ROBERT60 VAN60 CAMPEN60 -60 COUNCIL60 PRESIDENT60 -60 The60 hour60.32 is60.72 660.96 PM.61.28 I'd61.6 like61.76 to62 call62.08 this62.24 joint62.48 convention62.88 of63.6 the63.76 Everett64.08 City64.48 Council64.72 and65.04 School65.2 Committee65.52 to66 order.66.24 Mister67.42 Clerk,67.67 please67.98 call68.22 the68.47 roll.68.55

69.5 SPEAKER269.5 -69.5 Mister69.5 president,69.75 we'll70.14 start70.39 with70.63 the70.78 city70.94 council71.19 roll71.58 call.71.83 Councilor72.47 Alcy73.03 de73.42 Boon?73.58

74.52 SPEAKER374.52 -74.52 Here.74.52

75.24 SPEAKER275.24 -75.24 Councilor75.24 DiPiro?75.72 Present.76.52 Councilor77.08 Garcia?77.56 Present.78.04 Councilor78.84 Hanlon?79.24 Present.79.72 Councilor80.6 Mark81 Hayes?81.24 Present.81.56 Councilor82.44 Martins?82.84 Present.83.32 Councilor84.23 Petrantonio?84.56 Present.86.31 Councilor86.88 Rogers?87.28 Here.87.75 And88.47 mister88.88 president,89.11 Van89.83 Kampen?90.08 Here.90.47 K.91.92 On92.16 the92.39 school92.47 committee?92.72

96.14 Member96.14 Cornelio?96.7

97.9 SPEAKER397.9 -97.9 Present.97.9

100.7 SPEAKER2100.7 -100.7 Member100.7 Guerin?101.18 Present.102.08 Member102.89 Hurley?103.28 Present.103.92 Member104.56 Lambert?104.97 Present.105.53 And106.41 madam106.72 chair107.05 Cristiano?107.36

108.17 SPEAKER1108.17 -108.17 Present.108.17

112.35 SPEAKER2112.35 -112.35 14112.35 members112.83 present,113.23 mister113.47 president.113.71 114.19 VAN114.19 CAMPEN114.19 -114.19 14114.19 members114.59 present.114.99 We115.39 do115.63 have115.79 a115.95 quorum116.11 to116.43 conduct116.51 the116.83 joint116.99 convention.117.23 Please117.63 join117.87 me118.11 in118.27 saluting118.43 the118.75 flag.118.91

122.08 SPEAKER3122.08 -122.08 I'd122.08 like122.25 you122.48 to122.64 salute122.81 the123.36 flag123.61 of124 the124.25 United124.41 States124.72 of124.97 America125.2

