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October 29,2003 <br /> Because Boeing's production Is Important to the City,the airplane cycle Is <br /> something we anticipate in developing City budgets.Like a well-managed <br /> business prepares for its business cycle,the City must also manage its <br /> cash flow to stabilize the delivery of essential City services during revenue <br /> inconsistency.In anticipation of the economy's effect an City revenue,we <br /> will have added almost$9 million to the City's accumulated surplus since <br /> the Stan of 2002.This surplus enables us to coronae to provide current <br /> levels of City services in 2004.even in our current economic environment. <br /> We hope the Boeing success story continues with the announcement that <br /> the 7E7 will be assembled In Everett.Such an announcement would <br /> generate excitement and, in tum, would spur further economic <br /> development.I would like to thank Paul Roberts,our Planning Director, <br /> for the untold number of weekend and evening hours in addition to his <br /> regular hours he has worked in coordinating the promotion of the Everett <br /> site for TED assembly. <br /> The City of Everett's strategic budgeting and financial forecasting has a <br /> strong and successful history. I would like to thank the Budget <br /> Department staff for providing our long-term outlook so we can make <br /> responsible decisions today that will carry us well into the future. <br /> We have taken some criticiom lately as a result of our openness in <br /> presenting our strategic outlook.Despite that,if I had the choice right to <br /> now to go back in time and change our level of disclosure or presentation. <br /> I would not change a thing. Through careful planning and prudent <br /> management,we will be ending this year with an mulated surplus <br /> forecasted to be$23 million,the largest in City history. In addition,our <br /> Rainy Day Reserve Fund is funded to the maximum allowable by State <br /> law at$3.2 million. <br /> I would like to thank the Everett City Council and our CM Department <br /> Directors for thoughtful and responsible management of our City's <br /> finances. Unlike many other local govemments,Everett has S had to <br /> cut core sei vices due to short-term economic fluctuations. <br /> While City govemment cannot alone rejuvenate all that Is great about <br /> Everett,we can and are setting the tone.We are leading by example. <br /> And this City is heading in the right direction. While we bring you this <br />