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• <br /> November 2,2005 <br /> I am pleased to present the 2000 operating budget for your consideration. <br /> This budget maintains our disciplined approach to financial stewardship <br /> by limiting proposed expenditures to annual income in a manner that <br /> continues to move Everett toward. <br /> Funding our priorities and preserving the existing service levels our <br /> residents have come to expect is a challenge in an environment of limited <br /> resources and rising costs. Our economy is improving. However,we <br /> expect our revenues to continue to grow at modest levels. <br /> We made many difficult decisions during the first quarter of 2004 in order <br /> to align expert with annual revenues. Those decisions continue to <br /> benefit our financial welt-being.While we still face challenges,the 2000 <br /> revisions end subsequent cost containment efforts together have saved <br /> about$14 million in projected expenses through 2009.As we continue to <br /> dose the gaps between annual revenues and expenses that remain in our <br /> forecast for 2007 and beyond,I can assure you that we are firm in our <br /> commitment to live within our means. <br /> Reflecting over the past year,I am proud to report that we have reached <br /> many milestones. <br /> • We accomplished the first step in the development of the Riverfront <br /> site through an exclusive agreement with OliverMCMillan.This firm <br /> is conducting a market analysis,after which k will complete detailed <br /> work on how development will occur.We look toward to creating <br /> special place that embraces the full potential of this unique area. <br /> • We worked with the state Legislature and the state Department of <br /> Transportation to accelerate the 1-6 HOV project by bur years.We <br /> now expect it will be complete by 2006—in time for the 2010 <br /> Winter Olympics. In addition,we ured approximately$60 <br />• million to fund critical needs.Including East Mayne View Drive,the <br /> 41st Street Interchange and other improvements. <br /> • As promised to Everett voters,we expanded Everett Transit <br /> services to encourage ridership and help reduce traffic congestion. <br /> We increased fixed route service by about 10 percent. We are <br /> purchasing nine new buses,and we are replacing and expanding <br /> our Paratrensil vehicle fleet.In addition,we moved ahead with the <br /> 357 <br />