125.92 SPEAKER2125.92 -125.92 and125.92 to126.08 the126.33 republic126.48 for127.05 which127.28 it127.44

127.53 SPEAKER3127.53 -127.53 stands,127.53 1128.32 nation128.56 under129.21 God,129.53 indivisible,130.16 with130.96 liberty131.2 and131.68 justice131.84 for132.48 all.132.56 VAN136.48 CAMPEN136.48 -136.48 Before136.48 we136.8 begin,137.04 I137.44 also137.68 do138 wanna138.24 acknowledge138.56 the138.96 presence139.17 of139.33 the139.41 superintendent139.56 of140.05 schools,140.21 Mister140.44 Hard,140.84 and141.41 other141.41 staff141.65 from141.97 the142.21 school142.28 department.142.69 Thank143.41 you143.65 for143.81 being143.97 with144.21 us144.28 this144.44 evening.144.69 Mister145.81 Clerk,146.13 please146.44 read146.84 the147.09 first147.33 order147.72 of148.13 business148.28 and149.26 the149.34 only149.34 order149.58 of149.82 business.149.98 SERGIO156.46 CORNELIO156.46 -156.46 CITY156.46 COUNCIL156.46 CLERK156.46 -156.46 Item156.46 number156.78 1157.1 is160.6 an160.76 order160.93 offered161.25 by161.49 councilor161.65 Robert162.13 VanCamp162.53 and162.84 as163 president.163.17 Sections164.53 6165.32 dash165.65 26165.97 dash166.6 3167.09 of167.48 the167.64 Everett167.8 City167.96 Charter,168.28 is168.76 honor168.92 the169.08 mayor,169.24 call169.56 the169.8 de169.88 Maria169.96 hereby170.28 calls170.6 for170.84 a171.08 joint171.24 convention171.64 of172.04 the172.52 city172.68 council173 and173.32 school173.56 committee173.8 for174.2 the174.36 presentation174.52 of175.16 the175.32 city's175.4 proposed175.8 fiscal176.28 year176.68 2025177.44 operating178.47 budgets179.03 and179.68 to179.84 review179.92 the180.31 city's180.47 budget180.96 policy.181.36 182.8 ANTHONY182.8 DIPIERRO182.8 -182.8 EVERETT182.8 CITY182.8 COUNCIL182.8 -182.8 Mister182.8 and183.19 Madam183.52 chair,183.92 I184.24 make184.4 a184.64 motion184.72 to185.12 invite185.78 Mister186.1 Dimas186.34 before186.66 us186.82 for187.42 the188.02 city's188.1 presentation.188.42 189.3 VAN189.3 CAMPEN189.3 -189.3 Motion189.3 is189.7 made189.86 and190.1 seconded190.18 to190.74 invite191.06 Mister191.54 Dimas191.86 before192.34 us.192.66 All192.9 in193.14 favor?193.22 Aye.193.75 Opposed194.06 the194.22 ayes194.34 have194.47 it.194.63 Just194.71 for194.86 the194.94 record,195.03 is195.26 the195.34 mayor195.5 joining195.75 us195.99 this196.14 evening,196.31 Mister196.63 Dimas?196.86 No.197.26 Okay.198.86 Thank199.26 you.199.42 202.38 ERIC202.38 DEMAS202.38 -202.38 EVERETT202.38 CITY202.38 COUNCIL202.38 -202.38 Good202.38 evening.202.62 Eric203.1 Demas,203.34 CFO.203.82 I204.38 wanted204.54 to204.78 thank204.86 everybody205.1 for205.5 allowing205.74 me205.9 to206.86 present207.02 the207.42 mayor's207.5 budget,207.82 to209.02 both209.26 bodies.209.58 Before210.5 I210.75 begin,210.91 I211.31 just211.47 wanted211.78 to212.1 introduce212.91 Vladimir213.71 Khan.214.34 I214.75 don't214.91 know215.06 if215.22 a215.38 lot215.47 of215.63 you215.78 have215.87 met216.03 him.216.26 He's216.34 our216.58 new216.75 budget216.91 director.217.22 He's217.94 been218.1 with218.34 us218.5 for218.75 a218.91 while218.99 and219.31 could219.77 not220.01 have220.17 made220.25 this220.49 happen220.73 without221.05 him,221.29 so221.53 I'd221.85 like222.01 to222.25 thank222.33 him222.57 and222.73 recognize222.89 him.223.37 Tonight's225.53 budget225.93 presentation226.25 is229.58 the229.81 FY230.06 budget230.46 presentation.230.78 Each231.66 of231.9 you232.06 has232.22 been232.38 provided232.53 with232.94 a233.09 budget233.25 book.233.58 The234.14 budget234.3 book234.53 is234.78 broken234.94 down235.25 into235.5 4235.81 sections.236.06 The236.95 first237.11 is237.43 the237.59 general237.75 fund238.07 operating238.47 budget,238.87 then239.75 the239.99 water240.15 sewer240.55 enterprise241.03 fund241.51 budget,241.83 the242.55 ECTB242.87 or243.67 PEG244.07 cable244.39 access244.71 enterprise245.72 fund246.03 budget,246.44 as246.91 well247.07 as247.23 the247.39 capital247.56 improvement247.95 plan.248.44 The249.63 goal249.79 tonight250.03 is250.59 just250.75 to251 provide251.23 a251.63 brief251.72 overview,252.03 and252.59 provide252.59 you252.91 with253.07 these253.23 books253.47 as254.26 there254.42 will254.58 be254.66 detailed,254.9 budget255.86 discussions256.26 at256.74 future256.9 meetings.257.3 Per259.14 article259.46 62260.1 of260.74 the260.9 city's,261.06 charter,262.39 the263.04 annual263.19 budget263.6 policy,263.91 the264.71 mayor264.88 shall265.12 call265.44 a265.6 joint265.68 meeting266 of266.24 the266.39 city266.56 council266.79 and267.19 the267.35 school267.44 committee,267.75 which268.31 is268.56 to268.71 include268.88 the269.19 superintendent269.35 of270 schools.270.15 271.13 271.13 The271.13 meeting271.29 is271.61 required271.85 to272.25 take272.41 place272.57 before273.29 the273.45 budget273.61 process274.01 with274.89 the275.05 purpose275.21 of,275.69 1,276.17 reviewing276.73 the277.13 financial277.29 condition277.77 of278.09 the278.25 city,278.41 2,279.78 reviewing280.25 the280.65 revenue280.81 and281.13 expenditure281.38 forecast282.01 as282.9 well283.06 as283.38 all283.54 other283.69 related,285.86 related,286.34 and286.34 relevant286.57 budget287.06 information.287.54 The288.61 goal288.85 is289.09 to289.33 develop289.49 a289.89 coordinated290.05 budget290.69 throughout291.01 the291.49 city.291.57 Regarding293.81 the294.21 financial294.37 condition294.85 of295.17 the295.25 city,295.41 Standard296.51 and296.92 Poor's297.07 has297.48 assigned297.71 a298.04 double298.27 a298.6 plus298.75 stable299.88 rating300.36 to300.68 the300.84 city's301 2,020302.12 through,302.84 3303.63 general303.96 obligation304.44 tax-exempt305.48 bonds,306.39 which307.03 we307.27 issued307.43 last307.83 