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November 7, 2012 <br /> As with most cities, labor makes up the majority of the overall budget. <br /> Controlling costs in this area will require the cooperative efforts of City <br /> leadership and our labor unions. Future contract negotiations will focus <br /> on moving away from CPI as a guiding index for growth and toward <br /> establishing set parameters for wage increases and health benefits that <br /> are both predictable and sustainable over the long term. <br /> Our taxpayers can be confident that we will continue to be fiscally <br /> responsible, and make prudent and disciplined decisions on the public's <br /> behalf. This means that, as the economy improves, we will refrain from <br /> expanding operations and use any upward trend in revenues to first build <br /> on contributions to capital funds and other reserves. <br /> Everett has a time-honored tradition of looking toward the long-term <br /> financial health of the City as budget decisions are weighed. This is <br /> evidenced in our commitment to building and maintaining reserves, <br /> careful investments in the City's core infrastructure, holding the line on <br /> operating costs by limiting the size of government, fostering a culture that <br /> seeks to make the most of every dollar, and restricting debt issuance to <br /> only those projects that have a stable, dedicated source for repayment. <br /> The importance of keeping fiscal sustainability at the forefront of decisions <br /> that affect the City's budget cannot be overstated, and nothing puts the <br /> City's future more at risk than taking on additional debt. In keeping with <br /> our philosophy on debt issuance, we are successfully funding important <br /> capital investments with a combination of cash-on-hand and grants. <br /> Recent and upcoming examples include our new municipal court, the <br /> Senior Center remodel, Fire Station l's earthquake retrofit, the synthetic <br /> soccer and lacrosse field replacement at Kasch Park, the Broadway <br /> Bridge replacement, and our ongoing street overlay program. <br /> Standard & Poor's recent reaffirmation of Everett's high AA+ bond rating <br /> and its top rating for financial management provides a key indication that <br /> our conservative approach is serving the City and its residents well. <br /> While we do not anticipate a significant economic recovery in the near- <br /> term, I am confident that strong growth will eventually occur. I further <br /> believe that achieving that growth will require city leaders to continue to <br /> press forward on the important initiatives that will define Everett's future <br /> 305 <br />