2003/10/29 Council Minutes - Laserfiche WebLink

October 29,2003 Another highlight of this year was the introduction of our beautiful new Everett Events Center.where we welcomed the Everett Silvedips with a crowd of more than 8.000 people.The Events Center and Conference Center represent the beginning of a vibrant and revitalized downtown core and a new chapter for the City of Everett The year 2003 will be remembered as a fuming point for the City.While we can be proud of our significant accomplishments.we have only laid the cornerstone for the work that is still before us. This 2004 proposed budget continues to build on that foundation mud contains the elements for our continued success. Now let's turn our attention to the 2004 proposed budget Revenues This proposed budget anticipates revenue of$91.5 million in 2004,an increase of$1.5 million over our projected 2003 revenue.Accounting for • more than 75 percent of general govemment revenues,the CirVs primary are property tax,sales tax,business and occupancy tax revenue nd maitietaxes. ✓Property faxes, which amount to 35 percent of general government rev re limited by law to 1 percent annual growth plus any amounts made available from new construction, stale assessed utilities or annexations.We estimate that including new construction,properly tax revenues will grow 1.9 percent In 2004. ✓Our second largest revenue source is sales tax,which represents 20 percent of general government revenues. While the regional economy has impacted sales tax collections over the past four years,we are now starting to see a promising uptrend. We are projecting a$550.000 increase In sales tax revenue for 2004. • ✓We project that City B8O taxes,which make up 12 percent of revenues,will continue to fall in the coming year due to reduced Boeing aircraft deliveries. We expect this revenue source to decline about 5 percent in 2004. ''II ss4 ij