STEPHANIE180.29 MARTINS180.29 -180.29 CITY180.29 COUNCIL180.29 PRESIDENT180.29 -180.29 I'd180.29 like180.51 To180.51 call180.59 this180.83 meeting180.91 to181.31 order,181.47 welcome181.79 to182.11 tonight's182.35 joint182.91 meeting183.31 on183.72 the183.96 budget.184.03 Mr.184.75 Clerk,185 please185 call185.31 the185.47 roll.185.63

187.16 SPEAKER2187.16 -187.16 Madam187.16 President,187.4 we'll188.44 call188.59 vote188.91 for189.16 attendance.189.31 Councilor189.79 Alcy190.11 Geblen?190.51

191.31 SPEAKER1191.31 -191.31 Present.191.31

191.88 SPEAKER2191.88 -191.88 Councilor191.88 DiPiero?192.28 Present.192.83 Councilor193.46 Garcia?193.86

194.42 SPEAKER1194.42 -194.42 Present.194.42

194.9 SPEAKER2194.9 -194.9 Councilor194.9 Hamlin?195.22 Present.195.7 Councilor196.02 Marchese?196.5 Present.197.06 Councilor197.38 Matuski?197.78 Here.198.9 Councilor199.3 Pietrantonio?199.7 Present.200.58 Councilor202.66 Smith?203.14

203.54 SPEAKER1203.54 -203.54 Present.203.54

204.1 SPEAKER2204.1 -204.1 Councilor204.1 VanCamp?204.58 Present.205.06 Council205.54 president205.86 Martins?206.34

206.98 SPEAKER1206.98 -206.98 Present.206.98

208.22 SPEAKER2208.22 -208.22 Now208.22 school208.46 committee208.78 member209.09 Babcock,209.74 school211.01 committee211.34 member211.66 Barrows?212.13 Present.212.78 School213.66 committee214.06 member214.53 Barrows?214.94 School215.5 committee215.74 member216.13 Cornelio?216.46 Present.217.34 School218.13 committee218.38 member218.85 Mayor219.25 DeMaria?219.57 Yeah.220.38 Yeah.221.34 School221.66 committee221.98 member222.22 D'Onofrio?223.02 Present.223.9 School224.62 committee224.94 member225.34 Garen?225.74 Present.226.7 School228.86 committee229.18 member229.5 LaMonica229.9 and231.66 chairperson232.7 Hurley?233.26

233.82 SPEAKER1233.82 -233.82 Present.233.82

235.75 SPEAKER2235.75 -235.75 Oh,235.75 and,236.07 sorry.236.79 Scoot237.28 group237.59 member,237.68 Jeanne.239.75 Thank240.47 you.240.64 2,242.56 what,243.12 6,243.59 7244.16 18244.72 members245.12 present,245.51 madam245.75 president.246.07

246.4 SPEAKER1246.4 -246.4 Members246.4 present.246.72 We247.03 have247.12 a247.28 quorum.247.36 Please247.75 join248 us248.16 in248.4 saluting248.47 the248.96 flag.249.03 Pledge250.32 allegiance250.72 to251.44 the251.68 flag251.76 of252.32 The252.4 United252.56 States252.8 Of253.04 America,253.2 which253.84

254.08 SPEAKER2254.08 -254.08 is254.08 the254.16 republic254.32 of254.8 which254.96 it255.12 stands,255.28 1256.08 nation256.4 under256.96 God,257.28 indivisible,257.6

