda Aaron BeMiiier, Finance Director b. An ordinance adopting 2025 Year-end Budget b. Forward to 11/3 Regular & Pg.27 Amendments 11/10 Special Meeting Tony Cullerton, Deputy Finance Director c. An ordinance adopting 2026 Mid -biennium Budget c. Forward to 11/3 Regular & Pg.43 Amendments 11/10 Special Meeting Aaron BeMiller, Finance Director d. 2026 Property Tax Ordinances: d. Forward to 11/3 Regular & Pg.51 Tony Cullerton, Deputy Finance Director 11/10 Special Meeting • An ordinance levying the 2026 Regular Property Tax Levy • An ordinance levying the 2026 Excess Levy. e. 2025 3rd Quarter Financial Report e. Discussion Only Pg.71 Tony Cullerton, Deputy Finance Director 2. MISCELLANEOUS Next Scheduled Meeting: November24, 2025 46. The City of Tukwila strives to accommodate individuals with disabilities. Please contact the City Clerk's Office at 206-433-1800 (TukwilaCityClerk©TukwilaWA.gov) for assistance. City of Tukwila Thomas McLeod, Mayor INFORMATIONAL MEMORANDUM TO: Finance and Governance Committee FROM: Aaron BeMiller, Finance Director CC: Thomas McLeod, Mayor & Marty Wine, City Administrator DATE: October 21, 2025 SUBJECT: Investment Advisor Contract ISSUE The City Council approved changes made by the finance department to update the City's investment policy. BACKGROUND The City Council approved changes made by the finance department to update the City's investment policy. The finance department held five interviews with investment advisors and selected Clearwater Advisors as its preferred vendor based on knowledge, customer service and access to our advisor, investment philosophy and practice, as well as cost. We are seeking Committee approval for a five-year contract. FINANCIAL IMPACT Estimates are that the annual fee for service will be $15,000 based on $80M invested through our advisor. RECOMMENDATION Approval of contract with Clearwater Advisors and forward to the November 3rd City Council meeting as a consent item. ATTACHMENTS • Contract — Redlined Exhibit A — Scope of Work Exhibit B — Fee Language & Agreed Upon Fees • Clearwater Advisors Brochure City of Tukwila 6200 Southcenter Boulevard, Tukwila WA 98188 Contract Number: PROFESSIONAL SERVICES AGREEMENT (Includes consultants, architects, engineers, accountants, and other professional services) THIS AGREEMENT is entered into between the City of Tukwila, Washington, hereinafter referred to as "the City", and Clearwater arw« ter Advli° or° IL....IL....0 hereinafter referred to as "the Consultant", in consideration of the mutual benefits, terms, and conditions hereinafter specified. 1. Project Designation. The Consultant is retained by the City to perform services in connection with the project titled 2. Scope of Services. The Consultant agrees to perform the services, identified on Exhibit "A" attached hereto, including the provision of all labor, materials, equipment and supplies. 3. Duration of Agreement; Time for Performance. This Agreement shall be in full force and effect for a period commencing upon execution and ending , unless sooner terminated under the provisions hereinafter specified. Work under this Agreement shall commence upon written notice by the City to the Consultant to proceed. The Consultant shall perform all services and provide all work product required pursuant to this Agreement no later than unless an extension of such time is granted in writing by the City. 4. Payment. The Consultant shall be paid by the City for completed work and for services rendered under this Agreement as follows: A. Payment for the work provided by the Consultant shall be made as provided on Exhibit "B" attached hereto, provided that the total amount of payment to the Consultant shall not exceed without express written modification of the Agreement signed by the City. B. The Consultant may submit vouchers to the City once per month during the progress of the work for partial payment for that portion of the project completed to date. Such vouchers will be checked by the City and, upon approval thereof, payment shall be made to the Consultant in the amount approved. C. Final payment of any balance due the Consultant of the total contract price earned will be made promptly upon its ascertainment and verification by the City after the completion of the work under this Agreement and its acceptance by the City. D. Payment as provided in this section shall be full compensation for work performed, services rendered, and for all materials, supplies, equipment and incidentals necessary to complete the work. E. The Consultant's records and accounts pertaining to this Agreement are to be kept available for inspection by representatives of the City and the state of Washington for a period of three (3) years after final payments. Copies shall be made available upon request. 2 5. Ownership and Use of Documents. All documents, drawings, specifications and other materials produced by the Consultant in connection with the services rendered under this Agreement shall be the property of the City whether the project for which they are made is executed or not. The Consultant shall be permitted to retain copies, including reproducible copies, of drawings and specifications for information, reference and use in connection with the Consultant's endeavors. The Consultant shall not be responsible for any use of the said documents, drawings, specifications or other materials by the City on any project other than the project specified in this Agreement. 6. Compliance with Laws. The Consultant shall, in performing the services contemplated by this Agreement, faithfully observe and comply with all federal, state, and local laws, ordinances and regulations, applicable to the services rendered under this Agreement. 7 Indemnification. The Consultant shall defend, indemnify and hold the City, its officers, officials, employees and volunteers harmless from any and all claims, injuries, damages, losses or suits including attorney fees, arising out of or resulting from the acts, errors or omissions of the Consultant in performance of this Agreement, except for injuries and damages caused by the sole negligence of the City. Should a court of competent jurisdiction determine that this Agreement is subject to RCW 4.24.115, then, in the event of liability for damages arising out of bodily injury to persons or damages to property caused by or resulting from the concurrent negligence of the Consultant and the City, its officers, officials, employees, and volunteers, the Consultant's liability hereunder shall be only to the extent of the Consultant's negligence. It is further specifically and expressly understood that the indemnification provided herein constitutes the Consultant's waiver of immunity under Industrial Insurance, Title 51 RCW, solely for the purposes of this indemnification. This waiver has been mutually negotiated by the parties. The provisions of this section shall survive the expiration or termination of this Agreement. 8. Insurance. The Consultant shall procure and maintain for the duration of the Agreement, insurance against claims for injuries to persons or damage to property which may arise from or in connection with the performance of the work hereunder by the Consultant, its agents, representatives, or employees. Consultant's maintenance of insurance as required by the agreement shall not be construed to limit the liability of the Consultant to the coverage provided by such insurance, or otherwise limit the City's recourse to any remedy available at law or in equity. A. Minimum Amounts and Scope of Insurance. Consultant shall obtain insurance of the types and with the limits described below: 1. Automobile Liability insurance with a minimum combined single limit for bodily injury and property damage of $1,000,000 per accident. Automobile Liability insurance shall cover all owned, non -owned, hired and leased vehicles. Coverage shall be written on Insurance Services Office (ISO) form CA 00 01 or a substitute form providing equivalent liability coverage. If necessary, the policy shall be endorsed to provide contractual liability coverage. 2. Commercial General Liability insurance with limits no less than $2,000,000 each occurrence, $2,000,000 general aggregate. Commercial General Liability insurance shall be at least as broad as ISO occurrence form CG 00 01 and shall cover liability arising from premises, operations, stop -gap independent contractors and personal injury and advertising injury. The City shall be named as an additional insured under the Consultant's Commercial General Liability insurance policy with respect to the work performed for the City using an additional insured endorsement at least as broad as ISO endorsement form CG 20 26. 3. Workers' Compensation coverage as required by the Industrial Insurance laws of the State of Washington. CA revised May 2020 Page 2 3 4. Professional Liability with limits no less than $2,000,000 per claim and $2,000,000 policy aggregate limit. Professional Liability insurance shall be appropriate to the Consultant's profession. B. Public Entity Full Availability of Contractor Limits. If the Contractor maintains higher insurance limits than the minimums shown above, the Public Entity shall be insured for the full available limits of Commercial General and Excess or Umbrella liability maintained by the Contractor, irrespective of whether such limits maintained by the Contractor are greater than those required by this Contract or whether any certificate of insurance furnished to the Public Entity evidences limits of liability lower than those maintained by the Contractor. C. Other Insurance Provision. The Consultant's Automobile Liability and Commercial General Liability insurance policies are to contain, or be endorsed to contain that they shall be primary insurance with respect to the City. Any Insurance, self-insurance, or insurance pool coverage maintained by the City shall be excess of the Consultant's insurance and shall not be contributed or combined with it. D. Acceptability of Insurers. Insurance is to be placed with insurers with a current A.M. Best rating of not less than A:VII. E. Verification of Coverage. Consultant shall furnish the City with original certificates and a copy of the amendatory endorsements, including but not necessarily limited to the additional insured endorsement, evidencing the insurance requirements of the Contractor before commencement of the work. Upon request by the City, the Consultant shall furnish certified copies of all required insurance policies, including endorsements, required in this Agreement and evidence of all subcontractors' coverage. F. Notice of Cancellation. The Consultant shall provide the City with written notice of any policy cancellation, within two business days of their receipt of such notice. G. Failure to Maintain Insurance. Failure on the part of the Consultant to maintain the insurance as required shall constitute a material breach of contract, upon which the City may, after giving five business days notice to the Consultant to correct the breach, immediately terminate the contract or, at its discretion, procure or renew such insurance and pay any and all premiums in connection therewith, with any sums so expended to be repaid to the City on demand, or at the sole discretion of the City, offset against funds due the Consultant from the City. 9. Independent Contractor. The Consultant and the City agree that the Consultant is an independent contractor with respect to the services provided pursuant to this Agreement. Nothing in this Agreement shall be considered to create the relationship of employer and employee between the parties hereto. Neither the Consultant nor any employee of the Consultant shall be entitled to any benefits accorded City employees by virtue of the services provided under this Agreement. The City shall not be responsible for withholding or otherwise deducting federal income tax or social security or for contributing to the state industrial insurance program, otherwise assuming the duties of an employer with respect to the Consultant, or any employee of the Consultant. rn� t _rnsulltarnt e to contract with other rairties for the duration of t le Agreement urnclluc uruc making g recommendations dadior s to other pairtiies which may be the same as, or maybe different 'from those made ur,n relation to the Ci y s Account.Thy Y iity understands and ac.Ikrnowlk dcSes the irislIc and conflicts of interest dn,scllosulres related to the 'foregoing as wel111 as the Y ornsulltarnt s other activities.„. as more fiulllly described urn the Y ornsulltarnt°s Form ADV. "The Gity 'further understands d,r,nat trn torn ,ulltarnt„ ut� afifiiilluat� arnd arny ofifiii,n ir, dii,lr�.otoir„ �toclk,r°nolld� it oir �:rn,n,lrrlloy� from ma„y have: an interest in the t ornsulltar,nt s actions with n ires,poct to securities in the Account may take the same or different actions with other c.Ili nts advised by the Y ornsulltarnt or with respect to Ir,;r,� ir�or,lall a�cournb Ir,;r,irovud�,d trnat,U t orn�ullta,rnt s actions a,n�d irec,ouiiuiie,ndations aire,,consus,tenit with ut fiduciary obligations to th , t: ityunder this Agreement. CA revised May 2020 4 Page 3 10. Covenant Against Contingent Fees. The Consultant warrants that he has not employed or retained any company or person, other than a bonafide employee working solely for the Consultant, to solicit or secure this contract, and that he has not paid or agreed to pay any company or person, other than a bonafide employee working solely for the Consultant, any fee, commission, percentage, brokerage fee, gifts, or any other consideration contingent upon or resulting from the award or making of this contract. For breach or violation of this warrant, the City shall have the right to annul this contract without liability, or in its discretion to deduct from the contract price or consideration, or otherwise recover, the full amount of such fee, commission, percentage, brokerage fee, gift, or contingent fee. 11. Discrimination Prohibited. Contractor, with regard to the work performed by it under this Agreement, will not discriminate on the grounds of race, religion, creed, color, national origin, age, veteran status, sex, sexual orientation, gender identity, marital status, political affiliation, the presence of any disability, or any other protected class status under state or federal law, in the selection and retention of employees or procurement of materials or supplies. 12. Assignment. The Consultant shall not sublet or assign any of the services covered by this Agreement without the express written consent of the City. 13. Non -Waiver. Waiver by the City of any provision of this Agreement or any time limitation provided for in this Agreement shall not constitute a waiver of any other provision. 14. Termination. A. The City reserves the right to terminate this Agreement at any time by giving ten (10) days written notice to the Consultant. B. In the event of the death of a member, partner or officer of the Consultant, or any of its supervisory personnel assigned to the project, the surviving members of the Consultant hereby agree to complete the work under the terms of this Agreement, if requested to do so by the City. This section shall not be a bar to renegotiations of this Agreement between surviving members of the Consultant and the City, if the City so chooses. 15. Applicable Law; Venue; Attorney's Fees. This Agreement shall be subject to, and the Consultant shall at all times comply with, all applicable federal, state and local laws, regulations, and rules, including the provisions of the City of Tukwila Municipal Code and ordinances of the City of Tukwila. In the event any suit, arbitration, or other proceeding is instituted to enforce any term of this Agreement, the parties specifically understand and agree that venue shall be properly laid in King County, Washington. The prevailing party in any such action shall be entitled to its attorney's fees and costs of suit. Venue for any action arising from or related to this Agreement shall be exclusively in King County Superior Court. 16. Severability and Survival. If any term, condition or provision of this Agreement is declared void or unenforceable or limited in its application or effect, such event shall not affect any other provisions hereof and all other provisions shall remain fully enforceable. The provisions of this Agreement, which by their sense and context are reasonably intended to survive the completion, expiration or cancellation of this Agreement, shall survive termination of this Agreement. 17. Notices. Notices to the City of Tukwila shall be sent to the following address: City Clerk City of Tukwila 6200 Southcenter Boulevard Tukwila, WA 98188 Notices to Consultant shall be sent to the following address: �: Il airwatr CA revised May 2020 Page 4 5 D;4r;i;;.....11clall.....,DeJ aydrn;;n ,r; t 0 . CarriitoU lBllvd Suit IF3oiis : Idaho....,83(, R 18. Entire Agreement; Modification. This Agreement, together with attachments or addenda, represents the entire and integrated Agreement between the City and the Consultant and supersedes all prior negotiations, representations, or agreements written or oral. No amendment or modification of this Agreement shall be of any force or effect unless it is in writing and signed by the parties. ll,u er stiff eurmt Il xpurm pg u�neurm, „113roc,....r� .,rrne t. ii,Dy riser. lt�y aglkrnowll ,dc the t o.nsulltarit a copy of„the Consultall is latern ent on Form AD� .,r;!;d,.,,Irii,ng.....,!Into....;dr;!iiAgreement.i.: D,rnat it has ireceived from, Part R' .....prior :to or at the Aggir sot Ilion Aillillocatiiiion of..,f [..r 1µrn� ,tW;uty a Il�rnowll,f;dges treat cii,lrcuirnn ,tar ces n.. ay aru under which the Consultant determines that,. whine it would be both desirable and suitable that a particular securutyoir other Ii nvestment the purchased or sold for the account of more than one of the .....Consultant s clients, there is a Ihiniited supply or demand for the security or other investment. Under such Ciilrcumstarnc.esa the Ciity acknowledges that, whine theConsultant orisulltaridwilll. to allocate the opporturnuty to purchase or sell that security or other unvestme nt arn„nong those accounts on an egu.iitalble basis., the Consultant nsulltarnt shall rnotIbe ireguuired to assure eguallity of'treatment amorngall ofits clients or to assure that the opportunity to purchase or sell that secuirity or other urnvf.strn e rat will lbe allocated proportionally amongthose clliients acc.oirdir,ici to any particular or predetermi ned standards or criteria Mere. (because of ,prevailliirng market cornditiorns, ut ii„s not possible to obtain the same price or time of execution for all of the securities or other investments puirchased or sold for the Ac.c.ourig,, the Consultant may average trn variousprices and champ or credit Uie Ac.c.ournt with the average pric..o, II;;➢uir ctliiions to th Consn. lllt p.nt Adil directions by. or corn behalf of tW,ie t utv to communicated by urndividualls designated as authorized re,pr serntatives.., amended'from time to time by the Ciity urn Iits sole disuretiorn (suc.rn uridivuduall as the "Authorized Representatives „. orn°ulltant shall tr le ..,lmay ef�;irir d to are it fWee t I nsulltarnt shall the fully protected in irelyurng upon any direction in accordance with trn irn>Imediiatelly .precediirng paragraph with respect to any urn dlruc.tiorn, direction or approval of the Ciity, arid shall also be fullll.y protected ur,i relying upon a certification dully executed on behalf of ie t ud.y as to the names of peirsorns authorized to act for ir11 and in continuingto rely upon such certification urntull notified in writing. by tr°ie t uty to the contrary. Erne t cI nsulltant shall be.... fully. ...,protectet ur,i„ acting.upon any irnstrument„„, communication Ireasonably Ibellieved by ut ,to be genuine and ,to Ibe....preser,ited by the proirer....peirsor,is, and the Consultant may accept the same as conclusive evidence of the truth and accuracy of the ° Later ents theirein contain d. CA revised May 2020 6 Page 5 DATED this day of , 20 ** City signatures to be obtained by ** Consultant signature to be obtained by City Clerk's Staff ONLY. ** sponsor staff. ** CITY OF TUKWILA AAB Thomas McLeod, Mayor ATTEST/AUTHENTICATED: Andy Youn, City Clerk APPROVED AS TO FORM: Office of the City Attorney CONSULTANT: By: Printed Name: . aniel Pates Title: Ch fficer CA revised May 2020 Page 6 7 EXHIBIT A STATEMENT OF WORK 1. STATEMENT OF SERVICES Clearwater shall perfoiiu Work as described below. A. GENERAL INFORMATION. Client is looking for Clearwater to assist with the management and perfoiivance of Client's investment portfolio by providing discretionary management of the portfolio in accordance with Client's Investment Policy, Exhibit C. B. REQUIRED SERVICES, DELIVERABLES AND DELIVERY SCHEDULE. Agreement shall provide the following services: i. Provide full-time, non -discretionary management of the portion of Client's investment portfolio under advisement. ii. Help develop and implement investment strategies that will maintain or enhance portfolio quality and perfoiivance within the parameters of Client's established policies and cash flow needs, taking into consideration Client's primary objective of preservation of principal. iii. Work with Client staff to assure coordination of investment trades, delivery of securities, and availability of funds. Assist with trade settlements. Obtain and document competitive prices for securities transactions. Provide technical and fundamental market research, including yield curve analysis. iv. Perfoiiu due diligence reviews of current and proposed broker/dealers and financial institutions v. Monitor any repurchase agreement documentation to maintain the necessary paperwork. vi. Monitor transfers from and to the LGIP at minimum cost. vii. Provide detailed reports of investment portfolio activity, perfoiivance, and evaluation on a monthly, quarterly, and annual basis. Include earnings and accounting methodology. Reports shall follow Generally Accepted Accounting Principles (GAAP) and Government Accounting Standards Board (GASB) fair market value reporting. viii.Provide Client staff with ongoing training and technical advice, as needed. ix. Meet with and provide infoiuiation to Client staff and Board of Commissioners and be available to provide additional infoiuiation, if needed. Meet periodically with staff to review and refine portfolio strategy and perfoiuiance. 