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October 31,20d1 <br /> requested department heads to reduce 2001 expenditures as appropriate. I <br /> intend to reduce the 2001 actual expenses during the remainder of 2001 to make <br /> sure we limit expenses to actual revenues collected. I believe we should <br /> preserve the City's general government ending iced balance of$12.7 million,to <br /> provide a needed safety margin for an uncertain future. <br /> The$2,836,687 reduced revenue forecast,Council Members,presents <br /> the challenge we mist address in this year's budget process.We must reduce <br /> budget expenses by that same amount unless the Council makes decisions to <br /> begin spending the City's ending fund balance or tap the City's Rainy Day <br /> Fund,decision Ida not recommend. <br /> There are no easy decisions.I recommend for Council consideration two <br /> amendments to my proposed budget which will bring it back into balance. <br /> First,eliminate the contribution of 3%of general government revenues to CIP <br /> 4,the City's capital improvements reserve trod,which will reduce 2002 <br /> expenses by 42.81 million and second,eliminate 526,687 of the$1.7 million <br /> budgeted contribution to the City's street maintenance program.Together,these <br /> two amendments will reduce budgeted expenses by$2,836,687 without <br /> significantly affecting semces in 2002. I have comments regarding each of <br /> mese recommendations. <br /> CIF 4. During the past eight years we have made substantial <br /> contributions to the Capital Improvements Program 4(CM 4),which have <br /> enabled us to provide our citizens the benefits of a variety of capital investments <br /> and improvements without increasing the City's debt.Major examples include: <br /> •New south Everett police precinct on Everett ma Way $7,502,000 <br /> •Acquisition of 8.1 acres adjoining Thornton Silvan Park at <br /> Silver rake for future park expamim $5,014,000 <br /> •Funds to construct a replacement fire station 5 on Madison and <br /> Beverly Boulevard in south Everett $3,300,000 <br /> •Acquisition of real estate properties near the service center 43,216,000 <br /> •Funds to remodel and expand fire station 6 on Evergreen Way $830,000 <br /> •Funds to remodel downtown police headquarters $620,000 <br /> 475 <br />