BELLINGHAM, Wash. – Inflation concerns are causing Bellingham city leaders to prepare for economic slowdowns in the coming years.
“We are providing a framework,” said Bellingham Deputy Finance Director Forrest Longman. “We are expecting some economic slowdown in 2023 as we look at inflation and interest rates going up, and a lot more uncertainty.”
Longman announced Mayor Seth Fleetwood’s preliminary goals for the city’s 2023-24 budget in a meeting on Monday, April 25th.
Longman said the Mayor believes the city’s financial situation is prepared to handle worst-case scenarios.
However, out of an abundance of caution for what the economic climate could look like next year, the Mayor is proposing modest increases in spending, if needed.
Longman also outlined five priorities that the Mayor wants to bolster in the next budget.
“The goals that the Mayor has identified is beyond our ongoing, enduring goals of maintaining our facilities and maintaining our level of service and staying on a strong financial footing,” said Longman.
Those include public safety, affordable housing and recovering from COVID-19.
The 2023-24 budget is in the preliminary phases of development.
Final votes will be held by the end of this year.