8 Fee Discussion • Clearwater Advisors charges a tiered fee based upon assets being managed ("AUM") • The fee is 9bps on the first $50mm of AUM with 5bps charged on assets above $50mm • Clearwater will offer the City of Tukwila a 75% discount off the proposed fee schedule for the first contract (limited to 5 years) reflecting our strong interest to obtain a marquee public sector client in the State of Washington • .09% * (1-75%) = .0225%; 2.25 basis points • .05% * (1-75%) = .0125%; 1.25 basis points • For example, if Clearwater Advisors manages $50mm on behalf of the City, the annual fee would be $11,250 • 0.0225% *$50mm = $11,250 • Clearwater Analytics reporting is provided on assets we manage — reporting on additional assets can be accommodated for 1 basis point (sometimes less depending on the type of assets) c earwate ADVISORS Example contract SPECIFIC INVESTMENT FEE SCHEDULE tee language FOR CLIENT ACCOUNT MANAGED BY CLEARWATER ADVISORS, LLC Annual Fee Schedule I Fee Of Portfolio Market Values 0.09-i) (9 basis points) Up to S50_000,000 0,05% (5 basis points) Above S56,000,000 Fees are payable monthly in arrears and are computed on the basis of the average daily net asset value. The fee for any period that is less than a full month shall he pro -rated daily. The fee for the period in which Clearwater's services are terminated shall be calculated through the close of business of the effective date oftermination per the City's direction, The portfolio net asset value includes all funds and assets, including cash, cash accruals, additions, substitutions, and alterations which are subject to advice by Clearwater_ In addition to the investment management services described in this Agreement. Clearwater will provide Cleanvatei- Analytics Reporting for assets managed by Clearwater at no charge for the term of this agreement. Use of the Clearwater Analytics Reporting is subject to terms of the Access Agreement available on the Clearwater Analvtics, LLC website, as it may be updated from time to time_ If City wishes o receive Clearwater Analytics Reporting on City assets in excess of assets managed by Cleanvater, City shall pay 0.01?---b of additional City assets reported on the Clearwater Analytics Reporting System. CO SPECIFIC INVESTMENT FEE SCHEDULE FOR CLIENT ACCOUNT MANAGED BY CLEARWATER ADVISORS, LLC Annual Fee Schedule X.XX% (X.X basis points) Of Portfolio Market Values Fees are payable monthly in arrears and are computed on the basis of the average daily net asset value. The fee for any period that is less than a full month shall be pro -rated daily. The fee for the period in which Clearwater's services are terminated shall be calculated through the close of business of the effective date of termination, per the Company's direction. The portfolio net asset value includes all funds and assets, including cash, cash accruals, additions, substitutions, and alterations which are subject to advice by Clearwater. In addition to the investment management services described in this Agreement, Clearwater will provide Clearwater Analytics Reporting for assets managed by Clearwater at no charge for the term of this agreement. Use of the Clearwater Analytics Reporting is subject to terms of the Access Agreement available on the Clearwater Analytics, LLC website, as it may be updated from time to time. If Company wishes to receive Clearwater Analytics Reporting on Company assets in excess of assets managed by Clearwater, Company shall pay 0.01 % of additional Company assets reported on the Clearwater Analytics Reporting System. 10 414 11111111111,111111111111111111111111111111 IJJJ`��lJII>%/ 41 Ir 11111II� 1 11 I� 10' I 11111111111111 IIVllpp11 � ^oo u i °dv'ii �1lllllJ,1JJ11aJ���J��11�»>(����JJ��JJ�IJ�>;�,JJJ1J��,�I��JJJ�J� '1i�11�»i16Uui �li�� j��ll�n��iiJii����iJJ ��im�l t ��� ��a��, �� IIJaJiillilllrr���1 f 'ff f ff f lr>ff1t'ltrll'tllJI/�1�11111JJ�JJl1JIff II � II I 1 rlI 9lrr;il 1�,,,�,, «fi1 «J,ar1�i r, 1 /nl� m mgJmaonr r r r IuigiUml/ 10iiifi4�J,,J�i110, ii �, froko , ;IJJ�������J����J11J>1�111>I>>< III 001114 �, 1, ��,1� 11� ll � I1111II,I �>IJII �1111���i1�,,,>>>��«»>��I11JaJ1J11J !I����JJ1��J���� ,' J «Il %%%% ,%%,,,�� u u 11J�>jI1J>1���11I1J�liiYl IID11�),/,111))1��111��rrr1 ��1>1)l><1 ,,,,�l JJJ J�J, l J� r/i ",,; 11 OM uu liiii IIlllia on Clearwater filed its last annual update to the brochure on March 4, 2024. Clearwater continues to conduct its business activities and provide investment advisory services in substantially the same manner as described in the last update to the brochure. The ensuing is only a list of changes since the last update that are or may be considered material. It does not identify every change to the brochure since the last update. In addition, there have been minor word enhancements and clarifications throughout the brochure. There have been no material changes to the brochure since the last annual update. CO ea r wate o Adv0sor a o osn ADV Part 2 BR 000re UpdVcdV: IV1arc h 2025 12 Tabli IF on. Material Changes 1 Table of Contents 2 Advisory Business 3 Fees and Compensation 3 Performance -Based Fees and Side -By -Side Management 4 Types of Clients 4 Methods of Analysis, Investment Strategies and Risk of Loss 4 Disciplinary Information 6 Other Financial Industry Activities and Affiliations 6 Code of Ethics, Participation or Interest in Client Transactions and Personal Trading 6 Brokerage Practices 7 Review of Accounts 8 Client Referrals and Other Compensation 8 Custody 8 Investment Discretion 8 Voting Client Securities 8 Financial Information 8 Brochure Supplement: Supervised Persons 9 CO ea r wate o Advosors a o osn ADV Part 2 I u a ;0•re UpdVcdV: IV1arc h 2025 13 uu000i1 liii uu History Clearwater was founded in 2001 by treasury and investment professionals focused on innovative fixed income investment management solutions. Members of the Clearwater portfolio management team have been managing institutional portfolios since 1995, with risk management careers dating back to the early 1980s. Throughout their careers Clearwater's principals have developed and used innovative technology solutions for portfolio management. Among the tools developed by the Clearwater team is Clearwater Analytics, a web -based portfolio reporting software designed to offer clients daily account transparency, including daily compliance, risk, accounting, and performance reports. Honey Badger Investment Development LLC as well as various employees own shares in Clearwater. The beneficial owner of Honey Badger, LLC is Daniel Bates, the Chief Executive Officer of Clearwater. Advisory Services Clearwater specializes in fixed income investing for separately managed accounts. Clearwater's clients include corporate cash portfolios, state and local governments, school districts, insurance companies, endowments, foundations, trusts, family offices, credit unions and corporate pension plans. Clearwater constructs investment strategies that meet the client's portfolio risk and return objectives. The firm strives to maximize returns through time -tested investment management processes that include constant relative value analysis, careful security selection, and efficient trade execution. Clearwater's goal is to help clients achieve their portfolio objectives while meeting portfolio liquidity requirements. Since each client has unique needs, the firm tailors each strategy to help clients accomplish their individual goals. While mandates vary by duration and need, the firm uses a top -down, relative value approach utilizing liquid products and focuses on identifying market opportunities within sectors, industries and credits. Clearwater is tenacious in its approach toward minimizing portfolio transaction costs and maximizing portfolio liquidity. The firm does not take large duration bets relative to the benchmark and believes Clearwater's relative value approach using liquid products and minimizing transaction costs best achieves clients' portfolio investment risk and return objectives. With the variety of clients and experience the firm holds collectively, Clearwater prides itself on the ability to listen and understand a client's particular needs and provide tailored investment options and solutions. Clearwater works diligently to enable open communication and become an extension of, and available resource to clients' treasury groups in all aspects of their investing — from investment policy discussion to implementation and specific security allowance and comprehensive reporting and monitoring. Clearwater also provides a small number of clients services relating to liquidity and counterparty analysis. Assets Under Management Clearwater specializes in fixed income investing for separately managed accounts. As of December 31, 2024, Clearwater managed discretionary accounts only and had a total of $4,525,460,773 in assets under management. III' a on uu op on t iiii uurnm . Fees Clearwater is generally compensated for its investment advisory services by receiving a fee based on a percentage of the fair market value of assets under management. Fees are negotiable based on the amount of assets under management, the nature of the client accounts, and client's specific investment guidelines and objectives. Management fees typically range between 0.1% and 0.40% of assets under management. Clients will not be responsible to Clearwater for any other fees, including brokerage and other transaction costs. However, clients are responsible for separately arranging custody of their assets. Neither Clearwater nor its employees accept compensation for the sale of securities or other investment products. Clearwater receives a fixed fee from a small number of clients for services relating to liquidity and counterparty analysis. Invoicing Fees are generally invoiced in arrears on a monthly or quarterly basis depending on the client. Most invoices are set with a payable date within 30 days of receipt of the day the client receives the invoice. For a small number of clients, Clearwater will deduct the client's advisory fees directly from the client's custodian. CO ea r wate o Adv0sor a o osn ADV Part 2 BR 000 re UpdVcdV: IV1arc h 2025 14 clearware — ADVISORS A client's fee invoice will also generally include the amount of fees being charged by Clearwater Analytics for various reporting services provided to the client. Such fees are covered by Clearwater Advisors. Please see the Other Financial Industry Activities and Affiliations section below for more information. 111111111D orf orirn an 1111113a an 11111ilaona Ilu onto Clearwater does not use performance -based fees for any of its clients so there is no side -by -side management. f IIIII l Clearwater's clients include: • Corporate Cash Portfolios • State and Local Governments • School Districts • Insurance Companies • Endowments • Foundations • Trusts • Family Offices • Corporate Pension Plans • Credit Unions • High Net Worth Individuals Clearwater assesses and accepts clients on a case -by -case basis, with no set minimum account size. t I11111"t f onal1111 . 111111onv too Iun trat r an 1111111 iiii 111111 f 11111111111111 Clearwater's Investment Strategy Committee is responsible for the macro investment strategy decisions and includes the firm's principals, portfolio management and research staff. Specialized portfolio management and research staff make the individual credit and security selection decisions. The experience and abilities of Clearwater's investment team span most securities traded in established markets. As a boutique investment manager, Clearwater works with most major broker -dealers that trade in its clients' investible universe. Clearwater uses a top -down, relative value approach focused on identifying market opportunities within sectors, industries, and credits. The firm is keenly focused on minimizing portfolio turnover, minimizing portfolio transaction costs, and maximizing portfolio liquidity. Clearwater does not take large duration bets relative to the benchmark. Its methods of analysis, in order of priority, are as follows: 1) Economic analysis 2) Sector decision 3) Credit research 4) Yield Curve Analysis 5) Security selection 6) Trading 7) Best Execution Clearwater uses proprietary risk management tools to screen and analyze potential investments. These tools also give advisors access to daily portfolio risk characteristics of relevance to Clearwater clients. The majority of credit research and modeling is done internally using sources including Fitch, Moody's, S&P, the Securities and Exchange Commission resources, news, and other publicly accessible research. Each member of the portfolio management group is responsible for monitoring industry -relevant news and analysis, processing this news to develop viewpoints and insights, discussing it with the other portfolio managers, and delivering specifically -related information to the client. This delivery takes many forms ranging from phone calls and emails to more formal monthly market CO ea r wate o Advosors a o osn ADV Part I u a ;0•re UpdVcdV: 1V1arh •i h, 1120125 15 c.learware — ADVISORS commentaries and issue -specific white papers. The more formal white papers and monthly updates are emailed to clients and made available on Clearwater's website. Material Risks Below is a summary of the material risks associated with the strategies and methods of analysis used by Clearwater. Investing in securities and other instruments and assets involves risk of loss that clients should be prepared to bear. Clients should be aware that not all of the risks listed below will pertain to every client as certain risks may only apply to certain investment strategies. Furthermore, the risks listed below are not intended to be a complete description of the risks associated with the strategies and methods of analysis used by Clearwater. There can be no assurance that expected or targeted returns for any client will be achieved. Call Risk. A client that invests in fixed income securities will be subject to the risk that an issuer may exercise its right to redeem the security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that a client as invested in, the client may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower -yielding securities, securities with greater credit risks or securities with other, less favorable features. Corporate Debt Securities Risk. Corporate debt securities include corporate bonds, debentures, notes and other similar corporate debt instruments, including convertible securities. Corporate debt securities may be highly customized and as a result may be subject to, among others, liquidity risk and pricing transparency risks. Corporate debt securities are also subject to the risk of the issuer's inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Company defaults can impact the level of returns generated by corporate debt securities. An unexpected default can reduce income and the capital value of a corporate debt security. Furthermore, market expectations regarding economic conditions and the likely number of corporate defaults may impact the value of corporate debt securities. Credit Risk. A client could lose money if the issuer or guarantor of a security (including a security purchased with securities lending collateral), the counterparty to a derivatives contract, repurchase agreement or a loan of portfolio securities, or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to honor its obligations. The downgrade of the credit of a security or of the issuer of security held by a client may decrease its value. Securities are subject to varying degrees of credit risk, which are often reflected in credit ratings. Derivative Risks. Clearwater's cash overlay strategy involves the use of derivatives (futures contracts). Derivatives are subject to additional risks, including that the value of the derivative does not correlate with the value of the underlying security or index, that portfolio volatility increases due to increased exposure to the security or index, and that the counterparty to the derivative is unable to satisfy its obligations or Clearwater is not otherwise able to sell or close out its position. Inflation and Deflation Risk. A client may be subject to inflation and deflation risk. Inflation risk is the risk that the present value of assets or income of a client's account will be worth less in the future as inflation decreases in the present value of money. Deflation risk is the risk that prices throughout the economy decline over time creating an economic recession, which could make issuer default more likely and may result in a decline in the value of an account's assets. Interest Rate Risk. Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of certain fixed income securities held by a client is likely to decrease. A nominal interest rate can be described as the sum of a real interest rate and an expected inflation rate. Interest rate changes can be sudden and unpredictable, and a client may lose money as a result of movements in interest rates. