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October 31,2001 <br /> EVERE88£19088 TAX 1890.2001 <br /> 206100.060 <br /> • <br /> • <br /> maam Asa ataxw,ta wars-am:MO% 1 <br /> 6.990.000 <br /> lau <br /> 1960 1091 1990 IMO 1999 1990 1992 1991 UN 1998 .o <br /> The current declive io sales tax revenue in the City is nothing new.If you look <br /> carefully at the sales tax graph,you will note the City's annual sales tax <br /> revenum have declined from one year to the next seven times in the 21-year <br /> period.As the attached Strategic Forecast discloses,Mr.Cashman is projecting <br /> Everett's sales tae revenue to resume growing at the raw of 4%per year in <br /> 22003. <br /> Peterson-Conway gales Tax Analysis. Earlier this year the City <br /> employed Peterson-Conway,a well-respected regional economic <br /> consulting <br /> firm,to review the City's economy and evaluate oar sales tax growth <br /> forecasting.The Peterson-Conway study predicted an average annual growth in <br /> Ever 's sales tax revenue of 4.2%over ten years.The study,however, <br /> completed prior to September II and,accordingly,did not consider lbs effects <br /> of the September 11 events or their subsequent impacts on our Weal economy. <br /> B&O Tax Forecast. Mr.Cushman has reduced his B&O tax revenue <br /> forecast for Wane years W the Strategic Forecast based upon his analysis of the <br /> latest Boeing information.Again,the cyclical nature of Boeing sales is not e <br /> 428 <br />