Jolt: Money

By Josh Feit April 30, 2012

Today's winner and loser: Seattle's budget outlook. 

City budget office director Beth Goldberg told the council's budget committee this morning that the city now faces a budget deficit of about $32 million for 2013-2014

Among other factors, budget staffers attributed the ongoing shortfall to the fact that the housing market hasn't recovered; the fact that residents haven't rebuilt savings lost since the recession; and the fact that gas prices are rising, among other factors.

However, the new deficit projection was $10 million less than the previous shortfall forecast of $42 million, largely because the Puget Sound region has been doing much better than the state and nation as a whole, with a stronger economic forecast, a stronger construction forecast, and higher employment and retail sales.

Today's winner or loser? Jay Inslee.

Following up on this morning's Fizz where we noted that Democratic gubernatorial candidate Jay Inslee sent out a small donor fundraising appeal, looking for $5 a pop, to raise an additional $40,000 by the the midnight fundraising deadline for April.

An email from his campaign that went out late this afternoon says he's a touch more than halfway there: His campaign says he's raised $23,476.

Hi --

I just got off the phone with Jay. He wanted an update on the progress toward our $40,000 grassroots fundraising goal.

I gave it to him straight. We've raised $23,476 -- over halfway towards our goal. But it also means we need to raise another $16,524 by midnight tonight to reach our goal. That's just hours away.

While Inslee is ahead in fundraising, with a grand total of $4.8 million raised with $2.73 million cash on hand, Inslee's Republican rival, Rob McKenna, has raised $4 million  with $2.3 million on hand. That's too close for comfort for Inslee, given that Inslee had a big advantage: McKenna was not able to raise any contributions during the legislative session in Olympia—taking him out of the fundraising game for four months while Inslee was dialing for dollars.
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