2009/10/28 Council Minutes - Laserfiche WebLink

October 26,2009 Great Depression.No one has been immune to its effects:not the government—not businesses—not individuals.The budget before you reflects the difficult state of our economy,but preserves our commitment to living within our means. While the economic crisis still looms and revenue forecasts for next year remain depressed,I am pleased to report that our disciplined approach to financial management and the difficult decisions we made in more prosperous times have positioned Everett to better weather this downturn. Key actions included: •Cutting the operating budget in 2004 by$4.7 million.In this same year,we created,with cooperation from the City Council,a fund- balance policy that mandates a fund balance equal to 20 percent of the revenue forecast. •Using robust income in years of strong economic activity to fund one-lime capital projects and add to reserves rather than increase ongoing operational expenses. •Paying off debt ahead of schedule on: o The Everett Performing Ads Center o The Wall Street Building o Fire stefinns 2,4,and? o Everett Station:and o The Main Everett Library expansion •Achieving a three-step increase in the City's bond rating from A+to AA+,as well as Standard 8 Poor's highest rating in financial management,which reduces financing costs •Negotiating revisions to the self-insured employee health plan, which have produced significant cost reductions 306