| Summary: | Recent increases in the cost of fuel have negatively impacted the amount of fuel purchased in the state of Washington, therefore lowering the revenue received. [...] Data source: The University of Michigan3 • The US Conference Board tracks economic indicators in ten different areas to assess the health of the economy and to gauge the direction of economic development. [...] The revision resulted from a significant downturn in the state and national economy.5 • At the national level, the latest data continues to indicate that the number of building permits in the single-family sector continues to decline, suggesting that builders have significantly slowed down the pace of new construction. [...] Until the County's optional sales tax went into effect, effectively through June of 2007 collections, the City retained the 15% of the sales tax on the 2/10% of the City's optional sales tax dedicated to Public Safety. [...] • The retail sales data does not include the impact from the financial crisis that the county entered in the last quarter of 2008. [...] The increase was mainly due to the increases in the cost of natural gas approved during the winter of 2007-08. [...] Due to the timing of the state/federal fiscal year being different from that of the city, some grants that the city receives run through the middle of the following fiscal year. [...] The largest share of the reimbursement requests takes place during the last quarter of the year. [...] Fund Balance • The cash balance represents a snapshot on a particular date, while the fund balance factors in revenues that are anticipated to be received by the end of the year and expenditures that are anticipated to happen through the end of the year. [...] • The undesignated fund balance in the General Fund at the end of 2008 was $16.2 million, compared to the undesignated fund balance in the General Fund at the end of 2007 of $14.8 million (in addition to the General Fund Emergency Reserve of $8 million and the capital reserves for art-related projects of $851 thousand).
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