Economic Development Commission takes up paid parking and a BO tax as potential revenue sources

The Edmonds Economic Development Commission (EDC) convened to deliberate on potential revenue strategies, including paid parking and a business and occupation (B&O) tax, in response to a $5 million budget deficit. The City Council has already placed a $14. 5 million levy lift request on the November ballot, aiming for additional budgetary solutions. During the two-hour meeting, public comments predominantly reflected concerns about the negative impacts of both proposals on local businesses. Joan Malkowski proposed alternative solutions like a parking garage to mitigate issues associated with paid parking.

Erika Barnett, a city council candidate and business owner, argued that the B&O tax would disproportionately burden small businesses and consumers, particularly those with fixed incomes. She noted that the tax is based on gross receipts rather than profits, which could unfairly impact businesses with high revenues but low margins. The EDC must finalize and present its recommendations by early November for the City Council's consideration before the budget is finalized in December. The outcome of these discussions will significantly influence the local business environment and community finances.