City Finances

Responsible Financial Planning

City officials and staff are dedicated to managing Newcastle's finances in a way that promotes the long-term viability of the city and community. Newcastle is on sound financial footing. In 2016, S&P Global Ratings provided Newcastle with a AAA bond rating, the highest credit rating a city can achieve. This rating reflects the city's stable financial condition, both currently and what is expected in the future. Through sound financial planning, the city will continue to grow and establish itself within the Seattle metropolitan area as a desirable location for people to call home.

Newcastle's City Council, working with Finance Department staff, has the responsibility to account for public funds, to manage municipal finances wisely and to plan for adequate funding for the services and facilities desired and needed by the public. Effective financial practices pave the way for improvements, projects, programs and amenities that both preserve Newcastle's character and make living here more enjoyable.

Adopted Comprehensive Financial Management Policies serve as a framework for the financial planning, budgeting, accounting, reporting and other financial management practices. The purpose of these policies is to ensure the city operates in a prudent manner, using sound fiscal planning to provide for the safekeeping of the city's assets and the delivery of needed services.

Newcastle's Financial Objectives
The Council's financial policy has specific objectives to maintain fiscal well-being. The complete financial policy statement can be found here.

Newcastle's City Council budgets on an annual basis. The annual budget serves as an important tool in managing the city's finances. View the current city budget here; past budgets can be viewed here.

The City Council's Finance Committee formulates recommendations for the full Council and is in the process of developing a long-term financial plan.

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City of Newcastle