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<br /> 506 December 2,1987
<br /> 11q 1`1 1111 FUND 152: CUMULATIVE RESERVE/L/BRARY
<br /> mArobRAM 404:
<br /> Information Resources and Facilities 550,700
<br /> 1''l
<br /> Councilmember Niva,seconded by Cooncilmember Overstreet to
<br /> adopt Fund 110 in the total amount of$
<br /> 1,297,590 and Fund 152 in the
<br />'10 1 1"[ ' total amount of 550,700.
<br /> Motion caroled.
<br /> On motion CO 12:25 p.m.,the budget hearing recessed until 7:00 p.m.
<br /> tonight.
<br />,111` 11[1'1
<br /> i ession at 7:00
<br /> pre hh.i.ertktleeeamerloheccr,72ene,Cel hil1e5e87:tthilrnreget stfeEetenlyb o Ln90p0r e0221129
<br /> President Gipson then turned the gavel over to Councilmemter
<br /> Stephenson,Chairman of the Council Budget Committee.
<br /> [ , Chairman Stephenson said the budget process has been going on for
<br /> some months and the public hearings for the last few weeks. This
<br /> '1111` .` evening will be the last public hearing. As required by law the
<br /> 1' '.''l pubic hearings have to be closed by December 7th. The purpose of
<br /> this meeting is to give an overview of the capital improvement
<br /> 1 PI/1 programs for the next five years as identified by the council for
<br /> 11:`:',111 1 1 the City of Everett. These programs amount to a change in the
<br /> 1 1., ["', ,
<br />[.,[ I, ` '$1
<br /> rpfonnVe[trIgt g:::treeenmileAliiellcr)=e Ljimritn tteernahrfen=
<br /> forithe City. Next week, on December 5th, after the public hearing
<br /> has been closed, the council will continue to deliberate on the
<br /> budget. On the evening of the 17th of December at 7:00 p.m., a
<br /> l.' public hearing will be held and at that time the council will deal
<br /> 4,1,11'111 with the three proposed tax increases, B & 0, Gambling Tax and
<br />[[!`[' 1' Utility Tax. From there, hopefully, to December 23rd for the
<br /> adoption the final 158B budget for the City of Everett.
<br /> , , ,, Bill Cushman,Finance Director said during the last ten or fifteen
<br /> ,Il 1'1,1 1. years the budget process has'included a limited number of capital
<br /> 1'1 111 1 1, improvementh:ror;mseas part of the normal operation of the city.
<br /> , L
<br /> i
<br /> Tt he el se e ty ee a re tt t h e let e e e t tee dr:o eo tgn itrheed ettheei enee,sep t c,,,,osremgLoya t te,ot sh:t p or ro go rc e.::
<br /> were included as part of the operating budget but this year it was
<br /> decided to have a separate section of the budget as well as separate
<br /> ch'omTer107.4 f r'dr c ulttsutr a l'',"f gs:idv I cc°av ne r retchre a tinotne:le,s tt o°Ip a rtth:.e n"1"
<br /> I
<br />.j. .1, ,."1 1
<br />. 1, .0 1 PI He said because of the complexity of trying to balance intereat
<br /> rabms,metoritr terms,project start dates,project costs,growth Ln
<br /> r 1 1111. 1= [ the tax base and a variety of tax rates, a computer model was
<br /> required to quickly sort out the options and to report on the
<br /> 11,1[1: outcome of any given scenario. Such a model Ls in place has been
<br /> run to test hundreds of options. It must be pointed out that the
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