July308.15 at,308.79 7,200,000.309.67 Just311.35 to311.51 make311.67 note311.91 that312.23 the312.47 double312.71 a313.03 plus313.27 is313.89 the314.13 2nd314.53 to314.94 highest315.18 rating315.57 that315.97 a316.29 city316.45 can316.85 attain,317.01 with317.97 their318.21 bond318.38 rating,318.62 the318.85 highest319.09 being319.41 a319.65 triple319.81 a320.13 rating.320.21 Fortunately,322.13 we're322.77 able323.01 to323.33 issue323.57 the323.89 bonds324.05 at324.45 a324.61 favorable324.85 time,325.49 and325.97 our326.13 net326.29 interest326.53 cost327.01 because327.41 of327.73 our327.89 rating328.05 was328.37 only328.53 2.99%.328.77 Unfortunately,330.57 bond,331.3 rates333.3 have333.54 increased333.69 across334.57 the334.9 country,334.98 from336.65 all336.98 credit337.3 agencies,337.62 which338.93 is339.09 causing339.25 higher339.81 carrying340.37 costs,340.85 and341.33 we're341.65 expected341.89 to342.37 see342.45 somewhere343.17 closer343.57 to343.97 the344.13 4344.29 to344.53 5%344.69 when345.25 we345.41 issue345.57 this345.89 summer.346.05 Again,347.42 the347.74 standard347.9 report348.3 has348.94 given349.25 the349.57 city349.74 a349.98 stable350.13 outlook350.46 on350.86 its351.01 financial351.25 future,351.66 whereas353.01 other353.98 communities354.3 that354.78 haven't354.94 fared355.25 so355.57 well355.74 have356.3 either356.46 had356.7 a357.18 less357.5 than-stable358.06 or358.62 potentially358.94 negative359.58 outlook.359.98 And361.18 all361.5 of361.66 the361.74 city's361.9 bonds362.3 are362.7 backed362.86 by363.1 the363.26 city's363.34 full363.74 faith363.98 and364.22 credit.364.38 367.5 As367.5 part367.74 of367.98 that368.13 rating,368.3 Standard369.5 and369.98 Poor's370.13 recognized370.62 a371.01 few371.18 things371.42 that371.74 the372.3 rating372.46 and373.1 the373.25 outlook373.42 on373.74 the373.9 city374.06 reflected374.38 their375.08 opinion375.24 of375.64 Everett's375.88 currently376.28 strong376.68 financial377.08 position377.56 as378.52 well378.68 as378.92 past379.08 prudent379.4 budgeting379.8 that380.2 allowed380.44 for380.84 stable381.16 operations.381.56 The382.69 double382.85 rating383.57 reflects384.06 their384.45 opinion384.77 on385.25 some385.5 of385.65 the385.81 following385.97 factors,386.38 the387.41 growing387.57 tax387.97 base388.21 that388.53 is388.77 poised388.94 for389.33 the389.65 future,389.65 further390.53 long-term391.18 development,391.33 our392.96 history393.2 of393.52 stable393.68 and394.24 strong394.56 financial395.12 profile,395.68 and396.72 our397.04 very397.2 strong397.52 debt397.92 metrics398.16 with398.56 rapid398.8 amortization.399.28 Right400.88 now,401.21 the401.69 city's,401.85 debt403.13 amortization,403.44 we404.56 are404.81 scheduled405.21 to405.69 pay405.85 over406.09 75%406.4 of407.13 our407.37 debt407.53 off407.76 within408 the408.25 next408.4 10408.73 years.408.97 Some410.1 additional412.18 opinions,412.74 including413.7 the414.1 following414.26 factors,414.66 they415.14 recognize415.7 strong416.18 management416.5 conditions417.06 with417.54 good417.78 financial418.02 management418.5 policies418.98 and419.46 practices419.86 underneath420.74 Standard421.38 and421.69 Poor's421.94 Financial422.42 Management422.81 Assessment423.38 methodology424.01 which425.06 they,425.3 use426.5 to426.81 analyze427.21 all427.77 municipalities.428.01 They429.73 did429.89 notice430.21 our430.77 very431.01 strong431.17 debt431.57 and431.81 contingent431.97 liabilities432.53 profile,433.25 which433.97 again434.21 is434.45 due434.61 to434.85 our435.01 low435.17 carrying435.49 charges,435.89 our436.69 low436.85 net437.09 debt,437.32 and,437.65 again,437.81 most438.21 importantly,438.53 our439.25 rapid439.49 amortization.439.96 They441.4 also441.65 noted442.29 a442.69 strong442.93 institutional443.49 framework444.21 within444.69 their444.71 FMA444.73 methodology.444.75 Some444.78 available444.8 funds.444.82 As444.85 we445.88 fund.453.79 The455.13 first455.3 1455.62 is455.86 our456.01 stabilization456.25 fund.456.9 As457.78 of457.94 right458.1 now,458.25 our458.57 stabilization458.81 fund,459.46 our459.78 general459.94 stabilization460.5 fund461.13 is461.69 $10,153,609.461.94 We466.46 always466.7 utilize467.02 free467.74 cash468.06 as468.54 a468.78 component468.94 of469.42 setting469.66 the469.9 tax470.14 levy.470.38 However,471.14 that471.38 will471.79 be472.02 set472.11 by472.35 the472.5 Department472.67 of473.06 Revenue473.23 once473.79 we474.19 close474.5 the474.9 fiscal475.06 year475.46 and475.94 submit476.26 all476.67 of476.82 our476.9 financial477.14 reports477.63 to478.02 them.478.19 Then479.13 we479.21 have479.37 our479.61 OPEB479.85 liability480.65 trust481.45 of482.01 $13,687,551.482.33 Our487.19 capital487.43 improvement487.9 stabilization488.46 fund489.19 is489.59 now490.15 at490.38 $8,048,356.490.71 494.62 All494.62 of494.78 these494.86 funds495.26 have495.58 financial495.9 policies496.38 as496.94 to497.1 their497.18 funding497.42 source497.74 as498.22 part498.38 of498.54 the498.7 FY499.02 25499.26 budget.499.74 There504.92 is505.15 no505.31 mandated505.63 format506.28 for506.68 budget506.84 documents.507.24 Every507.88 city508.19 is508.51 different508.68 in509.24 terms509.4 of509.63 its509.8 formal510.12 structure,510.51 culture,511.19 and511.59 informal511.99 practices,512.55 and513.35 there513.59 are513.75 no513.91 right514.07 or514.31 wrong514.47 approaches,514.79 but515.35 there515.51 are515.67 best515.83 practices516.15 that516.87 can517.11 provide517.51 common517.99 ground518.31 for518.97 those519.21 involved519.37 in519.85 the519.93 budget520.09 process.520.49 There521.61 have521.85 been522 no522.17 deviations522.4 from523.05 the523.21 prior523.37 year,523.68 