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octoher r9% <br /> PamnMetically.I note this proposed budgm does wt address Me <br /> negative revenue impacts of Initiative 693 presently 0+, <br /> 1,1.3 passe,.there will be an additional reduction of general fund revenues of <br /> approximately g2 mill.in X00.52.5 million in 2001.and larger reductions <br /> in future v.'s. <br /> Why are we lacing a subnautial reduerion in projected revenues,The <br /> prim,reason is Boames decreased aircraft deliveries in 2003,winch will <br /> result M signikant reducuon in Ow City's business and occupation IMO,tax <br /> revenues.Bill Cud...die City's Budget Director.melody monitors Boeing <br /> sales and daffy,mformation in Washington Stem.He regularly provides <br /> updan.of potential revenue impacts.Recently.in a budget workshop. <br /> August 4,1999. ashman explain.Weing aircraft deliveries would <br /> dazIlne in MOO by an estimated aircraft from Boeing, high of 603 <br /> in Me I.,tax year. <br /> The total projected redden.in 0.40 tax revenue exceeds S.5 <br /> This 35 million Mien will be panially offset by increasa in other revenues <br /> of approximmely mill..resulting in a net reduction of 33.15 million of <br /> In several previous budget messages,I discussed past Boeing economic <br /> cycles.C.Rabe.of future economic cycles.and the importance of the City <br /> following prudent budget prank:.to weather these cycles.Bill Nehru=has <br /> Prepared a chan which ooc.graphieany the peaks and valleys of Boeing <br /> • <br />