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. Issuer Risk. The value of a security may decline for a number of reasons, which directly relate to the issuer, such as management performance, financial leverage, reputation, and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. C,Oe.arwate r AdVvosors Forrn ADV Part 2 Bros hre Updated Nil arch 6 2 025 16 c.learware? "ADVISORS Market Risk. The market price of securities owned by a client may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities or credit markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The value of a security may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Mortgage -Related Securities Risk. Mortgage -related securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. Generally, rising interest rates tend to extend the duration of fixed rate mortgage -related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, if a client holds mortgage -related securities, it may exhibit additional volatility. In addition, adjustable and fixed rate mortgage -related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of a client's account because the account may have to reinvest that money at the lower prevailing interest rates. ETF Risks. Investments in exchange -traded funds ("ETFs") entail certain risks. In particular, investments in passive ETFs involve the risk that the ETF's performance may not track the performance of the index the ETF is designed to track. Unlike the index, an ETF incurs advisory and administrative expenses and transaction costs in trading securities. In addition, the timing and magnitude of cash inflows and outflows from and to investors buying and redeeming shares in the ETF could create cash balances that cause the ETF's performance to deviate from the index. Performance of an ETF and the index it is designed to track also may diverge because the composition of the index and the securities held by the ETF may occasionally differ. f liiii liiil 111 IIIII liiii ° l° 111111 on f on a tliiii uur� Neither Clearwater nor any of its employees have any disciplinary or legal events to disclose. t111111 OO on. on liiii a 100 11111111n fu f liiii °f liiii a. in fr iiii IIIII lii a °f l Clearwater Advisors has a licensing agreement with Clearwater Analytics. Clearwater Analytics operates separately from Clearwater Advisors, providing clients of Clearwater Advisors and other clients daily compliance, risk, accounting, and performance reports. For certain existing clients of Clearwater Advisors, an arrangement has been made in the past with Clearwater Analytics whereby Clearwater Advisors has covered the cost of these services with regard to assets it manages on behalf of a client as well as for a certain amount of the client's externally managed assets. In some cases, where a client's externally managed assets exceed a certain threshold, Clearwater Advisors, as disclosed to the client, has retained a portion of the fees paid by the client for the reporting services provided by Clearwater Analytics on these additional assets. However, since Clearwater Advisors is covering the cost of these services up to this threshold, including assets where Clearwater Advisors is not earning any advisory fee, Clearwater Advisors does not believe that this type of fee arrangement represents a conflict of interest. Clearwater Analytics is also a client of Clearwater Advisors, which could be a conflict of interest as Clearwater Advisors may have an incentive to favor Clearwater Analytics over other clients in order to obtain more favorable terms with regard to its licensing agreement with the service provider. This potential conflict of interest is mitigated, however, by the fact that Clearwater Advisors has policies and procedures in place to ensure that, pursuant to the firm's fiduciary duty, all clients are treated fairly and equitably and no single client is favored over another client. f 111114IIIIIII °f 11111 liiii 1111PDa on liiii OO opairOO r IIIIII ont uu °f OOkon IIIII liiii nu "1"""oran a 1111 000D or on a 100 "1"""ora liiii uu f uin Code of Ethics and Personal Trading Clearwater employees are required to indicate their acknowledgement and compliance with the Code of Ethics upon hire and on an annual basis. The firm's Code of Ethics outlines and discusses the following topics: • Business and Accounting Principles • Conflicts of Interest • Personal Securities Holdings Disclosure Procedures • Insider Trading C,Oe.arwate r AdVvosors Forrn ADV Part 2 Bros hre Updated OVIar hi 2 025 17 • Confidential lnformation • Competition, Solicitation and Interference • Payments to Governmental Officials or Employees • Foreign Transactions and Payments • Monitoring of Compliance • Severability and Judicial Modification The Code of Ethics requires employees to submit quarterly reports detailing their transactions in certain Reportable Securities, defined by the Code of Ethics. Additionally, the Compliance Department maintains a Restricted Trading List and Blacklist that include the names of companies about which Clearwater has, or is likely to have, material and non-public information. Employees are required to request permission from the Compliance Department prior to purchasing or selling any Reportable Security listed on the Restricted Trading List. The Compliance Department reviews these reports for suspicious trading activity and compliance with the Restricted Trading List and Blacklist policies. Clearwater's Code of Ethics is available for review by its clients upon request. Conflicts of Interest Clearwater endeavors to minimize potential conflicts of interest at all times. Clearwater does not recommend securities to clients or purchase or sell securities for client accounts in which Clearwater or any related companies have a material financial interest. Clearwater may from time to time invest funds of the company, affiliates, principals, or employees ("Proprietary Funds") in securities or investment strategies similar to those employed on behalf of clients. Proprietary Funds will not receive preference over client funds at any time. All transactions involving Proprietary Funds will be executed simultaneously or subsequent to similar transactions for clients. In the event of any potential conflict of interest, client accounts will receive preference over proprietary accounts. All proprietary trading is monitored by two or more principals or officers to ensure compliance with this policy. 1110Eir 1114 ra OFDra°f l Clients delegate authority to Clearwater to designate the broker -dealers who purchase and sell within Clearwater -managed accounts. When seeking to effect a transaction on behalf of a client, Clearwater generally seeks the most favorable bid or offer available in the market from an approved list of broker -dealers. Clearwater favors broker -dealers who exhibit the ability to effect trades that most closely conform to the firm's price expectations. Clearwater also takes into account factors such as the broker - dealer's access to the primary market, the ability to effect specific trades, the size and breadth of inventory, and clearance and settlement capability. Portfolio managers do not use the firm or any affiliates as brokers to execute transactions for the accounts. While Clearwater does not have any soft dollar arrangements, the firm does receive proprietary research from broker -dealers that effect securities transactions on behalf of advisory clients. Such research is not a significant factor with respect to the selection of broker -dealers. Clearwater does not accept any additional services or benefits in exchange for its brokerage selection including client referrals. Clearwater may accept instructions from clients to direct their brokerage transactions to a specific broker -dealer. A client, for example, may have a pre-existing relationship with the broker -dealer. In cases where directed brokerage is permitted, Clearwater will review whether the directed broker -dealer is providing competitive and high -quality brokerage execution services. Trade Aggregation At times, a portfolio manager may determine that it would be both desirable and suitable to purchase or sell a particular security for more than one of the portfolio manager's clients and there is a limited supply or demand for the security. Under such circumstance, Clearwater's policies allow the portfolio managers to aggregate or bunch orders on behalf of two or more clients ("Trade Aggregation"). Any Trade Aggregation is only permissible to achieve best execution and efficiency based on the commonality of the clients' investment objectives. If an order is only partially filled, it is generally allocated on a pro rata basis based on the original Trade Aggregation plan. If the portfolio manager determines in good faith that it is in the best interests of the clients to allocate the order in a way other than on a pro rata basis, the portfolio manager must make a written record of the reasoning behind the final allocation and notify the Compliance Department. C,Oearwate or AdVvosors Forrn ADV Part 2 Bros hre Updated Nil arch 6 2 025 18 Periodic Reviews with Portfolio Managers Nearly all accounts are reviewed internally by the portfolio management team on a daily basis. Accounts are formally reviewed with clients as appropriate to ensure that investments continue to be appropriate for clients' particular investment guidelines. A significant change in the markets or a particular security held by a client may trigger additional review of client portfolios with the clients. Clients may also request a review with the portfolio manager at any time. Daily Online Reporting Clients have access to daily accounting, compliance, performance, and risk reports on a secure, password -protected website provided by Clearwater Analytics. Static monthly reports are also available on the website on the first business day following the end of each month. IIII iiii o nm t 111111 trail an fin I uu uu 1111 ato uurnm Clearwater does not receive any economic benefits from any non -client for providing investment advice or other advisory services to its clients. Neither Clearwater, nor any related company, directly or indirectly compensates any person who is not an employee for client referrals. u L Clients are responsible for selecting their own custodian. Clearwater has limited custody only in cases where the client requests Clearwater deduct fees directly from the investment accounts. Clients should compare any account statements received from Clearwater Advisors or Clearwater Analytics with the statements received from the qualified custodian. Illonv too uu°f IIIIIP'f liiii Ilu °f liiii uurnm Clearwater has discretionary trading authority over clients' accounts subject to occasional restrictions imposed by clients on a case -by -case basis. Clearwater generally requires clients to provide an investment policy as the basis for creation and maintenance of its portfolio. Within the constraints of the client's investment policy, Clearwater's authority includes selecting the security types and amounts to be purchased or sold for a client's account, selecting the broker -dealers to be used for the purchase or sale of securities for a client's account, and selecting the commission rates to be paid to the broker -dealer for a client's securities transactions. However, unless otherwise authorized, Clearwater always obtains specific consent from clients before realizing a gain or loss in a client account. Before assuming discretionary authority over clients' accounts, Clearwater obtains an executed investment management agreement that includes language describing the discretionary authority. fin on L uriti Clearwater's policy is to not vote proxies on behalf of its clients. 1100",,nonan ia11111 ati uurnm Clearwater is cash -flow positive and does not have any debt. Therefore, Clearwater does not have a current or reasonably likely financial condition that would impair its ability to meet contractual commitments to clients. CO ea r wate o Advosor a o osn ADV Part 2 I u a ;0•re UpdVcdV: IV1arc h 2025 19 earwarer — ADVISORS 00Elor 1001 loor l000 oo 001 loo ontooll l000 loo 000''''''DDI s CO ea rsti ate o- Ad vi s o rs Farina A DV Part 2 Broc hu ore 20 Updated Nil a rc h 2025 page Clearwater Advisors, LLC Form ADV Brochure Supplement for Daniel Bates — Chief Executive Officer Updated: February 24, 2020 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Daniel Bates that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Daniel Bates is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Dan joined Clearwater in April 2018 as the firm's Chief Executive Officer and a member of the Board of Directors. Previously, from December 2012 to April 2018, Dan worked at Goldman Sachs as a Vice -President in Investment -Banking, doing M&A, leveraged finance, and capital markets transactions. From September 2008 to December 2012, he worked in Investment - Banking at Credit Suisse. Dan holds a Bachelor of Science degree in Accounting from Brigham Young University. Year of Birth: 1982 Disciplinary Information Dan has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Dan does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Dan is supervised by Hayley Nelson, Chief Compliance Officer. Hayley may be reached at hnelson@clearwateradvisors.com. C,Oearwate or AdVvosors Forrn ADV Part 2 Bros hre Updated Nil apc: h 2 025 21 Clearwater Advisors, LLC Form ADV Brochure Supplement for Rhet Hulbert — Portfolio Manager Updated: February 24, 2020 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Rhet Hulbert that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Rhet Hulbert is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Rhet joined the portfolio management team in 2006 and has spent most of his time specializing in portfolios with durations less than one year. Rhet's work with Clearwater began in 2003. He helped design, build and improve the Clearwater Analytics System, specializing in data quality and custom report building. Rhet brings a strong analytical and technical background to the portfolio management team which enables him to provide the team with operational efficiencies, including the development of proprietary portfolio management tools. Rhet graduated Cum Laude and holds a Bachelor of Business Administration in Computer Information Systems from Boise State University. Year of Birth: 1977 Disciplinary Information Rhet has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Rhet does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Rhet is supervised by Dan Bates, Chief Executive Officer. Dan may be reached at (208) 433-1222. C,Oearwate or AdVvosors Forrn ADV Part 2 Bros hre Updated Nil apc: h 2 025 22 Clearwater Advisors, LLC Form ADV Brochure Supplement for Garrett Cudahey — Portfolio Manager Updated: February 5, 2024 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Garrett Cudahey that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Garrett Cudahey is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Garrett joined the portfolio management team in 2024 where he manages high -quality fixed income portfolios. Prior to joining Clearwater, Garrett was the Chief Investment Officer for Government Portfolio Advisors LLC from January 2020 until December of 2023. Before Government Portfolio Advisors, Garrett was a Fixed Income Investment Officer at the Oregon State Treasury from August 2012 until January of 2020. Garrett holds a Bachelor of Science in Accounting and Finance from Oregon State University and a Master of Business Administration from Indiana University's Kelley School of Business. Garrett is a Chartered Financial Analyst (CFA), and Certified Public Accountant (CPA), a Chartered Alternative Investment Analyst (CAIA) and holds a Series 65 license. Year of Birth: 1981 Disciplinary Information Garrett has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Garrett does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Garrett is supervised by Dan Bates, Chief Executive Officer. Dan may be reached at (208) 433-1222. C,Oearwate or AdVvosors Forrn ADV Part 2 Bros hre Updated Nil apc: h 2 025 3 23 Clearwater Advisors, LLC Form ADV Brochure Supplement for Richard Lin — Head of Research Updated: February 24, 2020 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Richard Lin that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Richard Lin is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Richard joined Clearwater in October 2014 as a Credit Analyst. Prior to joining Clearwater Advisors, he was a Manager with KPMG LLP working primarily on valuation, modeling, and regulation related to structured products. Prior to KPMG, he was a public finance consultant working with municipal bonds. Richard's expertise is in the valuation and analysis of fixed income issuers and securities. Richard received an MBA from UCLA Anderson and a BA in Business Economics from UCLA and is a CFA Charterholderl. Year of Birth: 1982 Disciplinary Information Richard has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Richard does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Richard is supervised by Dan Bates, Chief Executive Officer. Dan may be reached at (208) 433-1222. 1 CFA Charterholder Requirements: Four years qualified investment work experience, completion of the Chartered Financial Analyst (CFA) program, active membership in the CFA Institute, adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct on an annual basis, membership to a local CFA member society. C,Oearwate or AdVvosors Forrn ADV Part 2 Boor hre Updated Nil arch 6 2 025 24 13 Clearwater Advisors, LLC Form ADV Brochure Supplement for Dennis Klimes — SVP Institutional Sales Updated: September 21, 2021 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Dennis Klimes that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Dennis Klimes is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Dennis joined Clearwater in September 2021 as Senior Vice President of Institutional Sales. Dennis worked for Merrill Lynch from July 2020 through September 2021 as a Financial Advisor and Portfolio Manager. He was responsible for business development of institutional outsourced Chief Investment Office consulting and multi -asset wealth management. In 2015, he joined Prime Advisors, Inc. a fixed Income asset manager with $18 billion under management. As a member of the executive leadership team, he was an SVP - Director of Business Development & Sales. Dennis managed the execution of all external marketing and institutional prospect development through strategic sales campaigns focused primarily on insurance company investment portfolios. Dennis had a 20- year span working for legacy Morgan Stanley companies managing an institutional fixed income sales team. Through his tenure at Morgan Stanley, he was a fixed income and foreign currency specialist managing multi -asset portfolios for both institutional and high net worth investors. Dennis holds a Bachelor of Business Administration - International Business from Western Michigan University. Year of Birth: 1960 Disciplinary Information Dennis has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Dennis does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Dennis is supervised by Dan Bates, Chief Executive Officer. Dan may be reached at (208) 433-1222. C,Oearwate or AdVvosors Forrn ADV Part 2 Bros hre Updated Nil apc: h 2 025 14, 25 Clearwater Advisors, LLC Form ADV Brochure Supplement for Brandon Beall — Portfolio Manager Updated: March 7, 2024 101 S. Capitol Blvd, Suite 1201 Boise, Idaho 83702 Phone: 208.433.1222 This brochure supplement provides information about Brandon Beall that supplements the Clearwater Advisors brochure, which you should have received. If you did not receive a copy or if you have any questions about the contents of this supplement, please contact us at 208-433-1222. Additional information about Brandon Beall is available on the SEC's website at www.adviserinfo.sec.gov. Educational Background and Business Experience Brandon joined Clearwater in September 2021 as an Investment Analyst and became a Portfolio Manager in July 2023. Brandon worked for Regions Bank from 2015 through 2017 as a public policy analyst, where he covered banking and consumer credit public and regulatory policy. He then worked for the U.S. Committee on Banking, Housing, and Urban Affairs from 2017 through 2020 as a professional staff member, where he was responsible for public and regulatory policy pertaining to financial institutions, consumer credit, economic stabilization, and monetary policy. He then worked for the U.S. Committee on Finance in 2021, where he was responsible for public policy issues pertaining to the U.S. Treasury Department and domestic tax. Brandon holds Bachelor of Science degrees in Finance and Accounting from Oregon State University and is a CFA Charterholder2. Year of Birth: 1989 Disciplinary Information Brandon has no legal or disciplinary events to disclose. Other Business Activities None. Additional Compensation Brandon does not receive any economic benefits from any non -client for providing investment advice or other advisory services to Clearwater's clients. Supervision Clearwater has a formal Compliance Program and Code of Ethics designed to prevent violations of government regulations and ethical principles. The Chief Compliance Officer oversees the enforcement of the Compliance Program and Code of Ethics through regular communication with employees as well as an annual review. The Compliance Program includes provisions and guidance concerning fiduciary duties, conflicts of interest and portfolio management and trading practices. Brandon is supervised by Rhet Hulbert, Portfolio Manager. Rhet may be reached at (208) 433-1222. 