258.56 SPEAKER1258.56 -258.56 with258.56 liberty258.64 and259.28 justice259.36 for260 all.260.16 269.76 MARTINS269.76 -269.76 Okay.269.76 If270.17 you270.32 could270.4 please270.56 read270.88 the271.37 one,271.76 item,272 I272 mean,272.17 the272.32 item272.49 we272.73 have272.81 on272.96 first273.2 item273.37 on273.76 the273.85 agenda.274 First275.29 and275.61 only275.69 item275.93 on276.25 the276.32 agenda.276.4 278.25 SERGIO278.25 CORNELIO278.25 -278.25 CITY278.25 OF278.25 EVERETT278.25 -278.25 Item278.25 number278.97 1,279.21 our279.53 only279.69 item279.85 this280.97 evening,281.29 Madam285.53 President,285.53 is285.53 a285.77 resolution285.85 offered286.41 by286.65 councilor286.81 Stephanie287.13 Martins,287.53 as287.85 president288.01 in288.41 accordance.288.65 His290.62 honor290.86 Mayor290.86 Carlo290.86 DeMaria291.34 hereby291.65 calls291.98 for292.22 a292.46 joint292.54 meeting292.78 of293.1 the293.18 city293.25 council293.57 and293.9 school294.06 committee294.3 for294.94 the295.18 presentation295.34 of295.74 the295.98 city's296.06 proposed296.46 fiscal296.78 year297.18 2026297.74 operating298.3 budgets298.69 and299.1 to299.25 review299.34 the299.74 city's299.9 budget300.3 policy.300.69 304.92 ROBERT304.92 VAN304.92 CAMPEN304.92 -304.92 CITY304.92 COUNCIL304.92 MEMBER304.92 -304.92 Madam304.92 Chair,305.24 could305.48 we305.64 have305.8 the305.96 representatives306.44 of306.92 the307.08 administration307.16 before307.88 us?308.12 308.52 HOLLY308.52 GARCIA308.52 -308.52 CITY308.52 COUNCIL308.52 MEMBER308.52 -308.52 Second.308.52

