Adopted 2023-2024 Biennial Budget

Lakewood 2023-2024 Biennial Budget adopted

Nov. 21, 2022

The Lakewood City Council adopted the 2023-2024 Biennial Budget at its meeting Monday.

The city is projected to end the year in its best financial condition in a couple of decades. Building on a strong financial position, the city continued its smart financial planning. Looking to the biennium, the adopted budget does not include reductions in services, does not use one-time monies for ongoing programs and is balanced, meaning operating expenditures do not exceed anticipated revenues.

The biennial budget is the most important document the city produces. It acts as a financial roadmap and outlines city spending and priorities, which for the upcoming period runs Jan. 1, 2023 to Dec. 31, 2024. Its review and adoption is one of the City Council’s most important policy roles as a legislative body.

With the budget in place the city can allocate resources to a variety of programs necessary to move our community forward and meet the Lakewood City Council’s goals and objectives.

As was the case in the previous budgets, the 2023-2024 Biennial Budget represents the City’s continued commitment to fiscal management, effective service delivery and providing the highest quality of life to residents. The budget is focused on supporting the City Council goals and objectives, including:

  • Supporting human services, housing and homelessness resources
  • Ensuring a safe city
  • Economic development to attract and create jobs
  • Continued park improvements
  • Rebuilding roadway systems and adding sidewalks for pedestrian and bicycle access
  • Recognizing the value and importance of Joint Base Lewis-McChord and Camp Murray
  • Providing a wide range community events and youth programming

Find out more about the biennial budget.