2 CFA Charterholder Requirements: Four years qualified investment work experience, completion of the Chartered Financial Analyst (CFA) program, active membership in the CFA Institute, adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct on an annual basis, membership to a local CFA member society. C,Oearwateor AdVvosors Forrn ADV Part 2 Boric hre Updated March 5 2025 26 15 City of Tukwila Thomas McLeod, Mayor INFORMATIONAL MEMORANDUM TO: City Council CC: Mayor McLeod FROM: Aaron BeMiller, Finance Director BY: Tony Cullerton, Deputy Finance Director CC: Mayor McLeod DATE: October 27, 2025 SUBJECT: 2025 Biennium Budget Amendment Ordinance ISSUE Approval of Administrative Budget Amendments. BACKGROUND A budget amendment is necessary only when a fund as a whole risks exceeding its approved allocation. Budget amendments provide organizations the opportunity to incorporate best practices, adjust to substantial changes in financial plans or policy decisions, and enhance transparency for key decisions. The proposed amendments will make the following adjustments to the General Fund for the current biennium: • Transfer from General Fund to Sewer Fund for early repayment of interfund loan. Budget impact of $947,112. • Transfer from Land Acquisition Fund to General Government Improvements Fund for TCC HVAC costs. Budget impact of $405,000. • Transfer funds from the Urban Renewal Fund to the General Fund with the intent of closing the Facilities Replacement Fund. Budget impact of $947,112. • An increase to the Insurance — LEOFF 1 fund to cover additional miscellaneous LEOFF retiree expenditures. Budget impact of $100,000. • Authorization to add a limited term position to HR to extend through 2026. Budget impact of $0. DISCUSSION On November 21, 2022, the City authorized an interfund loan from the Sewer fund (402) for the purchase of a fire apparatus. The interfund loan was scheduled for repayment in 2026. However, the City is in a position to pay the interfund loan off in 2025. This resulted in approximately $30k savings in interest expense. The Tukwila Community Center incurred unexpected necessary repairs to the HVAC unit. A transfer from the Land Acquisition Fund to the General Government Improvement Fund was necessary to absorb the costs to repair the HVAC unit and equipment. 27 In 2024 through the 2025-2026 budget process the City was authorized to close the Urban Renewal (302) fund. There are unassigned funds associated with that Fund that will be transferred to the General Fund prior to closing. The amount planned for transfer is $947,112. An increase in the amount of $100,000 is needed for the LEOFF 1 Self Insurance Plan Fund. This increase is necessary due to unbudgeted miscellaneous health care costs attributed to the retirees' covered by this insurance fund. Human Resource identified a need for a limited term position to assist with a variety of HR functions. It was determined that the cost of this role would be absorbed by the department. This position was approved by city leadership. This amendment item has zero financial impact to the budget and solely seeks Council authorization. The total year-end budget amendment is $2,399,224. Fund 2112 r du pted n es 2 2 I rp sed I ues Difference 202 uy,' tare 2 d2 Proposed Ep nWtores D nce Fund 000 -General S 78,322,596 $ 79 269,„708 947,1.12 $ '7'7,768,407 $ '78,715,5,1.9 $ 947,1.12 Fund 105 - Contingency 120,000 12.0,000 - - - - Funnd 101- Hotel/Motel Tax 1,047„750 1,047,750 - 1,644,765 1,644,765 - Fund 103 - Residential Streets 4,89„000 4,89,000 - 4953,000 4,953,000 - Fund 1,04 - Bridges & Arterial Streets 11,042,001 11,042,001 - 10,537,131 10,537,131 - Funnd 109 - drug Seizure 98,100 98,100 - 73 D00 73,000 - Funds 2XX-LTGO Debt Service Funds 4,736 172, 4,736,172. - 4,736,172. 4,73,6,172 - Funnd 206 - LW Gua rantee 8,000 8,000 - - - - Funnd 213 - LIMO Bonds 4,905„000 4,905,000 - 5,059,475 5,05,9,475 - Fund .233. - 2013. LILID453,500 453,500 - 453,000 453„000 II - Fund 301- LanidAcq, Rec, Park Develop.. 5,665„690 5,665,690 - 6,663,000 7,068,000 405,000 Fund 302,-LUrba n Renewal - - - - 947,1,12, 947,11.2 Fund 30.3 -General Government Imp 401,000 80,6,000 405,000 4400,000 400,000 - Funnd 3044 - Fire Improvements 600,000 600,000 - 600 „000 600,000 - Funnd 305 - Public Safety Pla n 1,115„000 1,115,000 - 1,317,849 1,317,849 - Funnd 306 - City Facilities 5,000 5,000 - 825,238 825,.238 - Fund 401-Water 710„254,836 10,254,836. - 11,023,0' 3 11,023„093 - Funnd 402, - Sewer 713,101,957 14,049,069 7,112 15,917,066 15„917,066 - Fund 411- Foster Golf Course, 2,787,500 2,787,500 - 3,287,832. 3,287,832 - Funnd 412, - Surface Water 14,978,410 14,978,41.0 - 17,088,102 17,088,102 - Funnd 501- Equip Rental & kelplace.ment 6,093 106 6,093,106 - 4,946,807' 4,946,807 - Fund 502, - Self -Insured (Healthcare Plan 8,346 309 8,346,309, - 7d731,880 7,031,880 - Funnd 503 - LEOFF III Self -Ins Health Plan 474,514 474,514 - 599,903 699,903. 100,000 Fund 611- Firemen's Pension 155,000 155,000 - 82,000 82,000 - Totat All Funds Co mrb'ined 16 , ; O,441 $ 17'1,878,6866 $ 2,2M :,2 $175,007,720 $177,4406,944 $ 2, ,224 RECOMMENDATION Forward to the November 3, 2025 Regular Meeting as Unfinished Business and to November 10, 2025 Special Meeting to approve the Budget Amendment Ordinance. 28 Tukwila City Hall • 6200 Southcenter Boulevard • Tukwila, WA 98188 • 206-433-1800 • Website: TukwilaWA.gov 2025 Year -End Budget Amendment Presented by: Tony Cullerton, Deputy Finance Director October 27, 2025 Purpose Incorporate final year-end adjustments to close the 2025 fiscal year Ensure compliance with RCW 35A.34 and City financial policies Reflect accurate and transparent reporting of City funds and activities W Summary of Adjustments Interfund loan early payoff (Fire General -* Sewer $947,112 Apparatus) HVAC repairs — Tukwila Community Land Acquisition -* Gen Gov't $405,000 Center Improvements Close Urban Renewal Fund and transfer Urban Renewal -* General $947,112 balance Additional retiree health costs LEOFF 1 Insurance Fund $100,000 HR Limited -Term Position (no cost General Fund impact) Total Year -End Adjustment $0 $2,399,224 Discussion Highlights Early repayment of interfund loan saves approximately $30,000 in interest expense HVAC repairs at TCC required prompt action to maintain facility operations Urban Renewal Fund (302) being closed; residual balance transferred to the General Fund Increase in LEOFF 1 fund covers unbudgeted retiree health expenses HR limited -term position added; cost absorbed by department, no budget impact All adjustments incorporated into 2025 Year -End Budget Amendment Ordinance Ordinance amends TMC Ordinance No. 2749 (2025- 2026 Biennium) Aligns with adopted budget policies and ensures financial transparency Maintains balanced funds across the biennium Approve the 2025 Year -End Budget Amendment Ordinance to formally adopt the listed adjustments. Review at Finance & Governance Committee — October 27, 2025 Forward to City Council for formal adoption in November Publish and transmit final adopted ordinance per RCW 35A.34.200 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AMENDING ORDINANCE NO. 2749, WHICH ADOPTED THE CITY OF TUKWILA'S BIENNIAL BUDGET FOR THE 2025-2026 BIENNIUM, TO ADOPT AN AMENDED YEAR-END BUDGET; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, on November 25, 2024, the City Council of the City of Tukwila adopted Ordinance No. 2749, which adopted the 2025-2026 Biennial Budget of the City of Tukwila; and WHEREAS, the City has determined a need to amend the 2025-2026 Biennial Budget before fiscal year-end; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Ordinance Amended. Tukwila Ordinance No. 2749 is hereby amended with the City Council's adoption of the document entitled "City of Tukwila 2025-2026 Year - End Budget Amendment," attached hereto and incorporated by this reference as if fully set forth herein, in accordance with RCW35A.34.200. Section 2. Purposes of Year -End 2025 Budget Amendment. This year-end amendment updates the 2025 budget to reflect actual revenues, expenditures, and approved adjustments made during the year. It aligns the budget with current financial activity and project updates. Additionally, it ensures the City ends the year in compliance with state budget requirements. Section 3. Estimated 202Revenues and Appropriations. The totals of the estimated revenues and appropriations for the General Fund and the aggregate totals are as follows: 36 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 1 of 6 I lmmm IIt Glolmmm..in II ...mm Illtntnmm *..... 2 .25 .®..Ipt . 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III u'W1;1mI....A1.1 '..L0"m 11IsC:. g.......:W,m111111"m V' gl. 2 1,II,I..a..I59..... ..1,.I"w, ,"I:u1i.lIl„m��1....... a u 66w,Iu +t.5...... 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 2 of 6 37 AMOUNTS ARE SUBJECT TO CHANGE DURING BUDGET PROCESS Fund 2025 Adopted Revenues 2025 Proposed Revenues Difference 2025 Adopted Expenditures 2025 Proposed Expenditures Difference Fund 000 - General 78,322,596 79,269,708 $ 947,112 $ 77,768,407 $ 78,715,519 $ 947,112 Fund 105 - Contingency 120,000 120,000 - - - - Fund 101 - Hotel/Motel Tax 1,047,750 1,047,750 - 1,644,765 1,644,765 - Fund 103 - Residential Streets 4,869,000 4,869,000 - 4,953,000 4,953,000 - Fund 104 - Bridges & Arterial Streets 11,042,001 11,042,001 - 10,537,131 10,537,131 - Fund 109 - Drug Seizure 98,100 98,100 . 73,000 73,000 . Funds 2XX-ITGO Debt Service Funds 4,736,172 4,736,172 - 4,736,172 4,736,172 - Fund 206 - LID Guarantee 8,000 8,000 - - - . Fund 213 - UTGO Bonds 4,905,000 4,905,000 - 5,059,475 5,059,475 - Fund 233 - 2013 LID 453,500 453,500 - 453,000 453,000 - Fund 301 - land Acq, Rec, Park Develop 5,665,690 5,665,690 . 6,663,000 7,068,000 405,000 Fund 302 - Urban Renewal - 947,112 947,112 Fund 303 - General Government Imp 401,000 806,000 405,000 400,000 400,000 - Fund 304 - Fire Improvements 600,000 600,000 - 600,000 600,000 . Fund 305 - Public Safety Plan , 1,115,000 1,115,000 - 1,317,849 1,317,849 - Fund 306 - City Facilities 5,000 5,000 - 825,238 825,238 . Fund 401 -Water 10,254,836 10,254,836 - 11,023,093 11,023,093 - Fund 402 - Sewer 13,101,957 14,049,069 947,112 15,917,066 15,917,066 - Fund 411 - Foster Golf Course 2,787,500 2,787,500 . 3,287,832 3,287,832 . Fund 412 - Surface Water 14,978,410 14,978,410 - 17,088,102 17,088,102 - Fund 501 - Equip Rental & Replacement 6,093,106 6,093,106 - 4,946,807 4,946,807 . Fund 502 - Self -Insured Healthcare Plan 8,346,309 8,346,309 - 7,031,880 7,031,880 - Fund 503 - LEOFF I Self -Ins Health Plan 474,514 474,514 - 599,903 699,903 100,000 Fund 611 - Firemen's Pension 155,000 155,000 - 82,000 82,000 - Total Ali Funds Combined $ 169,580,441 $ 171,879,665 $ 2,299,224 $ 175,007,720 $ 177,406,944 $ 2,399,224 Based on 2024 ACFR ending balances 38 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 3 of 6 2026 2026 Estimated Proposed Estimated Beginning Proposed Expenditure Ending Fund Fund Balance* Revenues s Fund Balance Fund Beginning Fund Balance Proposed Revenue Proposed Expenditure 2025 Estimated Ending Fund Balance Fund 000 - General 1,200,000 Fund 402 - Sewer 1,200,000 Fund 302 - Facility Replacement 1,700,000 Fund 000 - General 1,700,000 Fund 000 - General Fund 0 0 Section 4. Copies on File. A complete copy of the amended budget for 2025-2026, as adopted, together with a copy of this amending ordinance, shall be kept on file electronically by the City Clerk and accessible from the City's website in accordance with Washington State records retention schedule requirements and City policy, and shall be made available to the public upon request. A copy of the amended budget for 2025-2026, as adopted, together with a copy of this amending ordinance, shall be transmitted by the City Clerk to the Division of Municipal Corporations of the Office of the State Auditor and to the Association of Washington Cities. Section 5. Corrections by City Clerk or Code Reviser Authorized. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/subsection numbering. Section 6. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 7. Effective Date. This ordinance or a summary thereof shall be published in the official newspaper of the City and shall take effect and be in full force and effect five days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a Regular Meeting thereof this day of , 2025. 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 4 of 6 39 ATTEST/AUTHENTICATED: Andy Youn, CMC, City Clerk Thomas McLeod, Mayor APPROVED AS TO FORM BY: Filed with the City Clerk: Passed by the City Council: Published: Effective Date: Ordinance Number: Office of the City Attorney Attachment: City of Tukwila 2025-2026 Year -End Budget Amendment II'uuun m A 11 lllxllleuiumlii t uuu ores pliff ore nc . s I uuuu(0()()() u �u ur1110:'qr1II Il.�uu:V h co) � iru:ucoo'q 4 Sc Iliru'qcu0"Iiiru(0II..rr uu iil'urp n �. II �ir0(Vu r rp Il ,.. rII 11(1ll) u r1110:'qr1 II I0(0 nlo ne II CC I OVA( u r1110:t) Ncr: a II lluurp 1r111 �r uuir 11r1u9uc 'qIluli� I0(0 !: A lluu a II oru :ry\iv �u uuu0r0''1() .III gull II ryuVI uu^ u.qllu IIHHHu II Y 11110( lrluu(Vii.li�u ry,u11rlu. (V(V ii jai rru a :� u iuuu.rr:°, uu iru,ryrrliu II II (;ull II:: u ry�iiu ry l)u"1LIr00'qli�u ryl (u 0 ul Alt III II 01111'1111s .m ururm lb ii uruo ( 5 su# 40 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 5 of 6 II"' uuu ui A III° e enure 2®2 uim®III®gem II°eeuiuuue II iiiffere uiee u :uuu^r wu= iiuu 11urruuu uu ui.,up urYuq:,:uu ry. I nou(0(1(1( a ryiru:ryu uu l no11(0 '01 . u,iryirIwo uu ,(1)./co IliuullY u :uuu^ 'u' (1110:1(1 II uuuuu:0 "11;"1too ulla Hi/ rY11 II( .1. II OVA( II no 11(0 II u :uuu^ wu iiuu u(Yuuu (III iruu ryiru1 (111ryriv''11'. iru(0I0..rr uuu uu1I AU III umui'o1I11iiiuru1u: 2025 Legislation: 2025 year-end budget amendment Version: 10/8/25 Staff: A. BeMiller Page 6 of 6 41 42 City of Tukwila Thomas McLeod, Mayor INFORMATIONAL MEMORANDUM TO: Tukwila City Council FROM: Aaron BeMiller, Finance Director CC: Thomas McLeod, Mayor & Marty Wine, City Administrator DATE: October 6, 2025 (IllZgg pthgr 2�25) SUBJECT: 2026 Mid -Biennium Adjustment ISSUE As provided in State law, the City Council adopts a biennial budget every two years, with the new biennial budget beginning on an odd numbered year. Like many Cities, the biennial budget adopted by City Council is constructed and viewed as two one-year budgets. Between the first year of the current budget (2025) and the second year (2026), the Mayor will propose changes to the 2026 budget. This process is called the Mid -biennium Adjustment and is important for adjusting the 2026 budget for any known and necessary changes from the time the 2026 budget was adopted in late 2024. These changes include but are not limited to adjusting CPI, healthcare, and retirement rate assumptions, carry-over or new initiatives that were unplanned at the time of adoption, and any other updates necessary for City operations/obligations. BACKGROUND The Mid -biennium adjustment is underway and below is a draft timeline for the Council process: 2026 Mid -Biennium Adjustment Ordinance 10/06/25 — Regular Meeting — Mayor's presents his 2026 Proposed budget changes 10/20/25 — Regular Meeting — 1st Public Hearing & discussion 10/27/25 — FIN Committee — Discussion only 11/03/25 — Regular Meeting — 2nd Public Hearing & discussion 11/10/25 — COW Meeting — Further discussion opportunity 11/17/25 — Regular Meeting — Further discussion opportunity & potential adoption 11/24/25 — Special Meeting (if necessary) — Budget adoption 2026 Property Tax Collection Ordinance 10/20/25 — Regular Meeting — Public Hearing 10/27/25 — FIN Committee — draft ordinance for review 11/10/25 — COW Meeting —Discussion 11/17/25 — Regular Meeting - Adoption DISCUSSION The Mayor is presenting his proposed changes to the adopted 2026 budget. The proposed changes reduces the overall expense budget by $682.7 thousand and includes a General Fund expense reduction of $843.2 thousand. Once the Mayor concludes his remarks on his 2026 Proposed Budget, staff will walk through his proposed changes in more detail. The Mayor presented his proposed changes to the adopted 2026 budget to the City Council on October 6, 2025. The proposed expense budget for 2026 totals $175,738,975 which includes the General Fund expense of $77,768,407. The proposed budget for 2026 is a reduction to the overall expense budget of the City by $682.7 thousand and a reduction to General Fund expenses by $843.2 thousand. Staff provided a presentation on the significant changes included in the Mayor's proposed budget. 43 INFORMATIONAL MEMO Page 2 On October 20, 2025, the first of two public hearings on the proposed 2026 Mid -biennium budget adjustment will be held to allow residents and business communities to provide input on the City's budget plans. The items for discussion on October 20, 2025 include: - Check in on Council questions from 10/6 meeting. - Discusses of any new changes to the proposed budget since the 10/6 meeting. - Follow-up from Public Hearing. - Municipal Court discussion of a budget request for the Better Life Community Development program. - Council Q&A/wrap-up -11-lrere 0s no new n forum t0cu n 2sp eeter for th 0s co n v e rs at0on„ We wlillll add re s s chi a rig es tot e uur .�ruum u�lirmuurmum III. lid rmuuClill I..�liu 2.t0r rmuu °V0f20/2025. FINANCIAL IMPACT Discussion item only. There is no financial impact associated with this agenda item. However, a formal Ordinance will be brought forward adjusting the adopted 2026 budget based on the Mayor's Proposed budget and any adjustments resulting from the Council budget approval process. RECOMMENDATION Information Only. There is no recommendation currently for future action. Forward to the November 0 2025 V: c; guar IMu'i•etOn for a second lluuIblOoor Ihu'i•;a n . ATTACHMENTS PowerPoint .2(126 30 (31,, s . ,. ( �.., . „..,. ., . IIu„V IL.u�uuuuuu..uu�u�;Vu..u�Iu�u�uul ,��Il�u�luu,.u�:�� Vu��:u,.Il.�u �..�� ,��,.u..uuu.ull �u..u���Iu()u,.u,r I::;) ra ft IC) rd In ance 44 https://tukwilawa.sharepoint.com/sites/mayorsoffice/cc/Council Agenda Items/Finance/C - Info Memo_2026 Mid -Biennium Adjustment Discussion_0ct20.docx 2026 Mid -Biennium Adjustment Change Tracker& Council Questions ChmncleTrackm 101120,12025 cr'Parks Expense Department ofNatural Resources Community Forest Assistance Grant award. Notification ofaward on1o/8/o02s omm wit[ support restoration and conservation programs for local treemnnpyondnatora[qmces.smntreveuuezuo% | supports these activities. Full mutti-grant award is S312,000 through mid-2028. Revenue ���Deportment of Natural Resources grant a ward. This grant provides resources for the activities listed above. Full multi -grant award b$312,mmthrough mid-2ma � 10,120/2025 Mayor's Office Expense S60,000 Additional cost for public defense funding iuresponse ^othe Washington statesupremecoortcax kmdmauduvdok`r | misdemeanor public defense attorneys mreduce hyominimumofzo% each yea rmachieve full compliance with the established caseload no more than 120 misdemeanor cases per attorney by 1.�1/2036. 10,120/2025 Municipal Court Expense S*5,000 Funding for the Better Life Community Development service/program. The Court has secured grant funding for o | significant portion of the costs of the service and this S45K General Fund participation will ensurevperahooxfortheaozn | 10,120/2025 copkni-porks Expense S198,072 1 FTE increase for a Parks Capital Improvement Program Project Manager. This position is funded outside of the General Fund through various sources such mthe KcParks Levy, nscT1,Park Impact pee and grants. Creation ofthe position allows for bringing this work in-house at a significant savings from contracting this work out and allows for better coordination nfprocess. Parks CIP includes projects that are of a scale and complexity that requires advanced planning, multiple stages of ervironmentat review, permitting, design, and construction administration. Continuation nfthis | project position is contingent on available and allowable non -General Fund resources. The position wit[ bereduced o, | eliminated should funding decline ornot hesufficient msupport the position. 1O1z8/20z:5 3:89 1:09PK4 2026 Mid -Biennium Adjustment Change Tracker & Council Questions Council Questions: PO, %Vitt r 111-Mq 10/6/2025 10/20/2025 Papyan What revenues go into the General Fund "securityEine? Reimbursement for Law Enforcement Services (e.g. Westfield Mall security) Booking Fees, Probation Fees and safety -related inspection fees. 10/6/2025 10/20/2025 Seal Number of LEOFF retirees? 24 beneficiaries. The Law Enforcement Officers and Fire Fighters' Retirement System (LEOFF) Plan 1 was available for law enforcement officers and firefighters hired before October 1, 1977. The plan includes survivor benefits for eligible spouses or dependents. 10/6/2025 10/20/2025 Sharp Provide a cost breakdown of the Park Ranger program. See slides in new presentation. 10/6/2025 10/20/2025 Camacho Do other city's Park Ranger position reside in PD? Mukilteo & Mount Vernon host their park ranger in PD; Kirkland, Issaquah, Everett, Snohomish County, Bellevue- park rangers are in P&R departments. 