2016/10/26 Council Minutes - Laserfiche WebLink

October 26, 2016 currently projected to end the year with a total of $131.4 million, which is $2.8 million over the amended budget. However, we are keenly aware that increased revenues are not the norm, and as construction stabilizes in the coming years, we will once again face a structural deficit. The cost of operations continues to rise, and we must have a more consistently reliable source of revenue in order to maintain the service levels our residents rely upon. In 2017, we will ask the state legislature to lift the 1 percent limitation on the property tax growth and establish a rate that adjusts for future inflation. In the meantime, my proposed 2017 budget uses the revenues from our rebounding economy to replenish our reserves, prefund financial obligations where possible, and plan for future repair and replacement needs. INVESTING IN CITY INFRASTRUCTURE This year and next, we are focused on improving critical City infrastructure and enhancing the public amenities that make Everett a place people want to work and live. This summer we began work on a project that will keep freight and traffic moving between the Port and 1-5 by adding capacity and improving key intersections on Pacific, Rucker and Marine View Drive. The state's 2015 transportation investment package provided funding for the project, which will wrap up next spring. Next year we will add new sidewalks and pedestrian-friendly features to improve the streetscape on Hoyt Avenue between Wall and Pacific and on Rucker Avenue between Pacific and Everett Avenue. More than half of the project funding comes from grants. We continue to make progress on our efforts to separate stormwater flows from the combined sewer system in north Everett, and will begin several more separation projects next year. In 2017 we will begin design work for a new water reservoir to replace the deteriorating Reservoir 2 on Rucker Hill, which is 105 years old. The replacement work will begin in 2018. 340