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EVERETT COMPREHENSIVE PLAN <br />Based on the City's 2015 operating budget and <br />Everett Transit's 2014-2o19 Transit Development <br />Plan, average revenues over the next 20 years are <br />forecast at $18 million annually. This compares to <br />revenues of about $13.1 million in 2014, and thus the <br />forecast assumes some growth in revenues <br />including the amortization of some revenues related <br />to large infrequent costs like bus fleet replacement <br />and major maintenance facility upgrades. <br />The revenue sources assumed by the City include <br />outside sources (e.g., WSDOT funding) and grants, <br />and City sources, including general city funds, <br />impact fees, transit fares, and gas tax receipts. If <br />Everett were able to maintain this level of revenue, <br />the City could afford around $36o million in <br />transportation projects over the next 20 years, <br />which is less than the total project costs identified. <br />The comparison of revenues to costs indicates that <br />the city will need to carefully prioritize its projects <br />since not all of the transportation needs may be <br />affordable with existing revenue sources during the <br />20 -year period. If this occurs, Everett has several <br />options: <br />• Increase the amount of revenue from <br />existing sources, including impact fees, <br />transportation benefit district, or increased <br />general fund revenues <br />• Adopt new sources of revenue <br />• Lower the level of service standard, and <br />therefore reduce the need for some <br />transportation improvements <br />What Are Potentia( New Revenue <br />Sources? <br />• Proceeds from General Obligation <br />Bonds <br />• Creation of Local Improvement <br />Districts <br />• Mitigation fees for pedestrian and <br />bicycle facilities <br />• Reciprocal impact fees with adjacent <br />jurisdictions <br />• Property tax levy for transportation <br />• Business license fee per employee <br />The city can explore the feasibility and <br />likely revenue amounts from these or <br />other sources as the plan is implemented <br />over the next several years. <br />Note that this analysis is based on the alternative <br />with the highest growth rate identified by PSRC and <br />it is possible that slower growth could mean that not <br />all of the projects identified in this document will <br />need implementation in the next 20 years. The city <br />could also consider revising the land use element to <br />reduce the amount of development planned (and <br />thus reduce the need for additional public facilities). <br />However, in a community such as Everett, that <br />serves travelers from unincorporated Snohomish <br />County and surrounding cities, land use changes <br />would not likely result in substantially reduced <br />facility needs. <br />TRANSPORTATION ELEMENT 58 <br />