10/20/2025 10/27/2025 Martinez How does Fire Impact Fees impact Property Taxes The 2026 budget includes S600000 in Fire Impact Fee revenue. Impact fees do not directly impact property taxes and are not part of the property tax statement. Impact fees are paid by developers to help pay for new or expanded public facilities and infrastructure that will directly address the increased demand for services created by new development. Impact fees are volatile based on development activity and are restricted by RCW. The City uses collected Fire Impact Fees to pay debt service. Page 2 of 2 10/2- 20,5 3'19 W-_A10/21/2025 1'09 PM AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, AMENDING ORDINANCE NOS. 2749 AND , WHICH ADOPTED AND AMENDED THE CITY OF TUKWILA'S BIENNIAL BUDGET FOR THE 2025- 2026 BIENNIUM, TO ADOPT AN AMENDED MID - BIENNIUM BUDGET; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, on November 25, 2024, the City Council adopted Ordinance No. 2749, which adopted a mid -biennium budget amendment, in accordance with RCW 35A.34.130; and WHEREAS, a mid -biennium budget amendment was presented to the City Council in a timely manner for their review, in accordance with RCW 35A.34.130; and WHEREAS, on October 20, 2025 and November 3, 2025, following required public notification, the City Council conducted public hearings on the proposed mid -biennium budget amendment; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Ordinances Amended. Tukwila Ordinance Nos. 2749and are hereby amended with the City Council's adoption of the document entitled "City of Tukwila 2025- 2026 Mid -Biennium Adjustment," attached hereto and incorporated by this reference as if fully set forth herein, in accordance with RCW 35A.34.130. Section 2. Purpose. The purpose of the 2026 Mid -Biennium budget adjustment is to correct the 2026 budget for known changes to rates and/or budget decisions made in 2025, which affect the 2026 budget. Section 3. 2026 Estimated Revenues and Appropriations. The totals of the estimated revenues and appropriations by fund for 2026 are as follows: 2025 Legislation: 2026 Mid -Biennium budget amdt Version: 10/8/25 Staff: A. BeMiller Page 1 of 3 47 Estimated Beginning Fund BaI. Revenues Expenditures Estimated Ending Fund BaI 000 Genera[ 15,561,070 151 153,573,762 16,282,787 101 Hotel/Mote[ 3,110,870 1,915,500 2,677,822 2,678,518 40,3 City Street 1,858,573 lel aaa -r_ rca 2,054,573 104 Arterial Street 5,278,834 16,628,002 18,077,377 3,829,45 105 Contingency 7,301,961 /170,639 0 7,775,600 109 Drug Seizure Fund 301,562 196,200 116,000 35/1,762 LTGO Debt Service Funds 0 i .- t i t 0 1.1TGO Bonds e + 1 999 98,508 206 LID Guaranty 799,213 16,000 0 815,213 233 2013 LID 513,199 938,000 937,000 511,199 301 Land Acquisition, Recreation & Park Dev. /1,130,137 9,006,990 10,320,841 2,816,586 303 General Government Improvements 321,512 810,000 938,000 226,512 301 Fire Improvements 0 1,200,000 1,200,000 0 305 Public Safety Plan 1,056,573 2,230,000 2,636,673 6/19,900 306 City Facilities /122,811 2,693,871 1,825,238 1,291,117 401 Water /1,171,701 21,596,19 23,117,822 2,653,071 /102 Sewer 10,310,151 25,629,062 33,381,110 2,557,803 /111 Foster Golf Course 2,021,196 5,575,000 6,262,04a 1,337,117 Surface Water 10,866,876 29,720,677 33,868,021 6,719,529 501 Equipment Renta[ 1,808,6 12,307,228 11,101,567 3,011,320 502 Insurance Fund 3,393,651 17,257,714 13,640,396 7,010,9 503 Insurance LEOFF 1 Fund 36,695 1,065,4 1,021,856 80,338 Firemen's Pension 1,722,166 310,000 161,000 1,868,166 Total $75,786,048 $64,627,097 AMGUlf ...S A E SUEEG ... i 0 CHANGE DUF G BUDGET OCESS Fuoid ll. it LIII to afed 2.�2,.....IIII!!!��..i�dd::......................II�.p�..... ................................ I .ed.aliII .ing P1rep.9s d Expe!h! IUu1re ...Ill....ii . 'ing Fund IBa[anceB Revenues s I'uu d Ill;ta[ance Fund l 000 - General „2„1„907,434 596... 77,7C ,407 r 44 Fund 0105 Conti 7,... 07 P...07 1...20Y.000 7,...723,...0.7 x 401 26o 7 7 1. 47o 750 Fur d 0103 - iidentlla'Streets 2025 Legislation: 2026 Mid -Biennium budget amdt Version: 10/8/25 Staff: A. BeMiller Page 2 of 3 48 4„:69,poo 4„,..953„000 057 /1iind 104 - Bridaes & Arterial .Streets .10 537 131 .10 47 134 /1"iind ..10.9 Drug „Seizure 337, 070 9 100 73,, 000 36„2..„„170 Funds „2XX-1...TGO Debt Service Funds 4 73'6 17,, 4 736 17,'') Fund „206 LID Guarantee 54,009 , 000 62,009 /1"iind „2..13 TGO Bonds 7.1 6 609 4,905,000 50594 75 562.„134 Fund „233 „20.13 /JD 537,376 453500 453poo 537, 76 d 30..1 - /.. arid Acgh Reg, Pork Develop 5,42„6691 5665690 6 663 000 Fund 30„2 rban Re/len/1mi 73 3 73 3 Fund 303 - General Govern/vent Irrur?, .142 632 401 000 400poo Fund 304. - Fire IrrIprovernents 600000 600,000 Fund 305 - Public .Sofety Plan .1„317„ 49 .1 027 004 Fund 306 - City Facilities 636 5, 000 3659 Fund 401 - W1/ate 3F Fund 40„2 SenAter 13.„..101„.95 7 15,91 7,, 066 .9„5„24„73.1 rigid 411 - Foster Golffburse .4.64 oep.9„,.....?.. 2 77 500 143.9760 d41 u fice W1/ate 14 97 410 .15,506,759 Fund 50.1 - Egybb Rental & (JCLrn ent 1 100 :3.9 6093 06 4,946, 07 2 247 13 Fund 50„2 Self -Insured ealthcare Plan 4 003 451 346 309 7 031 rigid 503 - LEOFF I „Self -Ins ealth Plan 474„5.14 59.99 03 Fund 611 - Firernen's Pension 466 .155 000 000 1941466 tal All is C mbi e 5 63 1/5 6,./, 6 ti 2025 Legislation: 2026 Mid -Biennium budget amdt Version: 10/8/25 Staff: A. BeMiller Page 3 of 3 49 Section 4. Copies on File. A complete copy of the amended budget for 2025-2026, as adopted, together with a copy of this amending ordinance, shall be kept on file electronically by the City Clerk and accessible from the City's website in accordance with Washington State records retention schedule requirements and City policy, and shall be made available to the public upon request. A copy of the amended budget for 2025-2026, as adopted, together with a copy of this amending ordinance, shall be transmitted by the City Clerk to the Division of Municipal Corporations of the Office of the State Auditor and to the Association of Washington Cities in accordance with RCW 35A.34.130. Section 5. Corrections by City Clerk or Code Reviser Authorized. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/subsection numbering. Section 6. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 7. Effective Date. This ordinance or a summary thereof shall be published in the official newspaper of the City and shall take effect and be in full force and effect five days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, a a Regular Meeting thereof this day of , 2025. ATTEST/AUTHENTICATED: Andy Youn, CMC, City Clerk Thomas McLeod, Mayor APPROVED AS TO FORM BY: Filed with the City Clerk: Passed by the City Council: Published: Effective Date: Office of the City Attorney 2025 Legislation: 2026 Mid -Biennium budget amdt Version: 10/8/25 Staff: A. BeMiller Ordinance Number: Page 4 of 3 50 City of Tukwila Thomas McLeod, Mayor INFORMATIONAL MEMORANDUM TO: Tukwila City Council FROM: Aaron BeMiller, Finance Director BY: Tony Cullerton, Deputy Finance Director CC: Thomas McLeod, Mayor & Marty Wine, City Administrator DATE: October 20, 2025 ,(1RevOsed .......Oct b i....'.....25) SUBJECT: 2026 Property Tax Levy Public Hearing ISSUE Continued discussion and public hearing on the proposed 2026 Regular and Excess Property Tax Levies. BACKGROUND Pursuant to RCW 84.55.120, a public hearing is required prior to adopting the City's annual property tax levy. The hearing is scheduled for October 20, 2025. On September 18, 2025, the City received notice that Tukwila's 2025 assessed valuation for 2026 is projected to total $9,827,593,190. The ordinances establishing the 2026 property tax levy will include both the General (Regular) Levy and the Excess Levy related to the Public Safety Plan approved by voters at the November 8, 2016 General Election. To implement the plan, the City issued $36.5 million in bonds in 2016, with debt service beginning in 2017. The remaining voter -approved bonds were issued in October 2019. The excess levy will continue annually until the bonds are repaid in full —December 2036 for the 2016 issue and December 2039 for the 2019 issue. The total excess levy requirement for 2026 is $5,059,475, which represents the annual debt service obligation for both bond issuances. DISCUSSION .1..Iheu e Os no new liu t,u rn Uli,n ex: eetod f ilhlis e.nveu s .lu .m ilhhe CliffC, .neiill leeiiin IIhe11 . We MOO address .estli,u s Levy Amount Both the assessed valuation and allowable levy amount are subject to adjustment until final certification of the levy rate by the King County Department of Assessments. For ordinance preparation, a general levy amount of $12,459,905 will be used. Should the final allowable levy be different than this amount, the King County Department of Assessments will automatically adjust the certified levy and no further Council action will be required. 51 INFORMATIONAL MEMO Page 2 Levy Limit Under RCW 27.12.390, the maximum statutory levy rate for cities is $3.60 per $1,000 of assessed value, less any regular levy made by a library district. Additionally, RCW 41.16.060 authorizes an additional levy of $0.225 per $1,000 of assessed value for cities maintaining a firemen's pension fund. Due to the 1% levy limitation, the preliminary levy rate for the City of Tukwila is projected at $1.26785 per $1,000 of assessed valuation for collections in 2026. For purposes of the ordinance, the excess levy amount is proposed at $5,059,475 to fund 2026 debt service for the Unlimited Tax General Obligation (UTGO) Bonds issued in 2016 and 2019. Should the final assessed valuation differ from this amount, the King County Department of Assessments will automatically adjust the certified levy, and no further Council action will be required. All voter -authorized bonds associated with the Public Safety Plan have now been issued. For 2026, the calculated rate for the regular levy $1.2678 per $1,000 of assessed valuation, and $0.51722 per $1,000 of assessed valuation for the excess levy. RECOMMENDATION The City Council is being asked to approve the ordinances adopting the General Property Tax Levy and the Excess Property Tax Levy ATTACHMENTS Presentation Draft Ordinances (2) 52 Public Hearing 2026 Property Tax Levy Finance Department 1 October 20, 2025 • Overview of 2026 Property Tax Levies • Regular (General) and Excess (Debt Service) Levies • $6 million in unlevied banked capacity Overview of 2026 Property Tax Levies • Regular Levy — Supports city services • Excess Levy — Pays voter -approved bond debt • Rates set by King County Assessor based on certified AV Regular Property Tax Levy Assessed Valuation (2025 for 2026 collections): $9.83B Maximum Allowable Levy: $18.46M Proposed 2026 Levy: $12.46M Preliminary Rate: $1.27 per $1,000 Assessed Valuation Proposed 2026 Levy ($12.41/Assessed Value ($9.8 B) x 1,000 _ $1.27 Prior year rate: $1.24 • Funds Public Safety Plan Bonds (2016 & 2019) • Bonds: $33.0 mill in 2016 + additional 2019 issuance $37.8 mill • 2026 Levy requirement for debt service payment $5.06M • Final Maturities: 2036 (2016 bonds), 2039 (2019 bonds) Impact to Property Owners Example - Home Value: $600,000 $600,000/1,000 = $600 $600 x 1.2678 = $762 $600 x 0.52 = $312 Regular Levy: $1.27 -* $762 Excess Levy: $0.52 -* $312 Total City Portion: i$1,074/year Impact to Property Owners 2024 % 2025 % Diff Tukwila School District 32.6% 33.5% 0.9% State Schools 23.4% 20.8% -2.6% City of Tukwila 22.3% 15.9% -6.4% King County 12.4% 12.6% 0.2% Puget Sound Regional Fire 0.0% 8.3% 8.3% Other 5.3% 5.4% 0.1% Library 2.7% 2.3% -0.4% Tukwila Pool 1.4% 1.4% 0.0% Total 100.0% 100.0% Other: County Flood Zone Port of Seattle EMS Sound Transit Property Tax Budget 2025 2026 Highest Lawful Levy 17,999,228 18,459,905 Unlevied Amount (6,000,000) (6,000,000) Proposed Levy - Property Tax Revenue 11,999,228 12,459,905 Assessed Value 9,650,575,475 9,827,593,190 Estimated Levy Rate 1.24 1.27 City Portion of Total Property Tax 15.9% • Revenue capacity (regular levy) available but not • Reflects fiscal restraint and taxpayer consideration 1. Public Hearing (October 2025) 2. Council Review (October / November 2025) 3. Adoption of Levy Ordinances (November 2025) • Regular Property Tax Levy • Excess Property Tax Levy • $6M banked capacity reflects fiscal prudence • Compliant with RCW 84.55 and 84.52 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, RELATING TO PROPERTY TAXES; FIXING THE 2026 GENERAL PROPERTY TAX LEVY FOR THE CITY OF TUKWILA REGULAR LEVY, COMMENCING JANUARY 1, 2026, ON ALL PROPERTY, BOTH REAL AND PERSONAL, IN COMPLIANCE WITH RCW 84.55.120; PRESERVING FUTURE LEVY CAPACITY; PROVIDING FOR SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, the City of Tukwila has properly given notice of a public hearing held on October 20, 2025, to consider the ad valorem tax levy for 2026 collections pursuant to RCW 84.55.120; and WHEREAS, the King County Assessor provided a preliminary estimated assessed value of taxable real property in the City of Tukwila of $9,827,593,190, which is subject to adjustment for senior citizens exemptions as provided for in RCW 84.36.381 and for omitted assessments as provided for in RCW 84.40.080; and WHEREAS, under state law, a local government may not increase its property tax collections by more than 1 % from the previous year or the change in IPD (Implicit Price Deflator), whichever is less; and WHEREAS, the IPD rate of inflation for property tax collections due in 2026 is 2.44%; and WHEREAS, after such hearing and after duly considering all relevant evidence and testimony presented, the City Council has determined that the City of Tukwila will increase property tax collections from the previous year's actual collections by $460,677, or 3.84%, which excludes any increase resulting from additions of new constructions and improvements to property, any increase in the value of state -assessed property, and amounts authorized by law as a result of any annexations that have occurred and refunds 2025 Legislation: 2026 Regular Tax Levy Version: 10/8/25 Staff: A. BeMiller 64 Page 1 of 3 made, in order to discharge the expected expenses and obligations of the City in its best interest; and WHEREAS, the City Council desires to protect the City's future levy capacity pursuant to RCW 84.55.092, calculated in future years as though the maximum lawful levy amount allowed by state law had been levied; and WHEREAS, the City is required to certify the amount to be raised by taxation on assessed valuation with the clerk of the county legislative authority by November 30, 2025; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. General 2026 Property Tax Levy Authorized. The annual amount of general property tax levy necessary to raise the amount of revenues required by City of Tukwila for expenditure during calendar year 2026 is hereby levied upon all real and personal property subject to taxation in the City of Tukwila as set forth in the table below. Est. Assessed Value (AV) for collections in 2026 2026 Highest Lawful Collections 2026 Budgeted Collections Dollar ($) Decrease from 2026 Highest Lawful Collections % Decrease from 2026 Highest Lawful Collections Est. Levy Rate per $1,000 AV for 2026 Collections $ Increase over 2025 Collections % Increase over 2025 Collections 9,827,593,190 18,459,905 12,459,905 (6,000,000) -32.50288% 1.26785 460,677 0.03839 Section 2. The amount set forth in section 1 is hereby levied upon all real and personal property in accordance with certified assessed values and completed tax rolls of the City of Tukwila for collection in 2026. That estimated property tax levy amount is intended: (a) to include 67.49712% of the City's 2026 highest lawful levy amount of $18, 459, 905; (b) to include any additional amounts allowed under (i) the new construction, improvements to property and state-assed property provisions of RCW 84.55.010 and (ii) as provided pursuant to RCW 84.55.070, the refund provisions of Chapter 84.68 and 84.69 RCW, and Upon certification of property values for 2026 collections, the Assessor shall adjust and finalize the levy rate per $1,000 of Assessed Valuation to meet the revenues as provided in Sections 1 and 2. 2025 Legislation: 2026 Regular Tax Levy Version: 10/8/25 Staff: A. BeMiller Page 2 of 3 65 Section 3. Any unused general property levy capacity for the 2026 tax year is reserved for future levy as provided by RCW 84.55.092, calculated in future years as though the maximum lawful levy amount allowed by state law had been levied. Section 4. Corrections by City Clerk or Code Reviser Authorized. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/subsection numbering. Section 5. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 6. Effective Date. This ordinance or a summary thereof shall be published in the official newspaper of the City and shall take effect and be in full force on January 1, 2026. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a Regular Meeting thereof this day of , 2025. ATTEST/AUTHENTICATED: Andy Youn-Barnett, CMC, City Clerk Thomas McLeod, Mayor APPROVED AS TO FORM BY: Filed with the City Clerk: Passed by the City Council: Published: Effective Date: Office of the City Attorney 2025 Legislation: 2026 Regular Tax Levy Version: 10/8/25 Staff: A. BeMiller Ordinance Number: Page 3 of 3 66 AN ORDINANCE OF THE CITY OF TUKWILA, WASHINGTON, SETTING THE VOTER APPROVED EXCESS BOND LEVY AMOUNT FOR BUDGET YEAR 2026 FOR THE PURPOSE OF PAYING DEBT SERVICE ON THE CITY'S UNLIMITED TAX GENERAL OBLIGATION BONDS ISSUED IN 2016 AND 2019 TO IMPLEMENT THE CITY'S PUBLIC SAFETY PLAN, AS REQUIRED BY LAW; PROVIDING FOR CORRECTIONS AND SEVERABILITY; AND ESTABLISHING AN EFFECTIVE DATE. WHEREAS, on November 8, 2016, voters approved a $77.385 million bond measure to implement the City's Public Safety Plan to include funding a Justice Center, rebuilding three (3) fire stations, and providing fire apparatus and life -safety equipment replacement; and WHEREAS, the City, pursuant to the Bond Authorization and Ordinance No. 2514 adopted on November21, 2016, authorized the issuance and sale of $36,500,000 principal amount of the City's Unlimited Tax General Obligation Bonds, and pursuant to Ordinance No. 2610 adopted on July 15, 2019, authorized the issuance and sale of $40,885,000 principal amount of the City's Unlimited Tax General Obligation Bonds, 2019 (collectively, the "Bonds"); and WHEREAS, in 2016, the City issued debt in the amount of $32,990,000 with final maturity in 2036, and in 2019, issued debt in the amount of $37,770,000 with a final maturity in 2038; and WHEREAS, the City has determined an excess property tax levy in the amount of $5,059,475 must be levied in the year 2025 and collected in the year 2026 to provide the funds necessary to pay the debt service requirements on the Bonds in the year 2026; and WHEREAS, on October 20, 2025, the Tukwila City Council, following adequate public notice, held a public hearing to consider the City of Tukwila Excess Bond levy for 2026 collections; and 2025 Legislation: 2026 Excess Levy Version: 10/8/25 Staff: A. BeMiller Page 1 of 3 67 WHEREAS, pursuant to RCW 84.52.070(2), the City is required to certify the amount to be raised by taxation on assessed valuation with the Clerk of the County legislative authority by November 30 each year; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, HEREBY ORDAINS AS FOLLOWS: Section 1. Excess Tax Levy Authorized. A voter approved excess levy is authorized to be collected in 2026 to pay debt service on the City's Unlimited Tax General Obligation ("UTGO") Bonds. The levy for collections in 2026 is $5,059,475, for debt service payments in 2026, as shown below: 2016 UTGO Bond Debt Service $2,737,925 2019 UTGO Bond Debt Service $2,321,550 Total Excess Levy $5,059,475 The excess levy is levied for the purpose of making debt service payments on the UTGO Bonds sold to finance costs related to implementation of the City's Public Safety Plan, as submitted to the qualified electors of the City at a special election held on November 8, 2016. Section 2. Collection. This ordinance shall be certified to the proper County Officials, as provided by law, and taxes here levied shall be collected to pay to the Finance Director of the City of Tukwila at the time and in the manner provided by the laws of the State of Washington for the collection of taxes of non -chartered code cities. Section 3. Corrections by City Clerk or Code Reviser Authorized. Upon approval of the City Attorney, the City Clerk and the code reviser are authorized to make necessary corrections to this ordinance, including the correction of clerical errors; references to other local, state or federal laws, codes, rules, or regulations; or ordinance numbering and section/ subsection numbering. Section 4. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this ordinance or its application to any person or situation should be held to be invalid or unconstitutional for any reason by a court of competent jurisdiction, such invalidity or unconstitutionality shall not affect the validity or constitutionality of the remaining portions of this ordinance or its application to any other person or situation. Section 5. Effective Date. This Ordinance or a summary thereof shall be published in the official newspaper of the City and shall take effect and be in full force and effect five days after passage and publication as provided by law. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a Regular Meeting thereof this day of , 2025. 