and524.09 our524.33 budget524.49 policies524.88 have525.29 remained525.76 consistent526.25 at526.73 least526.81 since,527.05 my528.03 time528.19 with528.43 the528.59 city.528.75 The531.23 city531.39 did532.35 receive532.59 the533.23 GFOA,533.55 the534.27 Government534.43 Finance534.83 Officers535.31 Association's535.93 certificate536.5 of536.98 annual537.13 comprehensive537.7 financial538.41 reports.538.89 This540.41 award540.58 is540.89 the541.05 highest541.22 form541.54 of541.77 recognition541.93 in542.5 governmental542.65 accounting543.22 and543.62 financial543.86 reporting.544.34 We've545.23 now545.63 received,545.87 this546.75 award546.99 9547.39 years547.63 in547.95 a548.11 row.548.19 The548.99 focus549.15 of549.79 this550.03 award550.27 is551.55 to551.71 focus551.87 on552.19 excellence,552.51 transparency,553.36 and554.15 accountability.554.39 It555.91 also556.15 provides556.48 an556.88 independent557.2 review557.83 and558.32 critique558.55 on559.6 a559.83 municipality's560 financial560.71 reporting.561.27 This562.34 is562.5 a562.74 1562.98 year563.14 award564.02 that564.42 requires564.58 annual565.22 review565.7 and565.94 completion,566.1 and567.22 we567.38 will567.62 be567.86 submitting568.02 this568.5 year's568.74 CAFR,569.84 to570.96 the571.2 GFOA571.36 for572.39 consideration.572.72 575.6 The575.6 city575.75 has576.15 also576.39 received576.72 the577.27 GFOA's577.43 distinguished578.23 budget578.87 award.579.19 We've579.99 received580.23 this580.63 through580.95 FY581.59 16581.83 through582.39 fiscal583.03 year583.43 23.583.67 We584.59 have584.75 submitted584.99 the585.38 FY585.79 24586.02 and586.59 are586.75 awaiting586.99 notification.587.47 The589.23 GFOA589.38 is590.11 the590.26 only590.42 national590.83 awards591.3 program591.79 in592.26 governmental592.42 budgeting.592.99 This594.69 award595.17 also595.65 promotes595.97 best596.53 practices596.77 in597.17 public597.33 budgeting,597.73 again,598.77 with599.25 a599.41 focus599.57 on599.97 transparency600.29 and600.93 accountability601.17 consistent601.97 with602.53 the603.46 financial604.1 reporting.604.65 It606.01 does606.18 provide606.42 an606.89 independent607.13 review607.62 and607.93 critique608.1 of608.5 a608.74 municipality's608.89 budget609.62 document609.93 and610.42 this610.58 is610.74 also610.89 a611.13 1-year611.54 award611.7 that612.01 we612.25 submit,612.5 which613.92 requires614.24 continuous614.72 improvement.615.28 Some617.28 of617.44 the617.52 guidelines617.68 that618.24 are618.48 designed618.64 to619.04 assess619.2 how619.52 well619.68 a619.92 municipality's620.08 budget620.8 serves621.2 are,621.92 1,622.15 is622.32 a622.55 policy622.8 document,623.2 2,623.84 a624.24 financial624.39 plan,624.8 3,625.92 an626.24 operations626.39 guide,627.04 and627.51 4,627.75 a628.15 communication628.15 device.628.88 The630.6 final630.84 budget631.16 document631.48 is631.96 due632.12 to632.28 the632.44 GFOA632.6 90633.72 days634.12 after634.44 the634.68 budget634.84 is635.16 adopted635.4 by635.8 the635.96 city635.96 council.636.28 The637.24 city637.4 will637.72 be637.96 submitting,638.04 our639.16 FY639.4 20639.72 budget640.25 25641.13 budget,641.52 for642.25 consideration642.49 to643.04 the643.21 GOFOA643.45 this644.09 fall.644.25 Included646.73 in647.28 your647.37 document,647.61 is648.73 our648.89 5-year649.45 financial649.77 forecast.650.33 You651.21 can651.45 find651.61 that651.93 document652.25 immediately652.89 after653.69 the654.09 section654.65 that655.05 includes655.29 the655.69 presentation.655.85 The657.76 5-year658.17 financial658.49 forecast659.04 helps659.52 municipal659.92 officials660.97 to,661.52 1,662.25 review662.8 operational663.29 needs,663.85 2,666.17 identify666.57 fiscal667.13 challenges667.53 and667.93 opportunities,668.25 3,669.93 develop670.65 long-term671.53 budget671.85 policies,672.25 and673.63 4,673.79 plan674.51 for674.84 capital675.08 budget,675.39 debt675.88 service676.2 management,676.84 new677.96 initiatives,678.2 and678.84 long-term679.32 sustainability.679.79 682.57 Again,682.57 that682.97 this683.21 is683.37 you684.09 can684.33 find684.49 that684.81 document684.97 right685.77 after686.01 the686.33 presentation,686.57 in687.53 the687.69 beginning687.85 part688.25 of688.41 the688.49 budget.688.65 Some690.4 financial690.8 uncertainties691.37 and691.92 challenges692.09 are693.45 consistent693.45 with694 what694.25 we've694.4 seen694.64 in694.88 prior695.05 years.695.29 1,695.61 our695.85 local696 receipts.696.4 We've697.47 seen697.87 our698.19 revenues698.43 continue698.91 to699.31 grow699.47 from699.79 the699.95 FY700.27 20700.59 and700.99 21701.07 downturns701.55 related702.51 to702.91 the702.99 pandemic,703.23 but703.79 they're703.95 now704.11 stabilizing.704.43 We706.96 will707.2 have707.43 to707.67 work707.75 with708 the708.15 Department708.32 of708.63 Revenue708.8 during709.36 tax709.67 rate709.92 setting,710.24 to711.43 justify711.67 proposed712.32 revenue712.8 increases713.2 again713.75 in714 fiscal714.08 25.714.63 If715.98 you716.1 look716.22 at716.46 your716.62 5-year717.02 financial717.34 forecast717.98 document,718.62 you'll719.98 see720.3 we720.46 were720.62 very720.78 conservative,721.1 and721.66 we721.82 didn't722.06 forecast723.23 increased723.95 revenues724.67 in725.31 our725.55 local725.71 receipts,726.02 as727.23 part727.47 of727.71 this727.79 process728.11 just728.59 to728.83 remain728.99 conservative,729.31 to730.27 provide730.43 a730.67 worst-case731.07 scenario731.39 as731.95 to732.11 what732.27 the732.43 impact732.59 on732.91 the733.07 tax733.23 levy733.47 will733.79 be.733.95 However,734.67 once735.15 we735.47 close735.71 the736.03 fiscal736.19 year,736.51 and736.91 know736.91 what737.07 all737.23 