Finkelstein: Sammamish Must Diversify Revenue

    Stan Finkelstein, executive director of the nonprofit Association of Washington Cities, gave a dire warning to the Sammamish City Council last week. He said the city must diversify its revenue sources and prepare for state and national funding reductions to maintain financial viability over the long term.

    Finkelstein told the City Council that Sammamish has benefited despite the economic downturn by setting aside capital funds, a luxury he said few cities enjoy. The city has also benefited from having a relatively high median income, which was $101,592 – almost twice that of similar cities – when the last U.S. Census was conducted in 2000. The closest contender was Redmond, which had a median income of $66,735.

    But Finkelstein warned that increases in the federal debt and health care costs will lead to reductions in entitlement programs and funding for services like higher education. He also said Sammamish is likely to face a rise in contract expenses and in the cost of delivering services, and it will need to diversify its revenue sources as new construction slows.

    Published in the Sammamish Review. Read the story.