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Finance Department > Financial Reports & Documents

Current Financial Reports

Each quarter, the City issues a financial status report for the major operating funds, with analysis explaining major variances, and a comparison of current revenues and expenditures to the current year budget. These interim financial reports are unaudited and are designed to provide the reader with a picture of the City’s current operating results. These reports are prepared on an accrual basis (with the exception of year-end adjusting entries posted in the last quarter), in accordance with generally accepted accounting principles (GAAP). These reports are designed to identify trends and keep the City’s management team and elected officials informed about financial activities.

In addition, these reports provide information about the City’s financial management policy compliance, and the City’s investments in conformity with a Council-approved policy, which has also been certified by the Washington Public Treasurers Association (WPTA). A detailed analysis of sales tax revenue, one of the City’s largest revenue streams, is included as an appendix to the quarterly report.

The following financial status reports are archival, for reference only:


The budget process is a biennial function that begins in May and is established for a two-year fiscal period (January-December) beginning in odd numbered years.  The City of Poulsbo adopted its first Biennial Budget for Budget Years of 2017-2018.

The Mayor, City Council, and departments work diligently to develop a budget in accordance with laws governing the process taking into account the City’s goals, vision, and priorities.  Many public presentations, hearings and meetings are held to create a final working budget for the upcoming fiscal biennium.

The following budget documents are archival, for reference only:

Annual Comprehensive Financial Report

Each year, the Finance Department produces an Annual Comprehensive Financial Report for the fiscal year ending December 31.  Starting in 2001, and every year since, the City has won the Government Finance Officers Association’s “Certificate of Achievement for Excellence in Financial Reporting”, the highest achievement for government reporting.

The following annual financial reports are archival, for reference only:



The State of Washington Growth Management Act of 1990 (GMA) requires the City of Poulsbo develop a Comprehensive Plan that contains land use, housing, capital facilities, utilities, public facilities and transportation elements.  The City Improvement Plan (CIP) is the document that communicates the City’s plan for capital construction and purchases for a six-year period as required by the GMA.  By City policy, a capital project is defined as a project of a non-recurring nature with a cost not less that $15,000 and an estimated life not less than 10 years.

The CIP is updated as an initial step in the budget process.  Projects are prioritized by the department and working Council committees.  The CIP as a whole is then reviewed by the City Council with funding options established.

The following Capital Improvement Plans are archival, for reference only:


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