308.92 Which308.92 has309.16 been309.32 made309.48 and309.64 second309.8 to310.04 invite310.2 the310.44 representatives310.68 of311.24 the311.32 administration311.48 before311.96 us.312.28 All312.44 in312.6 favor?312.76 Aye.313.24 Opposed?313.64 The314.6 ayes314.84 have315.16 it.315.4 We316.43 have316.59 our317.06 CFO,317.38 mister317.79 Dimas,318.11 with318.5 us318.67 this319.55 evening.319.79 334.68 ERIC334.68 DEMAS334.68 -334.68 CITY334.68 OF334.68 EVERETT334.68 -334.68 Thank334.68 you.334.92 Tonight,337.24 we'll338.44 be338.68 going338.84 over339.08 the339.32 annual339.48 budget339.8 policy,340.12 the340.6 five340.68 year340.92 financial341.16 forecast,341.8 which342.76 covers342.93 fiscal343.32 years343.73 '25344.13 through344.85 '29.345.25 This347.4 begins347.73 the348.2 first348.37 part348.69 of349.56 the349.88 FY350.52 26350.76 budget351.4 presentation.351.81 The352.6 city352.93 council352.93 just353.4 received353.64 their354.29 budget354.44 books354.76 tonight.355.08 The356.61 budget356.69 book357.01 is357.17 broken357.41 down357.73 into357.97 four358.29 sections,358.53 your359.49 operating359.89 budget,360.37 the360.93 water361.17 sewer361.57 operating362.05 budget,362.53 the363.25 ECTV363.57 or365.01 peg365.33 cable365.65 access366.05 budget,366.37 and366.93 the367.17 capital367.33 improvement367.73 plan.368.21 The369.62 goal369.77 is370.01 just370.18 to370.41 provide370.57 a370.89 brief370.97 overview371.38 tonight371.85 as372.18 there372.33 will372.5 be372.65 detailed373.13 discussions373.62 at374.25 future374.5 meetings.374.81 Per377.06 Article378.18 6,2378.5 of378.5 the378.65 city's378.81 charter379.21 annual379.85 budget380.25 policy,380.57 the381.21 mayor381.38 shall381.62 call381.85 a382.1 joint382.18 meeting382.5 of382.81 the382.89 city383.06 council383.29 and383.62 school383.85 committee384.18 to384.84 include385 the385.32 superintendent385.56 of386.12 schools.386.28 The387.08 meeting387.24 must387.64 take387.88 place388.04 prior388.44 to388.84 the389 start389.08 of389.4 the389.48 budget389.56 process.389.96 The390.92 purpose391.08 is391.4 to391.56 review391.72 the392.04 financial392.2 condition392.68 of393.08 the393.16 city393.32 revenue394.76 and395.16 expenditure395.4 forecast396.04 as396.52 well396.68 as397 other397.16 related397.48 information398.04 with398.87 the399.1 goal399.26 to399.58 develop399.82 a400.22 coordinated400.38 budget.401.02 403.5 Start403.5 off403.75 with403.9 the404.14 financial404.22 condition404.7 of405.02 the405.19 city.405.35 This406.22 slide406.46 actually406.79 hasn't407.19 changed407.5 from408.06 last408.31 year.408.63 The409.99 city410.14 has410.54 not410.79 gone412.22 out412.46 to414.71 issue414.87 new415.11 debt.415.51 We're416.31 actually416.55 in416.87 the417.03 process417.19 right417.51 now.417.75 The418.23 city,419.67 fortunately,420.39 has420.39 had420.55 ample421.03 cash421.43 reserves,421.75 and422.63 as422.87 such,423.19 it423.59 gave423.75 us423.99 the424.23 ability424.47 to425.03 try425.19 to425.59 let425.91 the426.07 market426.23 stay426.71 down426.95 and427.75 falling428.23 interest428.55 rates.429.03 So,429.35 they431.37 have431.61 been431.85 falling432 since432.32 the432.56 prior432.65 year,432.96 so433.37 we'll434.25 be434.49 issuing434.65 within435.13 the435.44 next435.61 six435.85 months.436.17 But438 just438.25 to438.4 recap438.56 from438.96 last439.21 year,439.44 Standard440.56 and440.96 Poor's441.13 has441.52 assigned441.85 us442.17 a442.32 AA+443.52 stable444.25 rating444.65 to445.38 our445.54 23445.78 obligation446.42 bonds.447.06 We're448.1 expecting448.42 the448.98 same449.06 rating449.3 this449.7 year,449.86 which451.22 allowed451.46 us451.7 to451.94 receive452.18 only452.66 a452.9 net453.06 interest453.3 cost453.7 of454.02 2.99%.454.18 A456.1 year456.18 ago,456.42 interest456.82 rates457.22 were457.46 over457.7 5%,458.5 they're458.66 now458.66 starting459.39 to459.71 