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March 31,2004 <br /> RESOLUI ION—NAVAL STATION EVERETT <br /> Moved by Council Member Halloo,seconded by Council Member <br /> Campbell to adopt Resolution No.5457 declaring the week of April 3. <br /> 9,200a as"Naval Station Everett Week." <br /> Roll was called with all council members voting yes. <br /> Motion oarrled. <br /> Commanding Officer Captain Dan Squires and Command Master Chief <br /> Eric Emery accepted the resolution. <br /> MAYOR'S BUDGET UPDATE MESSAGE <br /> As you know,City staff and I have taken the time to analyze our operating <br /> budget and revenue trends.We have thoroughly reviewed our expense <br /> and revenue pictures for 2004,2005 end beyond. <br /> We have had the opportunity to meet'with you recently to share expense <br /> and reue data that was not available when the 2004 budget was <br /> drafted. <br /> In those briefings,you gave valuable insight on how to close the 2004 <br /> budget gap.And,we have done our best to develop consensus by <br /> incorporating most of those ideas into the plan we present to you today. <br /> Based on our pint review,the information leads us to conclude that we <br /> are only able to sustain our current spending level by depleting the city <br /> fund balance and implementing future tax increases. I am sure you will <br /> agree this is not acceptable. <br /> Even in an economic recovery,our projections indicate that expenses <br /> would still exceed revenues. <br /> 100 <br />