2025 Legislation: 2026 Excess Levy Version: 10/8/25 [signature page to follow] Staff: A. BeMiller 68 Page 2 of 3 ATTEST/AUTHENTICATED: Andy Youn-Barnett, CMC, City Clerk APPROVED AS TO FORM BY: Office of the City Attorney 2025 Legislation: 2026 Excess Levy Version: 10/8/25 Thomas McLeod, Mayor Filed with the City Clerk: Passed by the City Council: Published: Effective Date: Ordinance Number: Staff: A. BeMiller Page 3 of 3 69 70 Tom McLeod, Mayor Finance Department TO: Finance & Governance Committee CC: Mayor McLeod FROM: Tony Cullerton, Deputy Finance Director DATE: October 27, 2025 SUBJECT: September Third Quarter 2025 Financial Report Summary at a Glance September 30, 2025, represents 75% of the calendar year. Revenues: $64.93 million (84.9% of budget), up 17.0% from 2024. Expenditures: $55.22 million (73.7% of budget), down 9.0% from 2024. Net Operating Position: Revenues continue to trend ahead of budget, driven primarily by one- time revenues and timing differences, while expenditures remain within expected ranges. The City remains financially stable and on track with budget expectations for the year. General Fund Performance: Revenues: Key variances include: • Gambling Taxes up +34.5% (+$1.07 M), timing issue. • Business & Occupation Tax up +139% (+$1.22 M), reflecting full -year implementation. • Intergovernmental Revenues up +158% (+$3.2 M) from grant reimbursements. • Sale of Capital Assets $4.51 M (George Long property sale). Expenditures: Year-to-date General Fund expenditures and transfers out total $55.2 million (73.7% of budget), representing a 9% decrease from the same period in 2024. Notable departmental trends: • Police Department: +$2.79 M (+15.5%) year -over -year due to staffing and contractual costs. • Non -Departmental Expenses: +324% (+$2.05 M), primarily vehicle leases and fleet contributions. These were previously reported in the Fleet Fund. • Fire Department: —93.4% (—$11.7 M) reflecting transition to Puget Sound Regional Fire Authority (PSRFA). • Services Category: —28.9% (—$7.14 M), primarily driven by the fire contract change. Page 1 of 3 71 Projected Ending Fund Balance The General Fund is projected to close the year with an ending balance of $29.7M. After accounting for reserves, contingencies, and one-time revenues, the operationally available balance is $1.33M (5%). Breakdown: 2025 Projected Ending Fund Balance 29,730,341 Less: General Fund Reserve Policy (13,865,764) Less: Contingency Fund 105 (7,703,202) Less 1-Time Revenue - Property Sale (4,511,436) Less: Less One -Time Grants (2,297,866) 2025 Projected Ending Fund Balance (Operational) 1,352,073 Takeaway: The City's General Fund remains in a strong and stable position, with a portion of the fund balance available to support ongoing operations. Other Funds: Other Funds — Notable Variances (>5% and $250,000) Fund Revenues Expenditures Arterial Street Fund 93.6% of budget —driven by traffic impact fees (+445%) and investment earnings (+327%) 30.3% — reflecting project timing Hotel/Motel Tax Fund 77.4% of budget 30.5% — continued underspending in services Land Acquisition & Parks Improvements 57% of budget —supported by grant reimbursements 22% — activity expected to increase as projects progress Utility Funds (Water, Sewer, Surface Water) On track with budget expectations On track with seasonal expenditure trends Cash & Investments As of September 30, 2025, the City's total cash and investments were $101.7 million, yielding a weighted average rate of 3.77%. Portfolio Composition: • State LGIP Investment Pool — $63.9 M (62.8%) at 4.29% yield • Money Market Accounts — $17.7 M (17.4%) at 4.55% yield • Agency Securities — $9.0 M (8.8%) at 2.0% yield • Municipal Bonds — $3.0 M (2.9%) at 2.0% yield • US Bank Depository — $8.15 M (8.0%) The City's portfolio is in compliance with city policy requirements for diversification, liquidity, and maturity thresholds. Page 2of3 72 Financial Overview Through September 2025 Through the third quarter, revenues and cash balances remain strong and aligned with budgeted expectations. One-time revenues continue to inflate the year-to-date totals, but ongoing operations remain stable. Staff will continue to monitor trends closely as the City approaches the year-end amendment process. Attachments: • September Monthly Report Page 3 of 3 73 City of Tukwila 3rd Quarter Financial Report January — September 2025 74 2025 Actuals through September II II 1111111 III 11111 II II IIIIIIIIIIIII i'IIIII II 1000 111111111111111111111111111 III II III IIII L.... IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Revenues Transfers In Expenditures Transfers Out 60,655,495 $ 4,269,999 51,894,036 3,322,793 71,601,037 4,836,952 70,298,671 4,663,479 84 7% 88.3% 73.8% 71.3% Net Revenues Less Expenditures $ 9,708,665 $ 1,475,839 General Fund figures include General Fund and Contingency Fund, a Sub -Fund of the General Fund General Fund Overview $80 $70 $60 $50 $40 $30 $20 $10 $- Revenues Transfers In ■Year to Date in Budget Expenditures % of Year Complete 75.0% Transfers Out City of Tukwila Monthly Finance Report 1 75 Category 2025 Total 2025 Revenues Budget through September Taxes: Property Tax $ 11,999,227 $ Sales & Use Tax 23,283,886 Other Sales Taxes 1,163,100 Gambling Taxes 4,349,500 Business & Occupation Taxes 2,400,000 Utility Taxes 4,493,702 Interfund Utility Taxes 3,167,729 Admission Taxes 859,235 Leasehold Excise Tax 260,000 Business Licenses 3,445,500 Building Permits & Rental Housing Permits 1,985,200 Intergovernmental 5,313,474 Charges for Services 2,612,121 Miscellaneous Revenue 1,568,363 Transfers In - Indirect Cost Allocation 3,111,694 Transfers In From Other Funds 1,725,258 Sale of Capital Assets 4,700,000 7,004,522 $ 17,496,516 813,789 4,162, 989 2,100,601 3,532,897 2,452,996 870,214 198,182 2,162, 530 1,741,124 8,851,697 2,322,938 2,433,062 2,333,770 1,936,229 4,511,436 (4,994,705) (5,787,370) (349,311) (186,511) (299, 399) (960,805) (714,733) 10,979 (61, 818) (1,282, 970) (244, 076) 3,538,223 (289,183) 864,699 (777,924) 210,971 (188,564) 58.4% 75.1 % 70.0% 95.7% 87.5% 78.6% 77.4% 101.3% 76.2% 62.8% 87.7% 166.6% 88.9% 155.1% 75.0% 112.2% 96.0% Total $ 76,437,989 $ 64,925,492 $ (7,398,758) 84.9% Percent of Year Complete: 75.0% City of Tukwila Monthly Finance Report 2 General Fund Major Revenues Property Tax Sales & Use Tax Gambling Taxes Business & Occupation Taxes Utility Taxes Interfund Utility Taxes Business Licenses Building Permits & Rental Housing Permits Intergovernmental Charges for Services Miscellaneous Revenue Transfers In - Indirect Cost Allocation Transfers In From Other Funds Sale of Capital Assets $- $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 $15 $16 $17 $18 $19 $20 $21 $22 $23 $24 $25 Millions Revenues and Transfers In YTD -Total Budget City of Tukwila Monthly Finance Report 3 Category 2023 Revenues 2024 Revenues Through September Through September throushSestember Taxes: Property Tax $ 9,595,750 $ 9,986,466 $ Sales & Use Tax 16,129,152 17,851,950 Other Sales Taxes 875,008 825,348 Gambling Taxes 3,426,378 3,094,583 Business & Occupation Taxes - 877,775 Utility Taxes 3,219,487 3,375,863 Interfund Utility Taxes 2,160,738 2,228,683 Admission Taxes 681,981 697,113 Leasehold Excise Tax 180,141 195,892 Business Licenses 2,286,658 2,276,601 Building Permits & Rental Housing Permits 1,902,162 1,466,224 Intergovernmental 6,108,009 6,469,553 Charges for Services 1,862,647 1,579,369 Miscellaneous Revenue 1,311,331 2,129,957 Transfers In - Indirect Cost Allocation 2,116,809 2,222,640 Transfers In From Other Funds - 225,891 Sale of Capital Assets 7,004,522 $ (2,981,944) 17,496,516 (355,434) 813,789 (11,559) 4,162,989 1,068,406 2,100,601 1,222,826 3,532,897 157,034 2,452,996 224,313 870,214 173,101 198,182 2,290 2,162,530 (114,071) 1,741,124 274,900 8,851,697 2,382,144 2,322,938 743,569 2,433,062 303,105 2,333,770 111,130 1,936,229 1,710,338 4,511,436 4,511,436 -29.9% - 2.0% - 1.4% +34.5% +139.3% +4.7% +10.1% +24.8% +1.2% - 5.0% +18.7% +36.8% +47.1% +14.2% +5.0% +757.2% Total $ 51,856,251 $ 55,503,908 $ 64,925,492 $ 9,421,584 +17.0% City of Tukwila Monthly Finance Report 4 General Fund Major Revenues Prior Year Comparisons YTD Property Tax vw IN VW IN 11 In BR Sales & Use TaxV V 'V Gambling Taxes Business & Occupation Taxes Utility Taxes Interfund Utility Taxes Business Licenses Building Permits & Rental Housing Permits Intergovernmental Charges for Services Miscellaneous Revenue 1111111111111111 Transfers In - Indirect Cost Allocation Transfers In From Other Funds Sale of Capital Assets $- $1 $2 $3 $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 $15 $16 $17 $18 $19 Millions 2023 2024 ■ 2025 CO City of Tukwila Monthly Finance Report 5 Department 2025 Tots( Budget 2025 Expenses through September City Council Mayor's Office Finance Department Community Development (DCD) Municipal Court Police Department Fire Department Recreation Department Park Maintenance Dept Public Works Dept Street Maintenance Dept Non -Departmental Expenses Transfers Out - Debt Service Transfers Out to Other Funds $ 400,093 $ 9,748,218 4,343,230 5,732,921 2,329,525 28,411,330 1,398,192 4,110,113 2,659,037 4,977,693 4,761,271 1,427,046 3,692,390 971,089 279,816 $ 6,489,801 3,702,696 3,832,034 1,661,036 20,823,209 831,493 2,571,064 2,161,415 3,288,382 3,564,596 2,688,495 2,769,293 553,500 120,277 3,258,417 640,534 1,900,887 668,489 7,588,121 566,699 1,539,049 497,622 1,689,311 1,196,675 (1,261,449) 923,097 417,589 69.9% 66.6% 85.3% 66.8% 71.3% 73.3% 59.5% 62.6% 81.3% 66.1% 74.9% 188.4% 75.0% 57.0% Total $ 74,962,148 $ 55,216,830 $ 19,745,318 73.7% Percent of Year Complete: 75.0% City of Tukwila Monthly Finance Report 6 Thousands $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $- General Fund Expenditures and Transfers Out by Department GoJ�o\ 5c \Ge a�oe OGp jo�P o coe �y coe yes oe ca5 • .ea o tieca e� Se ��� ast-- ee. sec \\o at` O O°Q �e�a Expenditures and Transfers Out YTD - Total Budget City of Tukwila Monthly Finance Report 7 2023 Expenses September 2024 Expenses through 2025 Expenses through September Septem........................:: City Council Mayor's Office Finance Department Community Development (DCD) Municipal Court Police Department Fire Department Recreation Department Park Maintenance Dept Public Works Dept Street Maintenance Dept Non -Departmental Expenses Transfers Out - Debt Service Transfers Out to Other Funds 273,753 $ 6,375,695 2,484,631 3,388,267 1,194,503 15,566,566 11,488,925 2,263,858 1,495,683 2,881,191 2,591,459 737,102 3,562,371 241,250 288,006 $ 6,129, 830 3,275,554 3,943,526 1,632,912 18,033,051 12,528,318 2,627,083 1,917,855 3,054,824 3,046,461 634,378 3,154, 758 427,598 279,816 $ 6,489,801 3,702,696 3,832,034 1,661,036 20,823,209 831,493 2,571,064 2,161,415 3,288,382 3,564,596 2,688,495 2,769,293 553,500 (8,190) 359,971 427,142 (111,492) 28,124 2,790,158 (11,696,825) (56, 019) 243,560 233,558 518,135 -2.8% +5.9% +13.0% -2.8% +1.7% +15.5% -93.4% -2.1% +12.7% +7.6% +17.0% 2,054,117 +323.8% (385, 465) -12.2% 125,902 +29.4% Total $ 54,545,254 $ 60,694,155 $ 55,216,830 $ (5,477,325) Notes: 'In 2025, vehicle leases across the General Fund are now Non -Departmental exenses. From 2023-2024, these expenses were paid from savings accumulated in the Fleet Fund -90/u City of Tukwila Monthly Finance Report 8 $25,000 a t $20,000 $15,000 $10,000 $5,000 $- General Fund Expenditures by Department Prior Year Comparions YTD 00 «ye 2023 = 2024 ® 2025 es" City of Tukwila Monthly Finance Report 9 Category 2025 Total Budget 2025 Expenses through September Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Debt Service Transfers Out to Other Funds 33,466,376 12,851,718 1,640,914 22,109,457 200,000 30,205 3,692,390 971,089 23,802,823 $ 8,631,725 1,087,175 17,595,551 755,614 21,148 2,769,293 553,500 9,663,553 4,219,993 553,739 4,513,906 (555,614) 9,057 923,097 417,589 71.1% 67.2% 66.3% 79.6% 377.8% 70.0% 75.0% 57.0% Total Thousands $40,000 $35,000 $30,000 $25,000 $20,000 $15, 000 $10, 000 $5,000 $- $ 74,962,149 $ 55,216,829 $ 19,745,320 Percent of Year Complete: General Fund Expenditures and Transfers Out by Category 73.7% 75.0% Salaries, Wages, & Benefits Supplies Services Land, Structures, Other Expenditures Transfers Out - Debt Transfers Out to Other Overtime Machinery, Equipment ■ Expenditures and Transfers Out YTD 02025 Total Budget Service Funds City of Tukwila Monthly Finance Report 10 Category 2023 Expenses through 2024 Expenses through 2025 Expenses through September September September Salaries, Wages, & Overtime Benefits Supplies Services Services excluding PSRFA Fire Contract Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Debt Service Transfers Out to Other Funds 18,928,035 $ 22,987,422 $ 23,802,823 $ 7,334,654 8,169,811 8,631,725 928,793 991,852 1,087,175 22,468,090 24,736,821 17,595,551 12,255,252 13,578,479 17,595,551 1,082,062 225,891 755,614 21,148 3,562,371 3,154,758 2,769,293 241,250 427,598 553,500 815,401 461,914 95,323 (7,141,270) 4,017,072 529,723 21,148 (385,465) 125,902 +3.5% +5.7% +9.6% -28.9% +29.6% +234.5% -12.2% +29.4% Total Thousands $30, 000 $25,000 $20,000 $15, 000 $10, 000 $5,000 $- $ 54,545,255 $ 60,694,153 $ 55,216,829 $ (5,477,324) -9.0% General Fund Expenditures by Category Prior Year Comparions YTD Salaries, Wages, & Benefits Supplies Overtime 1 Services ® . e Services excluding Land, Structures, Other Expenditures Transfers Out - Debt Transfers Out to Other PSRFA Fire Contract Machinery, Equipment Service Funds 2023 2024 ■ 2025 City of Tukwila Monthly Finance Report 11 Fund 101 Hotel/Motel Special Revenue Fund Overview 2025 throughiiiiiiiiiiiiiiiiiii , 111111 111111111111111 10 IIII II IIIIIII II '1000 III 011®®0 ,..1ll1ll^,ul®il" urola Revenues Expenditures Transfers Out $ 694,784 $ 289,648 21,907 897,750 992,204 29,209 77.4% 29.2% 75.0% Net Revenues Less Expenditures $ 383,229 $ (123,663) % of Year Complete 75.0% 86 City of Tukwila Monthly Finance Report 12 Fund 101 Hotel/Motel Special Revenue Fund Expenditures and Transfers Out by Category Category 2025'TokaI B dget • through a heriiiiiiii uuu �iill111111llll m °000 q �ul Salaries, Wages, & Overtime Benefits Supplies Services Transfers Out - Internal Cost Allocation 51,393 $ 20,561 3,000 917,250 29,209 39,011 8,263 778 241,596 21,907 12,382 12,298 2,222 675,654 7,302 75.9% 40.2% 25.9% 26.3% 75.0% Total $800 $500 $400 $200 Category 1,021,413 $ 311,555 $ Fund 101 Expenditures 2025 Expenditures YTD 2025 Total Budget Revenues and Transfers In by Category 2025T T Budget 2025 Revenues ul0 III through; sept'ernheriiiiiii 1111 709,858 30.5% of Year Complete 75.0% Hotel/Motel Tax Investment Earnings $ 850,000 $ 47,750 653,264 $ 41,520 (196,736) (6,230) 76.9% 87.0% Total $800 $700 $500 $500 $400 $300 $200 $100 897,750 $ Fund 101 Revenues 2025 Revenues YTD 694,784 $ 2025 Tota Budget (202,966) 77.4% of Year Complete 75.0% City of Tukwila Monthly Finance Report 13 87 Fund 101 Hotel/Motel Special Revenue Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September 11111'1"1111111 1111 Salaries, Wages, & Overtime Benefits Services Transfers Out - Internal Cost Allocation 52,320 $ 13,143 226,513 19,872 70,163 16,167 269,145 20,864 39,011 8,263 241,596 21,907 $ (31,152) (7,904) (27,549) 1,043 -44.4% -48.9% -10.2% +5.0% Total 312,002 $ 376,412 $ 311,555 $ (64,857) Fund 101 Hotel/Motel Special Revenue Fund Year -to -Year Revenues and Transfers In by Category -17.2% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim 00100 111111 1111111111111111111111111111111111111111111111111 00000000000000,00:(1111111111111111111111111111111111111111111111111 Hotel/Motel Tax Investment Earnings 700,171 $ 86,776 698,280 $ 119,857 653,264 $ 41,520 (45,016) -6.4% (78,337) -65.4% Total Expenditures and Ti'ansfers Out re' and Transfers In 786,947 $ 818,137 $ Fund 101 Prior Year Comparisons YTD 694,784 $ (123,353) -15.1% $100 $200 $300 $4.00 $500 $600 $700 $900 Thousands 2023 2024. •2o25 City of Tukwila Monthly Finance Report 14 88 Fund 103 Residential Street Fund Overview uuuioIIIlII®IP rim Revenues Expenditures $ 251,400 $ 70,096 1,130,000 850,000 22.2% 8.2% Net Revenues Less Expenditures $ 181,304 $ 280,000 % of Year Complete 75.0% City of Tukwila Monthly Finance Report 15 89 Fund 103 Residential Street Fund Expenditures and Transfers Out by Category Category2025' To aI B dget • through a heriiiiiiii luu „ilulllllllllll u 6 q u q �u Supplies Services - $ 850,000 11,437 $ 57,593 (11,437) 792,407 6.8% Total $500 $800 r700 $600 $500 $400 $300 $200 $100 Category 850,000 $ Fund 103 Expenditures 2025 Expenditures YTD 70,096 $ 779,904 2025 Tota Budget Revenues and Transfers In by Category 2025 To I Budget 2025 Revenues luui°dui through SeptemlJeriiiiiii 8.2% • of Year Complete 75.0% u Utility Taxes Grant Revenues State Entitlements Investment Earnings Total v, $1,200 c.. j $1,000 $800 $600 $400 $200 $ 100,000 $ 724,000 280,000 26,000 1,130,000 $ Fund 103 Revenues 2025 Revenues YTD 201,800 49,600 251,400 $ 2025 Tota Budget (100,000) (724,000) (78,200) 23,600 (878,600) 0.0% 0.0% 72.1% 190.8% 22.2% • of Year Complete 75.0% 90 City of Tukwila Monthly Finance Report 16 Fund 103 Residential Street Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii i1111'1 '� Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment 9,556 $ 5,465 30,461 310,479 107,699 1,935 $ 868 15,729 164,135 56,171 877 $ (1,058) 189 (679) 11,437 (4,292) 57,593 (106,542) (56,171) -54.7% -78.2% -27.3% -64.9% -100.0% Total 463,660 $ 238,838 $ Fund 103 Residential Street Fund Year -to -Year Revenues and Transfers In by Category 70,096 $ (168,742) -70.7% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sept.efiftJKiiii m,mm y� Grant Revenues State Entitlements Investment Earnings Transfers In 3,133 $ 220,737 23,351 70,797 $ 211,681 50,865 183,598 201,800 49,600 $ (70,797) (9,881) (1,265) (183,598) -100.0% -4.7% -2.5% -100.0% Total Expenditures and transfers Out ■ Revenues and Transfers In 897,221 $ 516,941 $ Fund 103 Prior Year Comparisons YTD 251,400 $ (265,541) -51.4% $100 $200 $300 $4.00 $500 $600 $700 $800 $900 $1,000 Thousands 2023 2024. ■2025 City of Tukwila Monthly Finance Report 17 91 Fund 104 Arterial Street Fund Overview 2025 throughiiiiiiiiiiiiiiiiiii , 111111 111111111 111111 10 IIII II IIIIIII II '1000 III lull-11 ,..1ll1l^,ul®il11 0 Illluuu Revenues Expenditures $ 5,226,498 $ 2,310,921 5,586,001 7,636,726 93.6% 30.3% Net Revenues Less Expenditures $ 2,915,577 $ (2,050,725) % of Year Complete 75.0% 92 City of Tukwila Monthly Finance Report 18 Category Fund 104 Arterial Street Fund Expenditures and Transfers Out by Category 2025 To Budget thrums pte heriuuu u l lllllll Mu 6 q u quvu Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment 793,142 312,185 23,200 6,508,200 499,004 $ 167,777 82,134 1,015,908 546,099 294,138 144,408 (58,934) 5,492,292 (546,099) 63% 54% 354.0% 15.6% Total $5,000 $8,000 $7,000 $8,000 $5,000 $4,000 $3,000 $2,000 $1,000 Category: 7,636,727 $ 2,310,922 $ Fund 104 Expenditures 2025 Expenditures YTD 2025 Tota Budget Revenues and Transfers In by Category 2025 Total Budget 2025 Revenues100 IIu through Sept'ORIO riiiiiiii 5,325,805 11111111111, 30.3% of Year Complete 75.0% u Utility Taxes Parking Tax Real Estate Excise Tax (REET) Permits Franchise Fees Grant Revenues State Entitlements General Government Revenue Traffic Impact Fees Fines and Penalties Other Income Investment Earnings Total $5,4.00 $5,300 $5,200 $5,100 $5,000 $ 1,320,000 $ 800,000 500,000 1 450,000 2,026,000 135,000 200,000 2,000 1,155,778 $ 719,139 343,590 350,512 947,088 103,770 360 1,055,818 6,500 80,000 305,524 73,000 5,586,001 $ Fund 104 Revenues 2025 Revenues YTD 238,420 5,226,499 $ 2025 Total Budget (164,222) (80,861) (156,410) (1) (99,488) (1,078,912) (31,230) 360 855,818 4,500 225,524 165,420 (359,502) 87.6% 89.9% 68.7% 0.0% 77.9% 46.7% 76.9% 527.9% 325.0% 381.9% 326.6% 93.6% of Year Complete 75.0% City of Tukwila Monthly Finance Report 19 93 Fund 104 Arterial Street Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses" hrough September through September through Septemberiii � ���� �����m �'u11 III Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment 299,784 104,876 88,103 1,610,547 1,332,152 412,727 134,178 32,528 1,904,539 1,400, 788 499,004 $ 86,277 167,777 33,599 82,134 49,606 1,015,908 (888,631) 546,099 (854,689) +20.9% +25.0% +152.5% -46.7% -61.0% Total Category 3,435,462 $ 3,884,760 $ 2,310,922 $ (1,573,838) -40.5% Fund 104 Arterial Street Fund Year -to -Year Revenues and Transfers In by Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sep;,,fi1$1K0 gill mi, iiii uui uo imi p u'I Utility Taxes Parking Tax Real Estate Excise Tax (REET) Permits Franchise Fees Grant Revenues State Entitlements General Government Revenue Traffic Impact Fees Fines and Penalties Other Income Investment Earnings 319,683 594,353 