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CITY OF EVERETT FISCAL ANNEXATION ANALYSIS
<br /> Exhibit 7
<br /> Estimated Core Revenues and Expenditures for City of Everett,
<br /> No Annexation (2008-2027)
<br /> 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 E didires "''% .` =i3°c, :w;=>,.<. -1% 0% 0% 2%
<br /> 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(000'5) TO `- 0 0 0
<br /> Deficit/Surplus as%of Expenditures 0%0, = 0% 0% 0%
<br /> _ - 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 /> Sales Tax Streamlining
<br /> An additional source of funding may come from new legislation regarding Sales Tax Streamlining. In
<br /> recent years, the Washington State Department of Revenue has engaged in a cooperative effort
<br /> among states and private industries to create more uniform sales tax structures, referred to as the
<br /> Streamlined Sales Tax Project. The Project's mission is to simplify the rules surrounding the levying of
<br /> sales taxes, with a goal to pave the way for taxation of delivered goods (such as catalog and Internet
<br /> sales) whose sale originates out-of-state.
<br /> States participating in the project have been changing their sales tax laws to be consistent with
<br /> provisions of the Streamlined Sales and Use Tax Agreement (SSTA), a set of provisions developed by
<br /> participants in the by the Streamlined Sales Tax Project. Washington has implemented the sourcing
<br /> rule to comply with the model agreement and to become a member of the governing board, which
<br /> will decide the rules for future streamlined sales tax provisions. As a member, Washington State will
<br /> receive additional sales taxes from remote sellers who have agreed to voluntarily comply with the
<br /> SSTP, in part to benefit from its tax liability protections. Under the terms of the SSTP, those retailers
<br /> will collect sales taxes for every member state that has implemented the model agreement. The rule
<br /> change will take effect in Washington State in July 2008.
<br /> EL Final Report:October 2008 Page 14
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