drop459.8 down.460.04 We're460.68 looking460.92 in461.15 roughly,461.39 I461.88 think,461.96 the462.19 3462.36 and462.6 a462.68 half462.75 percent463 range463.39 when463.8 we463.96 go464.12 out464.27 onto464.44 the464.68 open464.92 market.465.15 466.6 Standard466.6 and467 Poor's467.15 consistently467.56 has468.12 given468.36 the468.6 city468.75 a469 stable469.07 outlook469.48 on469.8 its469.96 financial470.19 future,470.68 and471.55 all471.87 of472.03 the472.11 city's472.27 bonds472.67 are473.23 backed473.47 by473.87 the474.03 city's474.19 full474.59 faith474.75 and474.99 credit.475.15 Just477.31 some477.55 highlights,477.71 from479.39 that479.55 last479.79 rating.480.11 The480.83 rating480.99 and481.23 outlook481.39 on481.71 the481.87 city482.03 reflect482.35 our482.75 opinion482.99 of483.47 Everett's483.71 currently484.11 strong484.59 financial484.99 position485.55 and486.29 past486.52 prudent486.69 budgeting487.17 that487.73 have487.88 allowed488.05 for488.37 stable488.61 operations489.08 per491 Standard491.49 and491.88 Poor's.492.05 The493.49 AA+494.21 rating495.56 reflects495.96 their496.37 opinion496.61 on497.08 the497.17 following497.32 factors,497.73 growing498.69 tax498.93 base499.33 that499.57 is499.73 poised499.97 for500.37 future500.61 long501.09 term501.25 development,501.57 history502.77 of503.17 stable503.33 and503.81 strong503.97 financial505.33 profile505.81 we've506.29 been506.53 able506.61 to506.93 maintain,507.09 very508.05 strong508.37 debt508.77 matrix508.93 with509.41 rapid509.65 amortization.510.21 Approximately511.68 75%512.39 of513.43 our513.67 outstanding513.84 debt514.71 is515.03 scheduled515.27 to515.67 be515.75 paid516 off516.15 within516.39 the516.79 next516.88 10517.12 years.517.36 The519.75 AA+520.71 rating521.03 also521.51 reflects521.91 strong523.03 management523.27 condition523.84 with524.24 good524.48 financial524.71 management525.2 policies525.75 and526.61 practices,526.93 understanding527.49 and528.13 Poor's528.21 financial528.45 management529.17 assessment529.81 methodology,530.37 very532.13 strong532.45 debt532.77 and533.01 contingent533.17 liabilities533.73 profile,534.53 which535.25 is535.49 due535.65 to535.81 our535.97 low536.21 carrying536.37 charges,536.77 low537.57 net537.89 debt,538.21 and538.53 our538.77 rapid538.93 amortization,539.73 and541.69 also541.93 ranked542.74 the543.05 city543.29 having543.69 a544.1 strong544.33 institutional544.82 framework.545.62 548.89 Available548.89 funds,549.53 potentially550.57 to,551.38 fund552.41 this552.74 year's552.98 budget553.29 is553.69 a553.86 stabilization554.01 fund,554.74 which555.43 currently555.67 has556.07 $12,938,100,556.31 free560.95 cash,561.27 which562.39 we562.71 will562.95 be563.11 submitting563.35 as563.91 soon564.07 as564.23 we564.39 close564.55 our564.87 books565.03 to565.51 the565.83 Department565.99 of566.39 Revenue566.55 in566.95 the567.11 fall568.07 and569.19 we'll569.19 be569.43 seeking569.59 their569.91 certification.570.15 Last571.48 year,571.63 the572.04 city572.2 had572.84 utilized573.32 10573.88 million574.51 in574.51 free574.68 cash575 to575.32 mitigate575.39 the576.27 tax576.44 increases.576.84 In577.63 the577.88 financial578.2 forecast578.75 that's579.24 presented579.56 in580.04 the580.12 budget580.27 tonight,580.6 consistent581.39 with581.88 what582.04 the582.36 city's582.44 done582.84 on583.08 prior583.24 years,583.56 we've583.88 taken584.12 a584.44 conservative584.51 approach.585.24 So586.05 right586.29 now,586.45 that's586.53 only586.93 reflecting587.25 the587.97 use588.05 of588.37 5588.53 million589.09 in589.09 free589.25 cash.589.57 However,590.93 that591.81 will592.05 be592.29 analyzed592.77 when593.25 we593.49 get593.57 closer593.81 to594.21 the594.37 tax594.45 rate594.69 setting594.93 after595.33 the595.65 Department595.81 of596.13 Revenue596.29 certifies.596.77 The598.23 city's598.38 OPEB598.78 liability599.26 trust599.99 stands600.71 