190,268 831 513,326 112,785 765,241 11,081 166,534 193,018 1,178,806 713,935 460,516 2 306,409 1,184,154 108,473 335 193,686 2,540 60,100 241,913 1,155,778 $ (23,028) -2% 719,139 5,204 +0.7% 343,590 (116,926) -25.4% (2)-100.0% 350,512 44,103 +14.4% 947,088 (237,066) -20.0% 103,770 (4,703) -4.3% 360 25 +7.50A3 1,055,818 862,132 +445.1% 6,500 3,960 +155.9% 305,524 245,424 +408.4% 238,420 (3,493) -1.4% Total $ 2,867,120 $ 4,450,869 $ 5,226,499 $ 775,630 +17.4% Fund 104 Prior Year Comparisons YTD Expenditures and transfers Out Revenues and Transfers In $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Thousar'id 2023 2024. ■2025 94 City of Tukwila Monthly Finance Report 20 Fund 109 Drug Seizure Fund Overview 2025 throeghiiiiiiiiiiiiiiiiiiiiiii II III III 111111 111111 10 IIII II IIIIIII II 'Iilol `lug ®® 11 ,.1ll�ll^,II®ip� ®" a 111000011100000000001111110 AIM 111111 11161111111111 10 Revenues Expenditures $ 12,719 $ 70,777 98,100 73,000 13.0% 97.0% Net Revenues Less Expenditures $ (58,058) $ 25,100 of Year Complete 75.0% City of Tukwila Monthly Finance Report 21 95 Fund 109 Drug Seizure Fund Expenditures and Transfers Out by Category Category2025 TokaI B dget • through to eriiiiiiii luu �ulllllllllll u 6 q u�u Supplies Services 36,000 $ 37,000 44,532 $ 26,246 (8,532) 10,754 123.7% 70.9% Total $73 $72 $72 $71 $71 $70 $70 Category 73,000 $ Fund 109 Expenditures 2025 Expenditures YTD 70,778 $ 2025 Tota Budget Revenues and Transfers In by Category 2025T T Budget 2025 RevenuesluuiullIu through; Sept'ernhUriiiiiii 2,222 97.0% of Year Complete 75.0% u Intergovernmental Other Income Investment Earnings $ 35,000 $ 60,000 3,100 12,719 $ (22,281) (60,000) (3,100) 36.3% 0.0% 0.0% Total $80 850 $4.0 $20 $ 98,100 $ Fund 109 Revenues 2025 Revenues YTD 12,719 $ (85,381) 2025 Total Budget 13.0% of Year Complete 75.0% 96 City of Tukwila Monthly Finance Report 22 Fund 109 Drug Seizure Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September Ill'ollI1111111111111111111111111111111111111111111111111 Supplies Services 11,423 $ 89,038 8,718 $ 41,118 44,532 $ 35,814 26,246 +410.8% (14,872) -36.2% Total 100,461 $ 49,836 $ 70,778 $ Fund 109 Drug Seizure Fund Year -to -Year Revenues and Transfers In by Category 20,942 +42.0% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim olloSHI,0000000000000000000000 Intergovernmental 79,010 $ — $ 12,719 $ 12,719 Total Expenditures and Ti'ansfers Out re' and Transfers In 20 142,443 $ 139,070 $ Fund 109 Prior Year Comparisons YTD 12,719 $ (126,351) -90.9% 4.0 8'0 80 100 120 14.0 18'0 Thousands 2023 2024. m2025 City of Tukwila Monthly Finance Report 23 97 zr N6e i 1111il III1II, I®IP0 , u 111111 711 neuhuhuhuhuhuhuhuhuhuu Revenues Expenditures Transfers Out $ 1,621,696 $ 683,631 2,841,300 2,431,000 652,605 57.1 % 28.1 % 0.0% Net Revenues Less Expenditures $ 938,065 $ (242,305) % of Year Complete 75.0% 98 City of Tukwila Monthly Finance Report 24 j Category 2025 To Bridget through pte heriiiiiiiiuuu l lllllll,146 q u q�u Supplies Services Land, Structures, Machinery, Equipment Transfers Out to Other Funds 30,000 $ 1,876,000 525,000 652,605 19,444 $ 501,366 162,819 10,556 1,374,634 362,181 652,605 64.8% 26.7% 31% 0% Total $2,000 $1,500 $1,000 $500 Category: 3,083,605 $ 683,629 $ Fund 301 Expenditures 2025 Expenditures YTD 2025 Total Budget r r iaoir�,�� i t o�� iar i ✓iaiiioii a.ii. /11 2025 To I Budget 2025 Revenues uidui through Septem Jeriiiiiii 1111( 2,399,976 22.2% of Year Complete 75.0% Property Tax Real Estate Excise Tax (REET) Grant Revenues Park Impact Fees Investment Earnings Total r> $2,500 $2,000 $1,500 $1,000 $500 $ 207,800 $ 500,000 1,976,000 100,000 57,500 2,841,300 $ Fund 301 Revenues 2025 Revenues YTD 176,628 $ 1,249, 810 51,906 143,352 1,621,696 $ 2025 Total Budget (31,172) (500,000) (726,190) (48,094) 85,852 (1,219,604) 85.0% 0.0% 63.2% 51.9% 249.3% 57.1% of Year Complete 75.0% City of Tukwila Monthly Finance Report 25 99 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii III IIII IIIII IIII Services Land, Structures, Machinery, Equipment 142,346 $ 1,671,489 $ 501,366 $ (1170,123) 162,819 162,819 -70.0% Total 216,911 $ 1,681,860 $ 683,629 $ (998,231) -59.4% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through ;;Sepk'efif bapiii 111111111111111111111111111111111111111111111111111111111111 m,mm oll000ilo Property Tax Real Estate Excise Tax (REET) Grant Revenues Park Impact Fees Investment Earnings 129,956 $ 36,224 135,937 $ 980,841 97,883 122,618 164,527 176,628 $ 40,691 1,249, 810 51,906 143,352 1,249, 810 (45,977) (21,175) +30% -47.0% -13% Total Expenditures and transfers Out Revenues arrd Transt $ 1,333,889 $ 429,347 $ 1,621,696 $ 1,192,349 +277.7% Fund 301 Prior Year Comparisons YTD $200 $4.00 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Thousands 2023 2024. ■2025 1 0OCity of Tukwila Monthly Finance Report 26 Fund 303 General Government Improvements Overview 2025 throughiiiiiiiiiiiiiiiiiii , II III III 111111 111111 II IIII II IIIIIII II 'Iilol Revenues Transfers In Expenditures $ 7,914 $ 328,500 53,136 1,000 438,000 538,000 791.4% 75.0% 9.9% Net Revenues Less Expenditures $ 283,278 $ (99,000) % of Year Complete 75.0% City of Tukwila Monthly Finance Report 27101 Fund 303 General. Government Improvemei Expenditures and TransfersOutby Category Category 2025 Total Budget throughptembeKiiiiiiii 025 Expenses uv ulllll0.11,lllll M u 6 q u q �lauloce Services 538,000 53,136 $ 484,864 9.9% Total $4.00 $300 $200 $100 538,000 Fund 303 Expenditures 2025 Expenditures YTD 53,136 $ 2025 Tota Budget Revenues and Transfers In by Category 484,864 9.9% of Year Complete 75.0% Category' 2025; Total Budget 2025 Revenues throw h Se u g 1�kfifif���Kiiiiiiii 11111111111, Investment Earnings Transfer In From General Fund 1,000 $ 438,000 7,914 $ 328,500 6,914 (109,500) 791.4% 75% Total $500 c.. m $450 ..3 0 F-_ $400 $350 $300 $250 $200 $150 $100 $50 439,000 $ Fund 303 Revenues 2025 Revenues YTD 336,414 $ 2025 Total Budget (102,586) 76.6% % of Year Complete 75.0% 1 02City of Tukwila Monthly Finance Report 28 Fund 303 General Government Improvements Year4o-Year Expenditures & Transfers Gut by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September 11111111111111111111111111111111111111111111111 -:111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111r Services 149,185 $ 1,146 $ 53,136 $ 51,990 +4536.6% Total 149,185 $ 1,146 $ Fund 303 General Government improvements Year -to -Year Revenues and Transfers In by Category 53,136 $ 51,990 +4536.6% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim ollo ooilo 11,111,111,111,111,111,111,111,111,111,111,111,111,111,111,111,111:,11111,111,111,111,111::11 00100 111111 1111111111111111111111111111111111111111111111111 00000000000000,00:( 1111111111111111111111111111111111111111111111111 Investment Earnings Transfer In From General Fund 17,323 $ 17,559 $ 7,914 $ (9,645) 328,500 328,500 -55% Total Expendiftdes and TmnsfEds Cad: Revenues and Transfers In $50 17,323 $ 17,559 $ Fund 303 Prior Year Comparisons YTD 336,414 $ 318,855 +1815.9% $100 $150 $200 $250 $300 $350 $400 Thousands 2023 2024. m2025 City of Tukwila Monthly Finance Report 29103 1)) JJ) 9N, 11 lll1111 ®II ® - 1I,®IP , a ui 1.111 I EIS ummunummummum Revenues Transfers Out $ 38,403 $ 600,000 600,000 6.4% 0.0% Net Revenues Less Expenditures $ 38,403 $ % of Year Complete 75.0% 104City of Tukwila Monthly Finance Report 30 Category 2025Total Budget uui ulilllllll, Mau B, ananceumum ,, though Septeca eri; iuu Transfers Out to Other Funds 600,000 $ 600,000 0% Total a 0700 $600 0 $500 $400 $300 $200 $100 600,000 $ Fund 304 Transfers Out 2025 Expenditures YTD Category 2025; Tatar Budget 2025 Tota Budget 2025 Revenues.1111111111111 throw h Se u 1 600,000 0.0% of Year Complete 75.0% Fire Impact Fees 600,000 $ 38,132 $ (561,868) 6.4% Total $700 -o c. m o $600 $500 $400 $300 $200 $100 600,000 $ Fund 304 Revenues 2025 Revenues YTD 38,403 $ 2025 Total Budget (561,597) 6.4% of Year Complete 75.0% City of Tukwila Monthly Finance Report 31105 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September 11111'11t1111111 1111 11111111111111111111111111111111111111111111111 -11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.11.111.11.11.11.11.11.11.11.11.111111111111111111111111111111111111111111111111111111111 Transfers Out to Other Funds Total ti Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim ollo ooilo 111111111111111111111111111111111111111,11111111111111111111111111 00100 111111 1111111111111111111111111111111111111111111111111 00000000000000,00:(1111111111111111111111111111111111111111111111111 Fire Impact Fees 697,505 $ 72,650 $ 38,132 $ (34,518) -47.5% Total Expenditures and Ti'ansfers Out Revenues and Transfers In 1 Sii 697,505 $ 72,650 $ Fund 304 Prior Year Comparisons YTD 38,132 $ (34,518) -47.5% $100 $200 $300 $4.00 $500 $600 $700 Thousands 2023 2024. •2o25 0 6City of Tukwila Monthly Finance Report 32 11111 lllllllll CIS llllllll mll' li luf�llllllliil l�lll" 2025 i 11 f II III IIIII IIIIII 11 ll1111 II ® � uuuiiill III�II, I®Ilu , 111111. IIIIN1111.1111 'RICH Revenues Transfers In Transfers Out $ 383,140 $ 989,118 15,000 1,100,000 1,318,824 2554.3% 0.0% 75.0% Net Revenues Less Expenditures $ (605,978) $ (203,824) % of Year Complete 75.0% City of Tukwila Monthly Finance Report "1O7 M hum III�II illuu uo PihiMu uiu III 11uui i 401100 °I° Illlllll llllllll mlMUMlgI IIII�I� I�IIII�III 'Coln uuu Category 2025 To aI R dget • through rfit r riiiiiiii uuu „ill u q u�u Transfers Out to Other Funds 1,318,824 $ 989,118 $ 329,706 75% Total $8,100 -o c.. m y $1,200 $1,000 $800 $800 $400 $200 Category' 1,318,824 $ Fund 305 Expenditures 2025 Expenditures YTD ku)iiiii(m(uumMuMuMuu°°iiuM iii(iiiu$mi001100 of 2025T mmIllluu�iltluMullmiiilmMliii 989,118 $ 2025 Total Budget 329,706 75.0% of Year Complete 75.0% 1MSV111 100 T Rudgek 2025 Revenuea ulllllllllll through; Se',,;riiiiiiii u Real Estate Excise Tax (REET) Investment Earnings Transfers In $ - $ 15,000 1,100,000 343,590 $ 39,549 343,590 24,549 (1,100,000) 263.7% 0% Total $1,200 -o c.. ..3 2 $1,000 $800 $800 $400 $200 $ 1,115,000 $ 383,139 $ (731,861) Fund 305 Revenues 2025 Revenues YTD 2025 Tota Budget 34.4% of Year Complete 75.0% 08City of Tukwila Monthly Finance Report 34 1111 1111 00000 kireS a tvII 7 1111IIII110010011011111111111111111111111111111100000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 100 Ihno 000l000000louloo e 116 all 11111110 IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 1111 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September. 1111111 lilt; 11111111loolliollomuomomer '1'1111:11:11:111:1:1111:11:11:1:111:11:11:11:1111:11:1111111111111111111111111111111111111:1:11:11:11:11:111111111:1111111:11:1:111111f Transfers Out to Other Funds — $ — $ 989,118 989,118 Total ; (1,700) $ 1111 1111 1111 ON 1111111( T 51110000000000000M100100101000000000000 1111111111111111000000000000000000000000000000 1111111111111111000000000000000 11111111111111110000000000000000000000000000000000000000000000000 OA 11010010 10 111111111111111111 111111111 0 00 1001111,11110M11, 10 2 1 10 1000000000000000000000000000000000 1111 t 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 989,118 989,118 Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through September 1:11:11111:11:0 1111111111111111111111111111111111111111111111111111111111111111 00000000000000,00:(111111111111111111111111111111111111111111111111111 Real Estate Excise Tax (REET) Investment Earnings 154,045 $ 36,625 460,516 $ 47,860 343,590 $ (116,926) 39,549 (8,311) -25.4% -17% Total Expenditures and Monsters Out Revenues and Transfers In $(200) 190,670 $ 508,376 $ Fund 305 Prior Year Comparisons YTD 383,139 $ (125,237) -24.6% 111111111111111111111111 111111111111 $200 $4.00 $600 $1.,000 $1.,200 Thousands 2023 2024. •2o25 City of Tukwila Monthly Finance Report 351 09 IIIIIIIIIIIIIIIIIIIIIIIIIIII III III III I P ember III 101 000 Revenues Transfers In Expenditures $ 15,273 $ 750,000 57,147 846,937 1,000,000 1,000,000 1.8% 75.0% 5.7% Net Revenues Less Expenditures $ 708,126 $ 846,937 % of Year Complete 75.0% 1 1 OCity of Tukwila Monthly Finance Report 36 Illlll illll�ll��llll�llllinll �l �i l I'�� i�u (Il fflillfof1(11(11i ffffffff 'n landIIIl r nI tO ; u 9 , a» Category 2025Total Budget 2025 Eene !alr awnM al through Septets„hgriiiiiii � ', 1 iip t� raYa nBEI Services 1,000,000 $ 57,147 $ 942,853 5.7% Total $1,200 $a00 $s00 $400 $200 1,000,000 $ Fund 306 Expenditures 111111.111111.111111 2025 Expenditures YTD „»,1timI,IIII III Im to mlii�i luu Category 2025; Tatar Budget 57,147 $ 2025 Total Budget OI 2025 Revenues through; Septem ,e;Kiiiiiiii u r 942,853 5.7% of Year Complete 75.0% III Investment Earnings Rent & Concessions Transfers In 5,000 $ 841,937 1,000,000 15,273 $ 750,000 10,273 (841,937) (250,000) 305.5% 0.0% 75% Total 0 $1,4.00 $1,200 $1,000 $800 $600 $400 $200 $ 1,846,937 $ 765,273 $ (1,081,664) Fund 306 Revenues 2025 Revenues YTD 2025 Tota Budget 41.4% of Year Complete 75.0% City of Tukwila Monthly Finance Report 11111111111111mm yl(1 (c( r tbregA:,,:,,:mtabobsobt b 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September Services Land, Structures, Machinery, Equipment 401,450 $ 1,390,750 1,930,489 $ 808 57,147 $ (1 873,342) -97.0% (808) -100.0% Total Category Iih 1,800,110 $ 1,931,297 $ 57,147 $ (1,874,150) -97.0% ;-, 11 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 11,1,1,1 I 1111111.1.1111111.111111.1.1.„„),;;;;;..),,,,,,,,,,,,,,,,,,,,1,1111111111111111111111111111111111.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 ........................................................................................................... 1111111111111111111111111111111.11.11.11.11.11.11.11.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1 Ili 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim 000glO :11:11:1111:11111'11'11:1::1 11 II II 00 100 111111 1111111111111111111111111111111111111111111111111 00000000000000,00:( 1111111111111111111111111111111111111111111111111 Investment Earnings Rent & Concessions Transfers In 26,541 $ 15,764 $ 750,000 15,273 $ 750,000 (491) -3.1% 0% Total $ Expenditures and Ti'ansfers Out re' and Transfers In 26,541 $ 850,514 $ Fund 306 Prior Year Comparisons YTD $500 $1„000 765,273 $ (85,241) -10.0% $1.,500 $2.,000 $2.,500 Thousands 2023 2024. • 2025 2City of Tukwila Monthly Finance Report 38 Fund 401 Water Utility Fund Overview uuuiiill 4II 1010 u mit Revenues Expenditures Transfers Out $ 7,343,993 $ 6,360,489 1,130,712 11,341,356 10,493,596 1,507,615 64.8% 60.6% 75.0% Net Revenues Less Expenditures $ (147,208) $ (659,855) % of Year Complete 75.0% City of Tukwila Monthly Finance Report 39113 Fund 401 Water Utility Fund Expenditures and Transfers Out by Category Category 2025'To. B dget • through a eriiiiiiii uuu „ill a VI q �ul Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds 957,112 538,827 3,105,196 5,677,288 215,173 816,232 358,050 333,333 667,943 274,481 2,689,706 1,588,758 1,138, 543 1,058 612,175 268,537 250,000 289,169 264,346 415,490 4,088,530 (1,138,543) 214,115 204,057 89,513 83,333 70% 51% 86.6% 28.0% 0.5% 75% 75% 75% Total o-- $1O,000 $8,000 $6,000 $4,000 $2,000 12,001,211 $ 7,491,201 $ Fund 401 Expenditures and Transfers Out 2025 Expenditures YTD 2025 Total Budget Revenues and Transfers In by Category 2026 Total Budget 2025 Revenues oul u hrough;; Sept'ernberiiiiiiii 4,510,010 62.4% 1111411 cYri of Year Complete 75.0% uuuuuuuuuuuuuuuuuuuuuuuuuu III JII1II140 Water Sales Security Revenue Other Income Investment Earnings Bond Proceeds Total $12,000 -o c. m $10,000 1-1 $8,000 $& 000 $4,000 $2,000 9,239,856 $ 1,500 100,000 2,000,000 11,341,356 $ Fund 401 Revenues 2025 Revenues YTD 7,260,972 $ (13,380) 26,436 69,964 7,343,992 $ 2025 Tota Budget (1,978,884) (13,380) 24,936 (30,036) (2,000,000) (3,997,364) 78.6% 1762.4% 70.0% 0% 64.8% % of Year Complete 75.0% 114City of Tukwila Monthly Finance Report 40 Fund 401 Water Utility Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii i1111'1 '� Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds $ 547,612 $ 675,793 $ 667,943 $ (7,850) 251,367 296,279 274,481 (21,798) 2,686,651 2,567,182 2,689,706 122,524 1,563,679 1,434,321 1,588,758 154,437 466,103 56,065 1,138,543 1,082,478 83,493 82,596 1,058 (81,538) 555,264 583,024 612,175 29,151 268,534 268,534 268,537 3 14,819 255,000 250,000 (5,000) -1.2% -7.4% +4.8% +10.8% +1930.8% -99% +5% +0% -2% Total Category 6,437,522 $ 6,218,794 $ 7,491,201 $ 1,272,407 +20.5% Fund 401 Water Utility Fund Year -to -Year Revenues and Transfers In by Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sep; ,,fi1$1Kiiii o imi mi u'I ollo Water Sales Security Revenue Other Income Investment Earnings $ 6,161,545 $ 6,269,737 $ 8,557 6,519 19,143 1,207 141,487 129,539 7,260,972 $ (13,380) 26,436 69,964 991,235 (19,899) 25,229 (59,575) +16% -305.2% +2090.2% -46% Total Expenditures and transfers Out Revenues and Transfers In $ 6,330,732 $ 6,407,002 $ 7,343,992 $ 936,990 +14.6% Fund 401 Prior Year Comparisons YTD $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 Thousands 2023 2024. ■2025 City of Tukwila Monthly Finance Report 41115 )er III 101 ,, ,,,,,,,; VI! 00Nir:;1.111111 mit EIS Revenues Expenditures Transfers Out $ 9,021,770 $ 9,126,489 915,814 12,527,105 16,129,584 1,221,086 72.0% 56.6% 75.0% Net Revenues Less Expenditures $ (1,020,533) $ (4,823,565) % of Year Complete 75.0% 1 1 City of Tukwila Monthly Finance Report 42 Category 2025 To Budget 2025 Expenses o /ara00e pl / through' Sel Ornheriiiiiiii '9"a^ U ) iip t� raYa n a w( Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds $ 666,584 $ 482,884 6,214,355 8,611,358 154,403 687,666 200,087 333,333 550,412 234,508 4,256,936 1,657,869 2,381,418 45,345 515,748 150,066 250,000 116,172 248,376 1,957,419 6,953,489 (2,381,418) 109,058 171,918 50,021 83,333 83% 49% 68.5% 19.3% 29% 75% 75% 75% Total $14,000 $12,000 $10, 000 $8,000 $s,000 $4,000 $2,000 Category' 17,350,670 $ 10,042,302 $ Fund 402 Expenditures and Transfers Out 2025 Expenditures YTD 2025 T 2025 Total Budget T Budget 2025 Revenues through September 7,308,368 57.9% of Year Complete 75.0% Sewer Sales Other Income Investment Earnings $ 12,127,105 $ 400,000 8,680,944 $ 86,872 253,953 (3,446,161) 86,872 (146,047) 71.6% 63.5% Total a $14..000 c.. $12.000 ..3 o-"- $10,000 $8,000 $s,000 $4,000 $2,000 $ 12,527,105 $ 9,021,769 $ (3,505,336) Fund 402 Revenues 2025 Revenues YTD 2025 Tota Budget 72.0% of Year Complete 75.0% City of Tukwila Monthly Finance Report 43117 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiiii Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds 648,398 $ 282,750 3,246,033 1,726,760 242,333 467,802 150,063 25,899 917,061 $ 550,412 $ (366,649) -40.0% 361,224 234,508 (126,716) -35.1% 3,955,841 4,256,936 301,095 +7.6% 1,638,083 1,657,869 19,786 +1.2% 2,381,418 2,381,418 239,987 45,345 (194,642) -81% 491,189 515,748 24,559 +50A3 150,063 150,066 3 +0% 147,500 250,000 102,500 +69% Total 6,790,038 $ 7,900,948 $ 10,042,302 $ 2,141,354 +27.1% Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sept'emJe;Kiiii m,mm 000110 �001 I000011111111111111111111111111111111111111111111111111 Sewer Sales Other Income Investment Earnings 7,659,358 $ 45,715 369,050 7,918,008 $ 5,844 375,101 8,680,944 $ 86,872 253,953 762,936 +10% 81,028 +1386.5% (121,148) -32.3% Total Expenditures and transfers Out Revenues and t rar $ 8,074,123 $ 8,298,953 $ 9,021,769 $ 722,816 +8.7% Fund 402 Prior Year Comparisons YTD $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 Thousands 2023 2024. ■2025 118City of Tukwila Monthly Finance Report 44 q,,,�'�,,®, IIIIII `ul" uuul ul�llul a uil °ul@ul 2025°' Jro ffffff IIIIII I�I� �IIII,IIIIII 11 lll1111 II ® � 11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 poolilIIIHII, via Revenues Transfers In Expenditures Transfers Out $ 2,354,098 $ 225,000 1,820,090 181,341 2,487,500 300,000 2,719,666 241,788 94.6% 75.0% 66.9% 75.0% Net Revenues Less Expenditures $ 577,667 $ (173,954) % of Year Complete 75.0% City of Tukwila Monthly Finance Report 45119 Category ®plll pu rig an 2025 Total Bridget "1"""qrr ulh �allilllllilll m ll�ll , llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll 2025 Expenses II III IVaawnw through; Sep'er,e;r;;;;;;;; Y J Ytt�raYal nwloommon Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Transfers Out - Internal Cost Allocation $ 1,077,911 395,385 362,145 360,225 524,000 241,788 $ 799,570 $ 302,296 340,211 324,059 53,954 181,341 278,341 93,089 21,934 36,166 470,046 60,447 74% 76% 93.9% 90.0% 10% 75% Total �.. $2,500 $2,000 $1,500 $1,000 $500 2,961,454 $ 2,001,431 $ Fund 411 Expenditures and Transfers Out 2025 Expenditures YTD ullllliltu iltIli oil 111111111 u u Vuiou 2026 Total Budget lllld111i Irk alloy 110 2025 Total Budget IIIIIVIIVI imq 2025 Revenues oul u hrough;; September iiiiiii 960,023 67.6% of Year Complete 75.0% u Gambling & Excise Taxes Greens Fees General Government Revenue Culture and Recreation Fees Other Income Investment Earnings Rent & Concessions Transfer In From General Fund Total yr cs 2 ro 0 $2,850 $2,800 $2,750 $2,700 $2,650 $2,600 $2,550 $2,500 $2,450 3,000 1,610,000 165,000 5,000 11,000 60,000 633,500 300,000 2,787,500 $ Fund 411 Revenues and Transfers In 2025 Revenues YTD 1,724,692 164,237 3,506 25,744 47,795 388,125 225,000 2,579,099 $ 2025 Total Budget (3,000) 114,692 (763) (1,494) 14,744 (12,205) (245,375) (75,000) (208,401) 0.0% 107.1% 99.5% 70.1% 234.0% 79.7% 61.3% 75% 92.5% of Year Complete 75.0% 120City of Tukwila Monthly Finance Report 46 Ip° 161 ll llilillrll llllllll lull °'lrllllllllll'ulrll IIIII II IIIII °°II°°II IIIIII °°°°l°lll l a IIIIIIIIIIIIIIII ulrlll Ill Wl' m 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemheriiii 1111111111 lm 'I III Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Transfers Out - Internal Cost Allocation 617,122 272,193 322,332 385,399 28,582 164,484 799,237 $ 293,847 237,397 427,321 84,182 172,704 799,570 $ 333 302,296 8,449 340,211 102,814 324,059 (103,262) 53,954 (30,228) 181,341 8,637 +0.0% +2.9% +43.3% -24.2% -35.9% +5% Total Category uu" 1,790,112 $ 2,014,688 $ 11u luu ®IPl uu� u� iili�uI liou Vuu"lim"miuu�u�ui ®uiml lu u0110111. 