2001/10/31 Council Minutes - Laserfiche WebLink

October31,2001 Economic Development.The current economic uncertainties underline the importance of our continuing efforts to improve and diversify our local economy. New and expanded business and industry in Everett mean more family-wage jobs for ocitizens s well as an increased tax base to our support City services.Helping existing businesses to expand is also an important goal. Indeed vmore family-wage jobs will be created by ourting businesses than are likely to result from new business..We must continue our eHOrn to make Everett an excellent place in which to live,work,and raise our familia. Education. I am pleased to report the University Center will begin offering upper division classes at Everett Station in February.This will enable Everett citiaena to caro bachelors and masters degrees in a variety of programs from our State's leading universities. A highly educated workforce is au important economic development asset. Additional education opportunities in Everett will make it eerier for our izec to qualify for the better paying jobs in We repjoo.This will be particularly helpful for the recently unemployed who may need additional college education to achieve Weir employment goals. Police end Fire Pensions. Fully funding the City's police and fire pension obligations has been a priority since f was fast eleeted Mayor in 1993. When I took office,the total pension reserves were$9,973,949. The total reserves have more than tripled in eight years and are now$30,886,565.By aggressively funding these reserve.counts.the City has been on a track to fully fund these retirement obligations by 2009. The latest actuarial study, unfnnu0at^ly,indicates that due to increasing medical costs,the City will need to ease in auual average contributions by approximately$377,000 per year to fully fund the reserves by 2009.These additional contributions are reflected in the 2002 budget and the Strategic Forecast. Funding the additional contributions adds to our challenges during the next few years. Medical Expects..For the second year W a row,the costs of providing medial and dental benefits for City employees has risen far greater than the oast of living,the implicit price deflator,or the 1%Property tax limit proposed by Mr.Hyman. In 2001,we experienced an 18%increase and our staff is now projecting a 21%increase for 2002,which is reflected in the budget before you. Providing these benefits for our employees will be more difficult in future years lithe cosh continue to increase much faster than City revenues. 480