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<br />2025 TDP – FINAL DRAFT 20
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<br />MULTIYEAR FINANCIAL PLAN 2024-2030
<br />Operating reserves and capital project set-asides balances are reflected separately on the next page.
<br />OPERATING REVENUES & EXPENDITURES
<br />Operating Revenue and Expenditures 2024 2025 2026 2027 2028 2029 2030
<br />Actuals Projected Projected Projected Projected Projected Projected
<br />Beginning Balance – Jan. 1, 34,832,032 22,195,325 14,299,663 6,135,291 1,016,856 288,207 156,963
<br /> Revenues
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<br /> Sales Tax (1) 27,696,902 27,046,298 28,136,160 29,269,940 30,449,406 31,676,400 32,952,838
<br /> Farebox (2) 1,121,354 1,360,277 1,518,810 1,571,968 1,626,987 1,683,932 1,742,869
<br /> FTA Preventive Maintenance (3) 136,320 2,251,443 895,086 1,441,110 1,151,531 1,151,532 1,151,532
<br /> State Operating Grants 5,257,324 3,518,980 3,642,144 3,769,619 3,845,011 3,921,911 3,980,740
<br /> Everett Station (4) 1,313,313 1,324,927 1,384,549 1,433,008 1,461,668 1,490,901 1,513,265
<br /> Other (5) 1,364,298 1,060,012 1,083,332 1,104,999 1,127,099 1,149,641 1,172,634
<br /> Transfer from Operations Reserve
<br /> Total Operating Revenues 36,889,510 36,561,937 36,660,081 38,590,644 39,661,702 41,074,318 42,513,878
<br /> Expenditures
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<br /> Fixed Route-P&M (A) 18,637,976 20,479,389 21,134,729 21,768,771 22,421,834 23,094,489 23,787,324
<br /> Paratransit ADA-P&M (A) 4,500,511 5,038,396 5,199,625 5,355,614 5,516,282 5,681,771 5,852,224
<br /> Everett Station (A) 2,067,570 2,110,461 2,177,996 2,243,336 2,310,636 2,379,955 2,451,353
<br /> Administrative Expense (A) 3,002,670 3,304,908 3,410,665 3,512,985 3,618,375 3,726,926 3,838,734
<br /> SWIFT BRT Tax Share (B) 2,292,087 2,253,858 2,325,981 2,395,761 2,467,634 2,541,663 2,617,913
<br /> Funds Paid to City of Everett (C) 1,467,590 2,083,070 2,149,728 2,214,220 2,280,647 2,349,066 2,419,538
<br /> Expenditures Subtotal 31,968,405 35,270,082 36,398,725 37,490,686 38,615,407 39,773,869 40,967,085
<br /> Transfer to Operations Reserve (D) 1,866,500 187,516 225,729 218,392 224,944 231,692 238,643
<br /> Transfer to Capital Reserves (E)
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<br /> On-Going Maintenance 5,691,312 9,000,000 7,200,000 5,000,000 550,000 450,000
<br /> One-time Vehicle Reserves 10,000,000
<br /> One-time (Ops Base & Facilities)
<br /> 1,000,000 1,000,000 1,000,000 750,000 750,000
<br /> Total Operating Expenditures 49,526,217 44,457,598 44,824,453 43,709,079 40,390,351 41,205,562 41,955,728
<br /> Ending Balance – Dec. 31, 22,195,325 14,299,663 6,135,291 1,016,856 288,207 156,963 715,113
<br />Notes:
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<br />1. Sales tax projections are from a prior long-term projection which has been accurate the past few years.
<br />2. Fare revenues are recovering from pandemic lows however, free youth fares and low- income fares have affected revenues.
<br />3. The application of FTA formula grant funds is included in FTA preventive maintenance for the years 2024-2030.
<br />4. Everett Station is expected to have a slow revenue recovery.
<br />5. Other investments, advertising, and misc. revenue.
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<br />A. Costs are expected to increase at the rate of inflation as projected by the Federal Reserve on 4-10-2024.
<br />B. Everett Transit and Community Transit entered into an interlocal agreement in December 2007 to share sales and use tax at 0.005% of sales
<br />and use activity in the City of Everett. This agreement has been extended on an annual basis. This tax share therefore fluctuates according to
<br />sales and use activity as projected in sales tax (1).
<br />C. Transfers are made from operating reserves to capital reserves as required for local match of anticipated federal grant funds. Additionally, in
<br />2024 we will establish a $10,000,000 fleet replacement reserve.
<br />D. ET has adopted Resolution 5513 that requires a fund balance of 20% of operating revenues. This resolution applies specifically to general
<br />government but governs ET budget projections. Section X keeps projections above that target. As of 2024, we currently have a $6,866,500 in
<br />operational reserve. See Operating & Capital Projects Reserves section below.
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