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October 31,2001 <br /> Many other projects and land acquisitions have been fully or partially <br /> funded by CIP 4.Presently,CIP 4 will have ao estimated 2001 ending fund <br /> balance of$9.08 million,width includes funds necessary Co complete the <br /> pollee and Bre stoat',projects. <br /> Street Improvements. The proposed budget includes$1.7 million for <br /> street improvements. In the 1995 budget,we increased Me City's street <br /> improvement funding from$1 million to$1.2 million,a substantial increase at <br /> the time,and we have continued to increase the street overlay Mdiog m <br /> subsequent budgets. I believe his important we continue to budget adequate <br /> funds to maintain ooy streets. A reduction of$26,687.or 1.5%in one year, <br /> will not scantly affect the City's long term street maintenance program. <br /> Balanced Budget Recommendations. The ability to respond to <br /> significant reduction in without reducing services or laying off <br /> employees is a direct result of our conservative budget practices.I thank the <br /> City Condi for its support and prude.decision making these past eight years. <br /> The City is <br /> positioned an omit dowvnvn and each <br /> Couoc'ilmember should be commended. If the City Council accepts my <br /> recommendations.we will be able to balance the 2002 budget primarily by <br /> reducing reserve contributions rather than reducing services or laying off <br /> employees. However,if economic conditions deterionne further,or if City <br /> revenues do not resume growth at historic razes,at some point 10 the future,we <br /> may have to consider choices which could impact City services.Now,I would <br /> like to discuss major revalue sources in more detail. <br /> Property Tax Revenue. For the third consecutive year,property tax <br /> revenue in Everett is projected to increase at las Mao the historical rate.This <br /> is bemuse of an misting statutory limit of$3.60 per thousand dollars of <br /> assessed value and a minor increase assessed value of real estate in Everett, <br /> primarily resulting from aaexadon and new construction.Next week,voters <br /> will consider Initiative 747,which would further limit property tet increases <br /> Yu, to <br /> lesser of 1%or the implicit price deflator.The strategic forecast fothe <br /> next tow years assumes Initiative 747 will pass. <br /> Strategic Forecast—Property Tax Revenue. The attached Executive <br /> Summary illustrates the problems the City will face in Metre years if property <br /> 476 <br />