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4 <br /> RESOLUTION NO. • F <br /> A RESOLUTION of the City of Everett in Opposition to Initiative 1033 limiting <br /> the growth of certain state, county and city revenue to annual inflation and. <br /> population growth, not including voter-approved revenue increases. Revenue <br /> collected above the limit would reduce property tax levies. <br /> WHEREAS, the Washington Secretary of State certified Initiative 1033 for the ballot <br /> on November 3, 2009; and <br /> WHEREAS, Initiative 1033 would place an inflationary and population-based growth <br /> limit on state, county, and city general fund revenues received from taxes, fees, and other <br /> charges not expressly approved by voters; and <br /> WHEREAS, the Initiative requires that revenues exceeding the limit be placed in a <br /> "lower property taxes account" and used to reduce following-year state, city, or county <br /> general fund property tax levies; and <br /> WHEREAS, the Office of Financial Management's (OFM) fiscal impact statement <br /> for the November 3 ballot estimates that by 2015, Initiative 1033 would result in a $5.9 <br /> billion reduction in state general fund revenues, a $2.1 billion reduction in cities' general <br /> fund revenues, and a $694 million reduction in counties' general fund revenues; and <br /> WHEREAS, the effect of the limitation is exacerbated by establishing a permanently <br /> reduced revenue base grounded in.a year of severe recession; and <br /> WHEREAS, Initiative 1033 only excludes voter approved revenue after the date of <br /> the initiative and fails to exclude revenues previously approved by voters; and <br /> WHEREAS, Initiative 1033 leaves jurisdictions no set-aside capacity for rainy day <br /> funds, unanticipated costs of natural disasters, unfunded mandates, economic activity or <br /> emerging public priorities; and <br /> WHEREAS, Initiative 1033 ignores the impact of new development on the cost of <br /> providing public services; and <br /> WHEREAS, Initiative 1033 restricts a jurisdiction's ability to use incremental <br /> revenues to build infrastructure and make essential public investments; and <br /> WHEREAS, I - 1033 severely limits the City's capacity to serve economic growth, <br /> fund pension liabilities, address public safety concerns, build and maintain streets, <br /> upgrade our public safety facilities, parks and senior center ; and <br /> 8 <br />