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CITY OF EVERETT FISCAL ANNEXATION ANALYSIS: EXECUTIVE SUMMARY
<br /> SCREENING OF SCENARIOS
<br /> The analysis of annexation scenarios was conducted in a two step process: (1) an initial screening of
<br /> all seven annexation scenarios to assess the relative fiscal impacts of each; and (2) a more detailed
<br /> feasibility assessment of the most promising options, which included additional work with several
<br /> departments to determine the most cost-effective service delivery approaches. Based on this process,
<br /> we concluded that there are two scenarios with the best opportunity to offer a reasonably balanced
<br /> annexation that would make use of the temporary opportunity presented by the availability of the
<br /> State sales tax credit for large annexations:
<br /> • Scenario 3: Eastmont, Hilton Lake, Rugg's Lake
<br /> • Scenario 4: Eastmont, Hilton Lake, Rugg's Lake, Larimer
<br /> SUMMARY OF ANALYSIS FINDINGS
<br /> Assuming no annexation, the City of Everett is estimated to experience a balanced budget with some
<br /> modest revenue surplus in later years (Exhibit ES-1).
<br /> Exhibit ES-1
<br /> Estimated Core Revenues and Expenditures for City of Everett,
<br /> No Annexation (2008-2027)
<br /> e.:rre't C.,,, 2010 2015 2020 2025
<br /> Core Expenditures 125,536,465 156,339,909 192,900,954 236,354,460
<br /> Subtotal Expenditures 125,536,465 156,339,909 192,900,954 236,354,460
<br /> Core Resources 123,808,221 156,529,435 192,951,715 240,527,463
<br /> State Sales Tax Credit 0 0 0 0
<br /> Subtotal Revenues 123,808,221 156,529,435 192,951,715 240,527,463
<br /> Net Resources(000's) (1,728,244) 189,526 50,761 4,173,003
<br /> Deficit/Surplus as%of Expenditures -1% 0% 0% 2%
<br /> e---e-t'-o— ',---e\- c, .','es 2010 2015 2020 2025
<br /> Core Expenditures 0 0 0 0
<br /> Facility Debt Service 0 0 0 0
<br /> Subtotal Expenditures 0 0 0 0
<br /> Core Resources 0 0 0 0
<br /> State Sales Tax Credit 0 0 0 0
<br /> Subtotal Revenues 0 0 0 0
<br /> Net Resources(000's) 0 0 0 0
<br /> Defidt/Surplus as%of Expenditures 0% 0% 0% 0%
<br /> E-,:re C 7V'.'+ '='en 2010 2015 2020 2025
<br /> Core Expenditures 125,536,465 156,339,909 192,900,954 236,354,460
<br /> Subtotal Expenditures 125,536,465 156,339,909 192,900,954 236,354,460
<br /> Core Resources 123,808,221 156,529,435 192,951,715 240,527,463
<br /> State Sales Tax Credit 0 0 0 0
<br /> Subtotal Revenues 123,808,221 156,529,435 192,951,715 240,527,463
<br /> Net Resources(000's) (1,728,244) 189,526 50,761 4,173,003
<br /> Deficit/Surplus as%of Core Expenditures -1% 0% 0% 2%
<br /> Source:Berk&Associates Analysis, 2007-08
<br /> ft Final Report:October 2008 Page ES-2
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