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November 1, 2017 <br /> Locally, we are working to ensure that our own transit network is well- <br /> positioned for future regional expansions and is meeting the needs of our <br /> community. Everett Transit will complete its long-range planning effort and <br /> provide a report and recommendations to the City Council in early 2018. <br /> Financial outlook <br /> We continue to benefit from the increased development activity and new <br /> business in Everett. We are currently forecasting $343.8 million in revenue <br /> for 2018; of that, $136 million supports general government. <br /> However, while we project that general government revenue will continue <br /> to climb at about 1.3 percent annually over the next five years, our staffing <br /> and benefits costs are projected to increase by 4 percent each year. With <br /> your support, City staff will continue our ongoing efforts to close this <br /> structural imbalance and ensure Everett's long-term financial stability. <br /> We cannot rely on the volatile construction sector to provide steady <br /> revenues into the future. In 2017, we asked the state legislature to lift the <br /> 1 percent limitation on the property tax growth and establish a rate that <br /> adjusts for future inflation, providing a more reliable source of revenue to <br /> maintain the services our residents rely upon. We will continue to push for <br /> this critical tool in 2018. <br /> Investing in Everett <br /> In the meantime, my proposed 2018 budget reinvests the revenue from <br /> new construction and businesses to maintain and improve critical City <br /> infrastructure and ensure that our community remains safe. <br /> This year we completed a key mobility project on Pacific, Rucker and <br /> Marine View Drive, which will keep freight and traffic moving between the <br /> Port and 1-5 by adding capacity and improving key intersections. <br /> Over the next two years we will add new sidewalks and pedestrian-friendly <br /> features to improve the streetscape on Hoyt Avenue between Wall and <br /> Pacific and on Rucker Avenue between Pacific and Everett Avenue. More <br /> than half of the project funding comes from grants. <br /> Work on a new 80-stall park and ride at Everett Station will begin in early <br /> 2018. The new lot will increase available space for commuters catching a <br /> 372 <br />