1111 V°Ip1! 111l1 111111111 11111 2,001,431 $ (13,257) -0.7% I..„„illi..11111111 11 uu1111 II III ICI F 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sep;1,0,11110110 Illll.,ml,lllllllll Il11 Ili II Greens Fees General Government Revenue Culture and Recreation Fees Other Income Investment Earnings Rent & Concessions Sale of Capital Assets Transfer In From General Fund 1,608,022 150,473 1,405 28,686 51,472 423,466 12,800 225,000 1,561,557 $ 130,366 4,132 13,115 66,682 390,464 4,000 225,000 1,724,692 $ 163,135 +10.4% 164,237 33,871 +26.0% 3,506 (626) -15.2% 25,744 12,629 +96% 47,795 (18,887) -28% 388,125 (2,339) -1% (4,000) -100% 225,000 0% Total Expenditures and transfers Out Revenues and Transfers In 2,501,324 $ 2,395,316 $ Fund 411 Prior Year Comparisons YTD $500 $1,000 $1,500 $2,000 2,579,099 $ 183,783 +7.7% $2,500 $3,000 Thousands 2023 2024. ■2025 City of Tukwila Monthly Finance Report Fund 412 Surface Water Utility Fund Overview uuuiiill 1111L,III�II, op, ®, uvou Revenues Expenditures Transfers Out $ 10,166,774 $ 5,053,798 1,166,820 14,742,267 15,103,982 1,555,760 69.0% 33.5% 75.0% Net Revenues Less Expenditures $ 3,946,156 $ (1,917,475) % of Year Complete 75.0% 22City of Tukwila Monthly Finance Report 48 Fund 412 Surface Water Utility Fund Expenditures and Transfers Out by Category Category 2025To Budget through a eriiiiiiii uuu u l lllllll M u 6 i q u 0 1hji 1 1161000001000011 Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds 2,028,653 $ 1,023,526 72,665 11,957,541 21,597 727,476 494,951 333,333 1,284,993 $ 490,311 56,109 2,971,207 250,692 488 545,607 371,213 250,000 743,660 533,215 16,556 8,986,334 (250,692) 21,109 181,869 123,738 83,333 63% 48% 77.2% 24.8% 2% 75% 75% 75% Total $12,000 $1O,000 $8,000 $6,000 $4,000 $2,000 16,659,742 $ 6,220,620 $ Fund 412 Expenditures and Transfers Out 2025 Expenditures YTD 2025 Total Budget 10,439,122 37.3% of Year Complete 75.0% Revenues and Transfers In by Category Category' 2025' T T Budget 2025 RevenuesluuiullIu through; September Surface Water Sales Permits Grant Revenues Other Income Investment Earnings Total or cs ro yr 0 $16, 000 $14,000 $12,000 $1O,000 $8,000 $6,000 $4,000 $2,000 $ 8,477,267 $ 3,322,000 2,643,000 300,000 14,742,267 $ Fund 412 Revenues 2025 Revenues YTD 8,570,997 $ (17) 644,685 601,783 349,324 10,166,772 $ 2025 Tota Budget 93,730 (17) (2,677,315) (2,041,217) 101.1% 19.4% 22.8% 49,324 116.4% (4,575,495) 69.0% of Year Complete 75.0% City of Tukwila Monthly Finance Report 49123 Fund 412 Surface Water Utility Fund Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii IIII ".IIII IIIII IIII III i'G1 III1111111111111111111111111111111111111111111111111 Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Other Expenditures Transfers Out - Internal Cost Allocation Transfers Out - Debt Service Transfers Out to Other Funds 906,268 $ 413,927 37,585 1,474,048 262,901 494,883 371,209 6,750 1,290,749 501,096 68,598 1,655,913 521,723 261,376 519,626 371,209 359,500 $ 1,284,993 490,311 56,109 2,971,207 250,692 488 545,607 371,213 250,000 $ (5,756) -0.4% (10,785) -2.2% (12,489) -18.2% 1,315,294 +79.4% (271,031) -51.9% (260,888) -100% 25,981 +5% 4 +0% (109,500) -30% Total 3,967,571 $ 5,549,790 $ 6,220,620 $ 670,830 +12.1% Fund 412 Surface Water Utility Fund Year -to -Year Revenues and Transfers In by Category Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sepf, ,fi1$1r0 11 00000000000000,00:(1111111111111111111111111111111111111111111111111 Surface Water Sales Permits Grant Revenues Other Income Investment Earnings 7,767,059 $ 61,177 92,747 230,693 8,090,765 $ 144,968 809,453 392,270 8,570,997 (17) 644,685 601,783 349,324 $ 480,232 (17) 499,717 +344.7% (207,670) -25.7% (42,946) -11% +6% Total Expenditures and Transfers : Revenues rand ••transfers Irr $ 8,151,676 $ 9,437,456 $ 10,166,772 $ Fund 412 Prior Year Comparisons YTD 1111111111111111111111111 1111111111111111111111111111111111111111111.1 $2,000 $4,000 $6,000 $8,000 729,316 +7.7% $10,000 $12,000 Thousands 2023 2024. ■2025 124City of Tukwila Monthly Finance Report 50 Fund 501 Equipment Rental Overview 2025 throughiiiiiiiiiiiiiiiiiii , II III III 111111 111111 10 IIII II IIIIIII I 'Iilol `lug ®® 11 pJll00ll^,l„ ul®i�, lulu uu 10 1111111111111111111111111111111111111111111111111111111111111 Revenues Expenditures Transfers Out $ 4,766,041 $ 3,827,887 289,732 6,223,147 5,749,503 386,308 76.6% 66.6% 75.0% Net Revenues Less Expenditures $ 648,422 $ 87,336 of Year Complete 75.0% City of Tukwila Monthly Finance Report 51125 Category Fund 501 Equipment Rental Expenditures and Transfers Out by Category 2025 To Budget 2025 Expenses°°° °°IIIIIIIIIII 1aro tu through; sept'etiheriiiiiiii ILLADIVOININCORIEN Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Transfers Out - Internal Cost Allocation $ 519,798 $ 237,888 790,900 1,903, 717 2,297,200 386,308 383,491 169,849 667,270 1,386,468 1,220,810 289,732 $ 136,307 68,039 123,630 517,249 1,076, 390 96,576 74% 71% 84.4% 72.8% 53% 75% Total $7,000 -o c. m y $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 Category: 6,135,811 $ 4,117,620 $ Fund 501 Expenditures and Transfers Out 2025 Expenditures YTD 2025 Total Budget Revenues and Transfers In by Category 2025 T T Budget 2025 RevenuesluuiullIu through Sept rOhOriiiiiiii 2,018,191 67.1% of Year Complete 75.0% moll! Fleet Replacement Charges Fleet Lease Charges Fleet Repair Charges Other Income Investment Earnings Sale of Capital Assets Total 0 $7,000 -o c. $6,000 o $4,000 $3,000 $2,000 $1,000 $ 2,294,324 $ 3,526,723 200,000 2,100 1,720,738 $ 2,645,039 136,338 3,045 40,000 55,782 160,000 6,223,147 $ Fund 501 Revenues 2025 Revenues YTD 205,098 4,766,040 $ 2025 Total Budget (573,586) (881,684) (63,662) 945 15,782 45,098 (1,457,107) 75.0% 75.0% 68.2% 145.0% 139.5% 128.2% 76.6% 0/0 of Year Complete 75.0% 126City of Tukwila Monthly Finance Report 52 Fund 501 Equipment Rental Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii Salaries, Wages, & Overtime Benefits Supplies Services Land, Structures, Machinery, Equipment Transfers Out - Internal Cost Allocation 257,869 $ 130,659 541,440 590,772 141,795 262,791 366,930 $ 162,872 534,640 1,143,484 130,376 275,935 383,491 $ 16,561 +4.5% 169,849 6,977 +4.3% 667,270 132,630 +24.8% 1,386,468 242,984 +21.2% 1,220,810 1,090,434 +836.4% 289,732 13,797 +50A3 Total 1,925,326 $ 2,614,237 $ 4,117,620 $ 1,503,383 +57.5% Fund 501 Equipment Rental Year -to -Year Revenues and Transfers In by Category Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through ;;Sept'efif bapiii m,mm mm oll000 Fleet Replacement Charges Fleet Lease Charges Fleet Repair Charges Other Income Investment Earnings Sale of Capital Assets 787,887 $ 754,289 930,560 $ 110,925 85 571 153,136 137,081 326,067 51,975 1,720,738 $ 790,178 +85% 2,645,039 2,645,039 136,338 25,413 +22.9% 3,045 2,474 +433.3% 55,782 (81,299) -59% 205,098 153,123 +295% Total Expenditures rand transfer Revenues rand Transfers In 2,021,464 $ 1,231,112 $ Fund 501 Prior Year Comparisons YTD $1,000 $2,000 $3,000 $4,000 4,766,040 $ 3,534,928 +287.1% $5,000 $6,000 Thousar'id 2023 2024. ■2025 City of Tukwila Monthly Finance Report 53127 Fund 502 Insurance - Active Employees Overview 2025 throeghiiiiiiiiiiiiiiiiiii , II III III 111111 111111 10 IIII II IIIIIII I 'Iilol `lug ®® 11 pJll00ll^,l„ ul®i�, lulu uu 10 1111111111111111111111111111111111111111111111111111111111111 Revenues Expenditures Transfers Out $ 5,304,964 $ 4,394,186 156,808 8,302,594 6,599,439 209,077 63.9% 66.6% 75.0% Net Revenues Less Expenditures $ 753,970 $ 1,494,078 of Year Complete 75.0% 128City of Tukwila Monthly Finance Report 54 Category Fund 502 Insurance - Active Employees Expenditures and Transfers Out by Category 2025 To Budget •111thr2ugh p e eriiiiiiii uuu u l llll.1,2 M 6 q u 1 uvu l Self Insurance Medical Claims Dental Claims Prescription Claims Vision Claims Stop Loss Reimbursements TPA Admin Fees Excess Loss Prem Contracted Services Employee Wellness Services Transfers Out - Internal Cost Allocation 4,108,327 $ 413,306 1,158,759 21,641 155,034 621,372 100,000 18,000 209,077 2,689,545 $ 329,148 941,157 14,816 (229,526) 131,390 478,608 33,928 4,945 156,808 1,418, 782 84,158 217,602 6,825 229,526 23,644 142,764 66,072 13,055 52,269 65% 80% 81.2% 68.5% 85% 77% 34% 27% 75% Total yr 0 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 Category' 6,805,516 $ 4,550,819 $ Fund 502 Expenditures and Transfers Out 2025 Expenditures YTD 2025 Total Budget Revenues and Transfers In by Category 2026;,Total Budget 2025 Revenues100 IIu through sept'OCOO riiiiiiii 2,254,697 66.9% of Year Complete 75.0% Employer Trust Contributions Employee Voluntary Contributions Employee Mandatory Contributions Employee Benefit Program Services Investment Earnings Total a $5.000 0 $8,000 ..3 $7,000 $5,000 $4,000 $3,000 $2,000 $1,000 $ 7,943,114 $ 311,980 47,500 8,302,594 $ Fund 502 Revenues 2025 Revenues YTD 4,844,437 $ 47,015 250,296 86 163,132 5,304,966 $ 2025 Tota Budget (3,098,677) 47,015 (61,684) 86 115,632 (2,997,628) 61.0% 80.2% 343.4% 63.9% % of Year Complete 75.0% City of Tukwila Monthly Finance Report 55129 Fund 502 Insurance - Active Employees Year -to -Year Expenditures & Transfers Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through Septemberiii ���� ������ Self Insurance Medical Claims Dental Claims Prescription Claims Vision Claims Stop Loss Reimbursements TPA Admin Fees Excess Loss Prem Employee Wellness Supplies Contracted Services Employee Wellness Services Transfers Out - Internal Cost Allocation $ 2,853,073 $ 2,614,860 $ 2,689,545 $ 74,685 +2.9% 305,100 281,577 329,148 47,571 +16.9% 662,491 768,837 941,157 172,320 +22.4% 13,203 13,895 14,816 921 +6.6% (44,611) (352,244) (229,526) 122,718 -34.8% 104,829 112,163 131,390 19,227 +17.1% 208,219 331,988 478,608 146,620 +44.2% 628 351 175 (176) -50% 47,577 47,591 33,928 (13,663) -29% 102 132 4,945 4,813 +3646% 142,227 149,342 156,808 7,466 +5% Total Category 4,292,838 $ 3,968,492 $ 4,550,994 $ 582,502 +14.7% Fund 502 Insurance - Active Employees Year -to -Year Revenues and Transfers In by Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Sept, ,fi1$1r0 imi u ollo Employer Trust Contributions Employee Voluntary Contributions Employee Mandatory Contributions Employee Benefit Program Services Investment Earnings $ 4,202,484 $ 53,053 64,309 4,614,449 $ 26,750 107,294 149,059 170,583 4,844,437 $ 229,988 47,015 20,265 250,296 143,002 86 86 163,132 (7,451) +5% +75.8% +133.3% -4% Total Expenditures and transfers Out Revenues and Transfers In $ 4,468,905 $ 4,919,076 $ 5,304,966 $ 385,890 +7.8% Fund 502 Prior Year Comparisons YTD $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Thousands 2023 2024. ■2025 130City of Tukwila Monthly Finance Report 56 Fund Overview 2025 throughiiiiiiiiiiiiiiiiiii , II III III 111111 111111 10 IIII II IIIIIII I 'Iilol `lug ®® 11 pJll00ll^,l„ ul®i�, lulu uu 10 1111111111111111111111111111111111111111111111111111111111111 Revenues Expenditures Transfers Out $ 307,599 $ 358,752 10,452 546,347 488,766 13,938 56.3% 73.4% 75.0% Net Revenues Less Expenditures $ (61,605) $ 43,643 of Year Complete 75.0% City of Tukwila Monthly Finance Report Fund 503 Insurance - LEOFF II Retirees Experiditure$, andllliTran$ferr Qait by Category Category 2025 Total Budget 1161000001000011 thr2ough tefit eriiiiiiii avna uuu u l lllllll, to Th. iv .. a q11 Self Insurance Medical Claims Dental Claims Prescription Claims Vision Claims TPA Admin Fees Excess Loss Premium Long Term Care Out of Pocket Medicare Plan B Contracted Services Transfers Out - Internal Cost Allocation 150,000 32,931 169,644 4,419 12,612 24,160 15,000 75,000 5,000 13,938 57,690 36,089 134,806 3,682 12,188 19,779 74,010 2,620 17,887 10,452 92,310 (3,158) 34,838 737 424 4,381 82% (59,010) 493% 72,380 3% (17,887) 5,000 3,486 38% 110% 79.5% 83.3% 97% 75% Total $400 $300 $200 $100 502,704 $ 369,203 $ Fund 503 Expenditures and Transfers Out 2025 Expenditures YTD 2025 Tota Budget 133,501 73.4% of Year Complete 75.0% Revenues dlllTransfers--Iln by Cat ors Category' 2025 Total Budget 2025 Revenues 1100 IIIu through sePt.0010Uriiiiiiii 1111 Employer Trust Contributions Investment Earnings Employee Benefit Program Services $ 545,833 $ 514 307,404 $ 194 (238,429) (320) 56.3% 37.7% Total $300 $200 $100 546,347 $ Fund 503 Revenues 2025 Revenues YTD 307,598 $ (238,749) 2025 Total Budget 56.3% of Year Complete 75.0% 32City of Tukwila Monthly Finance Report 58 Fund 603 Insurance - LEOFF I Retirees Year -to -Year Expenditure8 Transfer$ Out by Category 2023 Expenses 2024 Expenses 2025 Expenses hrough September through September through September 11111111111111111111111111111111111111111111111 Self Insurance Medical Claims Dental Claims Prescription Claims Vision Claims TPA Admin Fees Excess Loss Premium Long Term Care Out of Pocket Medicare Plan B Contracted Services Transfers Out - Internal Cost Allocation 52,738 22,356 124,454 1,313 11,934 45,299 57,048 1,670 31,428 9,486 43,734 $ 20,964 110,279 19,976 12,139 13,436 80,984 8,111 22,365 2,000 9,956 57,690 $ 13,956 +31.9% 36,089 15,125 +72.1% 134,806 24,527 +22.2% 3,682 (16,294) -81.6% 12,188 49 +0.4% 19,779 6,343 +47.2% 74,010 (6,974) -8.6% 2,620 (5,491) -68% 17,887 (4,478) -20% (2,000) -100% 10,452 496 +50A3 Total 357,726 $ 343,944 $ 369,203 $ 25,259 +7.3% Fund 503 Msurarice LEOFF tRetirees Year,to-Year Revenues and Transfers In by Category Category 2023 Revenues 2024 Revenues through September through September 2025 Revenues through Septembapim ollo 000 olooloolooloolooloolooloolo Employer Trust Contributions Investment Earnings Employee Benefit Program Services 239,738 $ 5,583 244,236 $ 3,285 307,404 $ 194 63,168 +26% (3,091) -94.1% Total Expenditures and Ti'ansfers Out re' and Transfers In $ii $ 245,321 $ 247,521 $ 307,598 $ 60,077 +24.3% Fund 503 Prior Year Comparisons YTD $50 $100 $150 $200 $250 $300 $350 $4.00 Thousands 2023 2024. •2025 City of Tukwila Monthly Finance Report 591 33 2025 Estimated Fund Balances All Funds exc, 2025 Actual & 2025; egllnniing atimated FuindllllName FUnidllll . allanee Revenues TotalIlllActuall & timatedll xpenditures/ xpenIse 2026. Projected riding Fund alance General Fund* $ 24,722,225 Special Revenue Funds 79,733,463 $ 74,725,347 $ 29,730,341 Hotel Motel Tax Arterial Streets Drug Seizure Fund Capital Project Funds 3,728,106 7,326,170 436,912 873,685 6,276,758 36,979 419,558 3,694,260 73,000 4,182,233 9,908,668 400,891 Residential streets 1,770,619 439,393 70,096 2,139,916 Land Acq, Rec, & Parks Imps 4,359,134 1,818,070 899,750 5,277,453 General Gov't Imps 41,694 344,957 116,620 270,031 Fire Improvement - 130,856 130,856 - Public Safety 1,617,834 584,084 1,291,930 909,988 City Facilities 989,887 1,037,767 860,599 1,167,055 Enterprise Funds Water Fund** Sewer Fund** Golf Course** SSWM Fund** Internal Service Funds 4,548,131 13,900,117 1,695,891 13,081,527 8,665,661 10,759,427 3,034,556 11,692,287 9,482,415 12,497,632 2,635,690 8,051,274 3,731,377 12,161,911 2,094,757 16,722,540 Equipment Rental** Insurance - Active LEOFF 1 Retirees 1,931,334 3,454,472 (58,262) 5,005,113 6,435,650 663,819 5,008,198 6,005,642 480,099 1,928,249 3,884,480 125,458 Total All Funds $ 83,545,791 $ 137,532,524 $ 126,442,967 $ 94,635,348 *Includes Contingency Fund 105 **Excludes net position restricted for net investment in capital assets and pension. 134 Depository CASH & CASH EQUIVALENTS CITY OF TUKWILA Cash and Investment Details CASH & INVESTMENT REPORT September 30, 2025 Investment Maturity Type Date Balance (d) Current Annualized Rate Return US Bank Operating Cash Depository (b) 8,150,251 0.60% 48,902 (e) Washington State Treasurer LGIP Investment Pool (b) 63,884,020 4.29% 2,740,369 (f) Columbia (Umpqua) Bank Money Market (b) 17,667,376 4.55% 803,866 (f) Total Cash & Cash Equivalents 89,701,647 4.01% 3,593,136 (g) Agency / Issuer Rating INVESTMENTS (a) Investment Purchase Maturity Term Type Date Date Yrs. Face Value (c) Yield to Annualized Maturity Return Agencies Federal Home Loan Bank Aaa US agency 02/2021 02/2026 0.3 1,000,000 0.63% 6,250 Federal Farm Credit Bank Aaa US agency 06/2021 06/2026 0.7 1,000,000 0.90% 9,000 Federal Home Loan Bank Aaa US agency 11/2021 11/2026 1.2 2,000,000 1.46% 29,200 Federal Farm Credit Bank Aaa US agency 03/2022 12/2025 0.2 1,000,000 2.00% 20,000 Federal Home Loan Bank Aaa US agency 05/2022 05/2027 1.6 1,000,000 3.96% 40,000 Federal Home Loan Bank Aaa US agency 05/2022 05/2026 0.6 1,000,000 3.38% 33,750 Federal Home Loan Bank Aaa US agency 06/2022 06/2027 1.7 1,000,000 3.59% 35,900 Federal Home Loan Bank Aaa US agency 12/2022 10/2025 0.0 1,000,000 4.35% 6,000 TOTAL AGENCIES 9,000,000 2.00% 180,100 Taxable Municipal Bonds Metro Oregon GO Taxable AAA LTGO 06/2021 06/2026 0.7 1,000,000 0.83% 32,500 King County WA GO Taxable 03/2022 12/2026 1.2 1,000,000 2.33% 14,000 Bellevue WA GO Taxable 04/2022 12/2026 1.2 1,000,000 3.12% 14,370 TOTAL MUNICIPAL BONDS 3,000,000 2.03% 60,870 Total Investments 12,000,000 2.01% 240,970 TOTAL PROJECTED CASH, CASH EQUIVALENTS & INVESTMENTS $101,701,647 (a) Term is calculated to final maturity or call date if bond has been called. (b) No fixed maturity, funds are available within one day. (c) Yield to Maturity represents average rate for the year for various investment vehicles. (d) Annualized return represents annual earnings at current rate. (e) Represents earning credit from US Bank. City earned interest up to the amount of fees. (f) Current rate reflects most recent interest rate for each depository account. (g) Represents annual earnings, assuming no changes in the Market. Actual earnings to date are $1,947,385 3.77% $ 3,834,106 Current Portfolio Yield Current P.rtfono Allocation Agencies, Municipal 9% Money Market, 17% Cash, 8% 135 CITY OF TUKWILA Policy Compliance & Liquidity Analysis CASH & INVESTMENT REPORT September 30, 2025 Cash & Investments Funds immediately available - US Bank, State LGIP, Money market Fixed Maturity Investments, maturing in: 0-90 days after Report Date 91-180 days after Report Date 181-270 days after Report Date 271-360 days after Report Date Total Investments maturing in 1 year or less Investments maturing in more than 1 year and less than 10 years. Total Cash & Investments Financial Institution Diversification US Bank Columbia (Umpquah) Bank State LGIP Portfolio Amount $ 89,701,647 2,000,000 1,000,000 3,000,000 6,000,000 6,000,000 $ 101,701,647 Portfolio Amount $ 8,150,251 17,667,376 63,884,020 As of Report Date Available Within 1 Year $ 89,701,647 6,000,000 $ 95,701,647 94% of Total 8.0% 17.4% 62.8% Available Within 5 Years $ 89,701,647 6,000,000 6,000,000 $ 101,701,647 100% POLICY MAXIMUM insured by PDPC 20% 100.0% Investments in US Government and other non- financial institutions 12,000,000 11.8% varies see below Total $ 101,701,647 100.0% Portfolio Investment Mix Amount Depository (USBank) 8,150,251 State Investment Pool 63,884,020 Umpquah 17,667,376 US Agency 9,000,000 Municipal Bonds 3,000,000 of Total 8.0% 62.8% 17.4% 8.8% 2.9% Total 101,701,647 100.0% POLICY MAXIMUM insured by PDPC 100% insured by PDPC 100% 30% Weighted Average Maturities: Years Performance Analysis Funds Immediately Available 0.0 Current portfolio yield Government Agency bonds 0.8 Municipal bonds 1.0 Total WAM 0.1 POLICY MAXIMUM 2.0 Policy Met? Yes Note: Funds immediately available are not factored into the Portfolio Investments weighted average maturity. Benchmarks: 2 year treasury 3 year treasury 5 year treasury Policy Met? Yes Yes Yes Yes Policy Met? Yes Yes Yes Yes Yes 3.770% 3.617% 3.626% 3.746% 136