2007/10/31 Council Minutes - Laserfiche WebLink

October 31,2007 • In addition to encouraging new private investment in our city,our strong marketplace Is providing opportunities to make Important public investments.While we are excited about our current prosperity,we remain mindful that the economy is cyclical,and we preserve our long- term outlook ong- temoutlook of ay finances. As a result of our responsible approach to debt management,I am pleased to report that In 2007 we fully retired the outstanding debt on the Wall Street Building,Fire Station 4,Fire Station 2 and Everett Station.In 2008,we will also make the final payments on the Everett Performing Arts Center,Fire Station 7,the Main Library expansion and the 1988 Senior Housing Bonds,which will eliminate Everett's voted debt. Our prudent fiscal policies and practices were recognized by Standard& Pooes with a rating upgrade from an A+to AA-on Everett's general obligation debt.Standard&Poor's also rated the City's financial management practices as"strong,"which Is the highest designation possible under its Financial Management Assessment program. Our forward-looking approach to managing the City resources has served our community well.The balanced budget I present to you today upholds the priorities and values that have enabled us to deliver essential public services through all phases of the economy.While the 2008 revenue forecast reflects rent expectations for strong Income,we maintain our practice of fiscal responsibility in the 2008 expenditure budget. The total proposed budget Is$992 million,which includes$115 million for • general government operations.This budget provides for needed capital Investments and modest operational increases to keep our city safe and Improve our quality of life. Highlights Include: 357