of737.39 the737.55 revenues737.71 are738.11 gonna738.27 be,738.51 we738.99 will739.07 then739.31 work739.47 to739.92 determine740.08 what740.4 we're740.73 gonna740.8 be741.04 submitting741.2 to741.52 the741.68 Department741.85 of742.25 Revenue742.4 and742.8 what742.96 they're743.13 gonna743.28 approve.743.61 Our745.28 charity745.52 sheet745.92 and746.08 state746.32 aid,746.56 the748.32 state749.44 process749.68 is750.16 now750.4 we750.8 now750.96 have751.2 the751.36 senate's751.52 proposal,751.92 which752.88 is753.12 a753.28 $130,000,000,753.44 $7,225,754.88 which757.38 is757.53 now757.7 headed758.01 to758.25 the758.41 conference758.41 committee.758.82 We759.93 don't760.1 anticipate760.41 any761.05 significant761.45 changes,762.01 but763.05 it763.29 is763.45 important763.7 to764.17 note764.33 that764.82 during765.13 this765.45 fiscal765.7 year,766.1 there766.78 were767.02 some767.5 9767.82 c768.14 cuts768.38 that768.7 the768.94 state769.02 hadn't,769.26 had770.46 in770.7 several771.18 years.771.34 However,771.74 we772.22 don't772.38 believe772.62 that773.02 there773.26 will773.42 be773.5 any773.66 impact773.98 on774.3 operations,774.54 but,775.55 again,775.79 just776.03 something776.27 to776.67 think776.75 about776.91 in777.24 the777.32 back777.39 of777.63 our777.71 heads.777.88 Again,778.75 some779.15 other779.32 financial779.63 sources780.12 that780.51 we're780.75 gonna780.91 be781.15 looking781.24 at781.55 are781.79 free782.03 cash,782.27 stabilization,783.75 and784.95 our785.11 receipts785.35 reserved785.75 for786.07 appropriations,786.31 all787.27 as787.43 potential787.67 funding788.23 sources,788.63 to789.83 mitigate790.07 the790.47 increase790.63 in790.95 the791.11 tax791.27 levy.791.51 794.25 On794.25 the794.42 revenue794.58 section,794.98 you're795.3 gonna795.54 see796.34 our796.65 tax796.89 levy,797.13 our797.7 local797.86 receipts,798.25 our799.05 cherry799.3 sheet799.62 or800.1 state800.5 aid800.74 revenue,800.98 school802.38 building802.78 assistance,803.1 and803.82 other804.06 financial804.38 sources.804.86 On805.9 the805.98 expense806.22 side,806.62 it's807.26 broken807.58 down807.98 by808.22 the808.46 general808.46 government,808.86 public809.8 safety,810.13 public811 works,811.4 education,812.29 human813.49 services,813.8 culture814.85 and815.17 recreation,815.4 debt816.45 service,816.68 our817.6 other817.84 fixed818.16 costs,818.56 which818.96 include,819.28 health820.72 insurance,821.04 retirement821.84 expenses,822.48 our823.52 debt,823.76 as824.48 well824.72 as824.96 some825.12 other,825.28 employee826.38 benefit826.87 costs.827.26 Then828.23 you828.46 have828.54 our828.71 other828.87 financial829.18 uses.829.75 That830.38 is830.63 going830.87 to831.11 be831.18 our831.42 transfers831.66 to832.3 our833.18 stabilization833.59 accounts.834.38 However,835.22 those835.46 aren't835.78 included836.02 in836.5 the836.66 operating836.82 budget.837.3 Those837.78 happen838.1 after838.5 the838.82 Department838.98 of839.3 Revenue839.46 certifies840.5 our841.3 free841.54 cash,841.86 then842.78 the842.95 tax843.02 levy843.42 is843.83 set843.99 and844.38 certified844.63 by845.18 the845.35 Department845.5 of845.83 Revenue,845.99 and846.63 then846.71 it's846.87 up847.11 to847.26 the847.42 city847.42 council847.75 to848.14 adhere848.63 to849.02 our849.26 financial849.5 policies850.07 where850.47 we850.71 set850.87 aside851.11 50%851.96 of852.52 that852.68 free852.84 cash853.08 into853.32 our853.64 reserves,853.8 subject855.8 to856.2 further856.52 appropriation857 at857.56 some857.72 point857.88 in858.12 the858.2 future.858.36 This860.35 year,860.59 our860.99 total861.23 tax861.63 levy,861.95 which862.9 has863.14 not863.3 been863.55 certified,863.79 is864.9 a865.14 178,000,000865.38 502867.11 doll867.75 $2,296.868.15 The871.35 tax871.51 levy871.75 is872.07 the872.23 amount872.39 a872.71 community872.87 can873.27 raise873.51 through873.75 property874.07 taxes.874.47 The875.03 levy875.36 can875.6 be875.83 any876.07 amount876.39 up876.88 to877.12 the877.19 levy877.36 limit,877.75 which878.48 is878.63 reestablished878.88 every879.67 year879.91 by881.12 Proposition881.83 2a881.83 half882.24 by882.48 the882.63 Department882.79 of883.19 Revenue.883.36 The884.39 amount884.63 of884.95 taxes885.11 estimated885.99 to886.55 be886.71 WEDI886.87 to887.75 balance887.91 the888.39 fiscal888.55 year888.87 25889.27 budget889.67 is890.47 $123,806,994,890.87 which895.59 is895.75 approximately895.99 a896.63 12%896.87 increase897.5 from897.9 fiscal898.23 year898.54 25.898.87 This899.97 would900.21 leave900.37 an900.85 excess900.85 levy901.41 capacity901.81 of902.29 the902.45 city902.53 of903.97 $54,686,683.904.05 912.72 As912.72 I912.96 said913.12 right913.36 now,913.51 we've913.75 been913.91 conservative914.15 about914.96 providing915.27 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$5,000,000964.04 and964.75 then964.92 we965.15 have965.32 our965.48 encore,965.8 payments,967.08 from968.2 our968.43 host968.51 agreement,968.84 which969.53 this969.85 year969.93 are970.17 gonna970.33 total970.65 $28,285,206971.05 for975.13 total975.37 local975.85 revenues976.25 of976.73 $205,329.977.29 You983.67 then983.91 move984.15 into984.32 our,985.2 we986.81 have986.97 much987.05 more987.29 detail987.53 on987.85 the988.01 budget988.09 books,988.41 but988.73 just988.89 breaking989.13 it989.45 down989.61 by989.93 functions,990.57 you991.05 have991.29 general991.53 government,991.93 which992.89 totals993.13 this993.61 year993.69 $12,049994.01 public998.61 safety998.92 totaling999.49 $45,297,4641000.37 City1005.43 Services,1005.83 $16,510,4971007.35 Human1011.99 Services,1012.31 $5,183,481,1013.43 and1016.88 libraries1017.12 and1017.6 recreation1017.75 totaling1018.48 $2,655,1861018.96 for1023.58 total1023.82 city1024.22 departments1024.62 totaling1025.02 $80,031,291.1025.82 On1030.69 the1030.86 school1031.1 side,1031.41 this1031.82 year,1032.06 the1032.3 FY1032.69 251032.93 foundation1033.58 budget,1034.13 which1034.62 is1034.93 determined1035.17 by1035.65 DESE,1035.89 is1036.78 $161,607,8191037.34 less1042.36 our1042.6 chargebacks1042.84 to1043.4 the1043.56 city1043.64 for1044.04 shared1044.28 expenses,1044.68 the1045.56 majority1045.8 of1046.28 which1046.44 are,1047 retirement1047.88 costs1048.44 and1049.22 health1049.38 insurance1049.79 for1050.27 employees.1050.59 This1051.47 totals1051.71 $32,749,540.1052.11 1056.8 1056.8 This1056.8 year,1057.04 the1057.68 mayor1057.92 worked1058.4 with,1058.8 the1060.48 school1061.92 administration,1062.4 due1063.68 to1063.92 the1064.08 large1064.32 increase1064.64 in1065.84 the1067.27 health1067.27 insurance1067.59 costs,1068.07 which1068.46 was1068.79 about1069.03 11%,1069.35 which1070.87 is1071.11 consistent,1071.35 with1073.03 all1073.27 other1073.51 health1074.7 insurance,1075.02 rates1076.3 continually1076.78 rising.1077.42 There1078.22 was1078.38 an1078.54 additional1078.7 recommendation1079.26 of1079.9 $1,849,1371080.14 for1084.91 a1085.08 total1085.15 recommended1085.63 operating1086.36 budget1086.91 for1087.24 the1087.39 schools1087.63 of1088.12 $130,707,4161089.24 You1094.3 then1094.46 add1094.7 in1094.94 special1095.26 education1095.66 transportation,1096.3 which1097.42 is1097.58 not1097.74 net1098.06 school1098.3 spending1098.62 eligible,1098.94 for1099.74 a1099.98 total1100.06 school1100.54 budget1100.78 of1101.18 $135,307,416.1101.5 This1106.78 is1106.93 a1107.41 $6,695,0521107.41 increase1111.45 or1111.69 a1112.09 5%1112.17 increase1112.73 over1113.29 fiscal1113.69 year1114.09 24.1114.41 Our1117.69 fixed1117.93 costs,1118.25 which1118.78 you'll1119.02 find1119.1 towards1119.49 the1119.82 end1119.97 of1120.21 the1120.3 budget,1120.38 our1120.86 retirement1121.02 assessment1121.65 is1122.13 up1122.3 to1122.45 $20,030,498.1122.69 Our1126.19 employee1126.43 insurance,1126.91 the1128.67 bulk1128.83 of1129.07 it1129.23 is1129.39 health1129.71 insurance,1130.03 is1130.51 $28,695,976.1130.83 Our1136.26 FICA1136.41 or1136.89 Social1137.13 Security,1138.97 insurance1139.54 is1140.02 $2,536,949.1140.17 Our1145.18 employee1145.42 injuries,1145.9 the1146.86 bulk1147.02 of1147.26 which1147.42 are1147.9 related1148.14 to1148.62 police1148.94 and1149.26 fire1149.42 under1149.74 111f,1151.18 are1151.58 $1,377,500.1151.58 Property1155.49 liability1155.88 insurance1156.68 is1157.24 $2,792,472,1157.49 and1162.29 debt1162.61 service1162.85 costs1163.25 are1163.65 $11,118,6001163.89 for1167.57 total1167.73 fixed1168.05 costs1168.37 of1168.77 $66,551,995.1169.09 This1174.38 represents1174.55 a1175.11 $2,933,0001175.27 increase,1177.66 which1178.36 represents1178.68 about1179.08 5%1179.4 over1180.12 fiscal1180.52 year1181 24.1181.32 The1183.88 city1184.04 has1184.36 proven1184.44 to1184.84 have1184.92 sound1185.46 financial1185.78 policy1186.26 reserves1186.82 and1187.22 a1187.38 stable1187.54 outlook,1187.93 as1188.89 recognized1189.22 by1189.86 the1190.02 rating1190.17 agencies.1190.58 Again,1192.02 the1192.49 administration1192.73 will1193.46 seek1193.62 to1193.86 receive1194.02 the1194.34 GFOA's1194.49 distinguished1195.65 budget1196.21 award1196.53 for1196.85 251197.09 based1197.81 on1198.05 the1198.29 mayor's1198.45 recommended1198.77 budget.1199.33 The1200.69 budget1200.85 is1201.25 balanced1201.41 this1201.89 year1202.05 with1202.37 over1202.61 54,000,0001202.85 of1203.97 excess1204.63 capacity1204.96 available,1205.67 and1206.63 our1206.88 financial1207.04 forecast1207.67 and1208.08 sound1208.32 fiscal1208.56 policies1209.04 will1209.52 help1209.67 the1209.84 city1209.99 continue1210.32 its1210.88 financial1211.12 success.1211.67 And1213.69 with1213.77 that,1213.93 that1214.17 concludes1214.49 my1215.05 presentation.1215.29 VAN1216.09 CAMPEN1216.09 -1216.09 Thank1216.09 you,1216.33 mister1216.49 Dimas,1216.73 and,1217.21 thank1217.61 you1217.77 for1218.09 the1218.33 presentation.1218.49 I1220.25 understand1220.33 we1221.21 have1221.45 a1221.69 series1221.86 of1222.26 procedural1222.58 motions1223.13 that1223.54 the1223.78 joint1223.93 convention1224.34 has1224.73 to,1224.97 take.1226.02 So,1226.41 mister1226.73 Clark,1227.05 I1227.38 would1227.62 defer1227.86 to1228.17 you1228.26 to1228.41 read1228.49 out,1228.65 those1230.39 motions.1230.63 1231.11 CORNELIO1231.11 -1231.11 We1231.11 do,1231.27 mister1231.51 president.1231.75 Thank1232.15 you.1232.31 I'm1233.03 gonna1233.19 read1233.43 these,1233.59 71234.47 motions.1234.87 At1235.59 that1235.83 time,1235.91 someone1236.52 can1236.68 say1236.92 so1237.24 moved.1237.4 It's1237.64 a1237.88 second,1237.96 and1238.2 then1238.37 both1238.68 branches1238.92 of1239.33 government1239.4 will1240.13 vote1240.85 to,1241.16 send1242.2 this1242.44 to1242.68 the1242.92 budget1244.28 hearings1244.68 starting1245.09 next1245.4 week.1245.64 So1246.72 for1246.88 the1247.04 FY1247.36 251247.68 budget1248.08 hearings,1248.4 first,1250.16 61250.64 members1250.88 shall1251.28 constitute1251.52 a1252 quorum1252.16 at1252.72 all1252.88 hearings1253.2 of1253.52 the1253.68 city1253.84 council's1254.08 committee1254.56 on1254.96 a1255.12 budget1255.12 unless1255.44 otherwise1256.05 specified.1256.45 1257.41 VAN1257.41 CAMPEN1257.41 -1257.41 The1257.41 mayor1257.49 Is1257.97 there1258.05 a1258.38 motion1258.53 on1258.77 that1258.93 1?1259.01 Let's1259.25 move1259.41 a1259.58 vote1259.65 on1259.97 them1260.05 separately.1260.21 That's1261.25 what1261.41 it1261.58 is.1261.65 Yeah.1261.73 Let's1261.89 do1262.05 that.1262.29

