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Finance Department
Economy and Tax Base: Large and growing Puget Sound tax base with above average resident wealth levels
"The city is located in the greater Puget Sound area and has a vibrant and expanding local economy. The city's tax base is large and growing, with 2017 assessed value at $9.9 billion, an increase of 19.3% over 2016 and 43% higher than its pre-recession peak of $6.9 billion in 2009. Recent growth has been robust with a 5-year average annual growth of 7.5% which we expect will continue in the near to medium term. The local economy will continue to be driven by the Bothell Technology Corridor, a state-designated innovation partnership zone facilitated by University of Washington-Bothell, Cascadia College and private sector businesses.The city has also invested significant funds in the revitalization of downtown and should see significant economic growth from this investment. Local residents further benefit from the employment opportunities across the Puget Sound area as evidenced by the low 4% unemployment rate as of October 2017. The city is an affluent community with the median family income of residents at an above-average $101,872 or 154.3% of the US and 2017 full value per capita, a proxy measure of wealth, is a strong $225,019."
Financial Operations and Reserves: Narrowed financial profile that is expected to improve; Significant available reserves outside the General Fund
"The city's financial profile has narrowed recently as the city has had to spend down reserves to maintain current service delivery levels, however going forward the city has worked to stabilize its financial profile through one-time cash infusions and new and potential ongoing revenue sources. The city will also see continued increases in revenues as the Puget Sound economy continues to expand."Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets. The firm's ratings and analysis track debt covering more than 135 sovereign nations, approximately 11,000 corporate issuers, 21,000 public finance issuers, and 72,000 structured finance obligations. Moody's Investors Service is a subsidiary of Moody's Corporation (NYSE: MCO), which reported revenue of $3.6 billion in 2016, employs approximately 11,700 people worldwide and maintains a presence in 41 countries. Further information is available at