1262.38 SPEAKER21262.38 -1262.38 Whatever1262.38 you1262.53 like1262.69 to1262.86 do.1262.93 So1263.1 moved.1263.25

1263.57 SPEAKER41263.57 -1263.57 Mister1263.57 president,1263.81 I1264.05 first1264.21 move1264.53 to1264.77 excuse1264.93 mister1265.25 Dimas.1265.57

1266.29 SPEAKER21266.29 -1266.29 2nd.1266.29 Thank1266.61 you.1266.85

1267.17 SPEAKER11267.17 -1267.17 Thank1267.17 you1267.33 again,1267.49 mister1267.81 Dimas.1268.05 Still1268.37 there.1268.53 Sorry,1268.77 miss1269.09 Dimas.1269.25

1270.45 SPEAKER21270.45 -1270.45 Is1270.45 that1270.61 in1270.77 form1270.93 of1271.17 a1271.25 motion?1271.5 1272.17 VAN1272.17 CAMPEN1272.17 -1272.17 Motion1272.17 is1272.34 made1272.58 and1272.73 seconded1272.97 on1273.29 that1273.45 motion.1273.78 All1274.1 in1274.34 favor?1274.49 Aye.1274.82 Opposed?1275.13 The1275.38 ayes1275.45 have1275.69 it.1275.93 1277.21 CORNELIO1277.21 -1277.21 2,1277.21 the1277.53 mayor,1277.78 the1278.1 mayor's1278.17 chief1278.49 of1278.73 staff,1278.89 and1279.13 the1279.29 city's1279.45 chief1279.78 financial1280.02 officer1280.58 I1281.26 requested1281.42 to1281.9 appear1282.06 at1282.38 all1282.54 such1282.86 budget1283.02 hearings1283.42 to1283.9 answer1284.06 questions.1284.38 So1285.02 moved.1285.34 VAN1286.38 CAMPEN1286.38 -1286.38 All1286.38 in1286.54 favor?1286.7 Aye.1287.18 Opposed,1287.42 the1287.74 ayes1287.82 have1288.06 it.1288.22 3.1288.7 1289.67 1289.67 CORNELIO1289.67 -1289.67 And1289.67 there1289.84 are1290.23 multiple1290.23 subsections1290.63 underneath.1291.2 So1291.67 all1291.91 department1292.08 heads1292.47 are1292.71 requested1292.8 to1293.2 have1293.36 the1293.52 following1293.6 information1293.91 available1294.39 when1294.88 appearing1295.36 before1295.67 the1295.91 city1296.08 council's1296.39 committee1296.8 on1297.04 budget.1297.2 A,1297.67 the1298.21 total1298.37 amount1298.61 expended1299.09 to1299.81 date1299.97 for1300.29 all1300.53 line1300.77 items1300.93 in1301.33 their1301.49 FY1301.97 20241302.21 budget.1303.01 B,1303.49 the1304.21 amount1304.29 expected1304.93 to1305.41 be1305.57 unexpended1305.89 for1306.84 all1306.99 line1307.15 items1307.39 in1307.71 the1307.88 FY1308.99 20-241309.39 budget1309.39 at1309.8 the1309.88 end1309.95 of1310.12 the1310.19 fiscal1310.36 year.1310.67 And1310.99 c,1311.23 names1312.04 of1312.36 funded1312.52 unfilled1313.15 positions1313.63 in1314.19 their1314.36 department1314.6 that1315.26 were1315.42 not1315.66 filled1315.9 during1316.14 the1316.46 current1316.54 fiscal1316.86 year1317.18 and1317.66 whether1317.82 or1318.06 not1318.22 they1318.38 are1318.62 expected1318.78 to1319.18 be1319.34 filled1319.5 in1319.74 the1319.9 next1320.06 fiscal1320.78 year.1321.18

1321.82 SPEAKER41321.82 -1321.82 So1321.82 2nd.1322.22 VAN1323.29 CAMPEN1323.29 -1323.29 All1323.29 in1323.45 favor?1323.62 Aye.1324.1 Both,1324.41 of1324.65 you1324.65 guys1324.73 have1324.97 it.1325.05 1325.62 CORNELIO1325.62 -1325.62 4,1325.62 all1326.49 budget1326.73 hearings1327.05 are1327.38 requested1327.53 to1327.93 be1328.1 televised1328.26 live1328.65 on1328.89 ECTV.1329.13 If1329.93 any1330.1 budget1330.34 hearing1330.73 cannot1331.05 be1331.29 televised1331.45 live,1331.93 it1332.17 shall1332.34 be1332.49 recorded1332.8 by1333.04 ECTV1333.2 and1334.08 shall1334.32 be1334.48 made1334.64 available1334.8 for1335.68 subsequent1336.08 viewing1336.56 by1336.96 the1337.12 general1337.2 public.1337.6

1338.48 SPEAKER41338.48 -1338.48 So1338.48 won't1338.64 Second.1339.2

1340 SPEAKER11340 -1340 All1340 in1340.24 favor?1340.4 Aye.1340.93 Opposed?1341.34 The1341.5 ayes1341.65 have1341.98 it.1342.13

1342.54 SPEAKER21342.54 -1342.54 5.1342.54 A1342.78 copy1342.93 of1343.26 the1343.41 budget1343.98 is1344.3 requested1344.54 to1344.93 be1345.02 posted1345.17 in1345.5 the1345.65 city's1345.82 website1346.13 no1346.62 later1346.86 than1347.1 51347.34 PM1347.58 on1347.89 Friday,1347.98 May1348.38 17,1348.62 2024.1349.26 So1350.13 moved.1350.38 Moved.1351.48 2nd.1351.8

1352.12 SPEAKER11352.12 -1352.12 All1352.12 in1352.36 favor?1352.6 Aye.1353.08 Opposed?1353.32 The1353.72 ayes1353.88 have1354.12 it.1354.2

1354.68 SPEAKER21354.68 -1354.68 6.1354.68 It1355 is1355.08 requested1355.24 that1355.72 copies1355.88 of1356.52 the1356.68 budget1356.84 be1357.16 available1357.32 at1357.64 the1357.72 Paulin1357.88 Memorial1358.28 Library1358.68 and1359 the1359.16 city1359.32 clerk's1359.56 office1359.88 beginning1360.72 on1360.96 Monday,1361.2 May1361.68 20,1361.85 2024?1362.4 So1363.37 moved.1363.53

1364.01 SPEAKER41364.01 -1364.01 2nd.1364.01

1364.88 SPEAKER51364.88 -1364.88 All1364.88 in1365.13 favor?1365.29 Aye.1365.85 Opposed?1366.01

1366.33 SPEAKER11366.33 -1366.33 The1366.33 ayes1366.48 have1366.64 it.1366.72 1367.05 CORNELIO1367.05 -1367.05 And1367.05 lastly,1367.29 item1368.09 number1368.4 7,1368.57 refers1369.05 to1369.69 the1369.85 city1370.09 council's1370.25 committee1370.73 on1371.05 the1371.21 budget1371.21 meeting,1371.53 to1372.73 begin1372.89 on1373.37 Tuesday,1373.61 May1374.09 21,1374.33 2024,1375.13 at1375.77 61376.09 PM1376.33 for1376.73 the1376.81 school1376.97 department.1377.21

1378.17 SPEAKER41378.17 -1378.17 So1378.17 moved.1378.33 Second.1378.65 1379.87 VAN1379.87 CAMPEN1379.87 -1379.87 Motion1379.87 is1380.18 made1380.35 and1380.51 seconded.1380.66 All1380.98 in1381.14 favor?1381.22 Aye.1381.78 Opposed?1382.42 The1382.83 ayes1382.98 have1383.22 it.1383.46 So1383.63 referred.1383.87 I1384.42 move1384.59 to1384.83 adjourn.1385.07 Motion1385.7 is1386.11 made1386.27 and1386.42 seconded1386.59 to1386.98 adjourn1387.22 this1387.7 joint1387.94 convention1388.35 of1388.9 the1389.12 Everett1389.2 City1389.44 Council1389.6 and1389.84 School1390 Committee.1390.24 All1390.48 in1390.64 favor?1390.8 Aye.1391.12 Opposed?1391.36 The1391.76 ayes1391.84 have1392.08 it.1392.32 We1392.48 are1392.64 adjourned.1392.88