at601.11 $15,772,899,601.35 and606.07 our606.23 capital606.47 improvement606.95 stabilization607.42 fund608.23 currently609.26 has609.66 a609.83 balance609.99 of610.3 $9,644,166.610.47 All614.92 of615.08 these615.24 funds615.48 have615.8 financial616.04 policies616.6 as617.08 to617.24 their617.4 funding617.56 source617.96 as618.52 part618.68 of618.92 the619.08 FY619.4 26619.56 budget.620.2 625.48 FY625.72 26625.88 budget626.44 submittal626.76 by628.99 the629.23 GFOA629.38 distinguished630.83 budget631.38 award631.79 certificate.632.11 Unfortunately,633.63 the634.59 city634.83 did635.23 not635.38 submit636.43 the636.83 budget636.9 to637.31 the637.38 GFOA637.55 last638.19 year.638.35 We're638.99 on639.14 our639.31 third639.55 budget639.87 director640.26 in640.75 three641.14 years641.55 and641.55 we642.02 had642.19 a643.31 large643.71 gap644.11 in644.93 the645.25 budget645.81 position.646.21 I'd647.33 like647.49 to647.73 introduce647.97 Margaret648.61 Micherda,649.09 the649.65 city's649.81 new650.29 budget650.61 director.651.01 She651.73 came651.97 on652.13 board652.37 with652.61 the652.77 city652.85 in653.17 October653.33 and653.89 she's654.13 been654.37 running655.25 hard655.57 ever655.89 since,656.53 so656.93 we're656.93 planning657.17 on657.57 submitting657.73 that658.29 budget658.53 this658.93 year.659.17 There661.01 is661.17 no661.34 mandated661.74 format662.29 for663.01 the663.1 budget663.25 documents.663.65 Every664.7 city665.01 is665.34 different665.5 in665.82 terms665.98 of666.29 its666.38 formal666.62 structure,667.01 culture,667.74 and668.38 informal669.1 practices.669.65 There's670.77 no671.1 right671.34 or671.5 wrong671.65 approaches671.98 but672.93 there673.17 are673.34 best673.5 practices673.74 that675.13 can675.21 provide675.61 common676.01 ground676.41 for677.93 those678.17 involved678.49 in679.29 the679.45 budget679.53 process.679.93 683.45 This683.45 year,683.69 the684.01 city684.17 expects684.57 to684.89 receive685.05 the685.37 GFOA685.53 certificate686.17 of686.89 annual687.13 comprehensive687.61 financial688.25 reports.688.81 We690.13 hope690.28 to690.52 have690.68 that691 determination691.49 and692.13 receive692.28 that692.68 award692.85 late694.45 summer,694.76 early695.16 fall.695.49 That697.25 award697.49 is697.8 the697.97 highest698.13 form698.45 of698.68 recognition698.92 in699.57 governmental699.73 accounting700.28 and700.68 financial700.85 reporting.701.4 The702.61 city702.85 has703.09 received703.33 this703.64 award703.88 nine704.28 years704.52 in704.76 a704.92 row.705.09 Its706.42 focus706.66 is707.06 on707.22 excellence,707.54 transparency,708.1 and708.9 accountability.709.14 It710.42 provides710.58 an710.98 independent711.22 review711.78 and712.02 critique712.26 on712.66 the712.82 municipality's713.06 financial713.86 reporting,714.42 and715.14 it's715.3 a715.54 one715.7 year715.86 award716.26 that716.98 requires717.22 annual717.7 review,718.1 and719.38 completion.719.62 As722.45 I722.61 mentioned,722.85 the723.97 city724.21 has724.52 received724.85 also725.4 the725.73 GFOA725.88 distinguished726.68 budget727.25 award,727.64 in728.68 fiscal728.92 16729.4 through729.97 fiscal730.29 23.730.76 Again,731.64 unfortunately,731.97 we732.68 didn't732.85 have733.09 the733.25 ability733.4 to733.8 submit733.97 it734.29 last734.45 year.734.61 We734.85 did735 not735.25 have735.4 the735.57 bandwidth,735.73 but736.71 we736.95 will737.19 be737.35 submitting737.51 it737.99 this738.15 year.738.31 739.51 The739.51 GFOA739.67 is740.31 the740.47 only740.55 national740.87 awards741.35 program741.67 in742.07 governmental742.23 budgeting.742.79 It743.67 does743.91 promote744.23 best744.71 practices744.95 in745.51 public745.67 budgeting.746.07 The747.03 focus747.19 is747.59 on747.75 transparency748.07 and749.11 accountability.749.27 It750.79 provides751.02 an751.5 also,752.3 consistent753.11 with753.67 the753.9 CAFR,754.07 a754.71 independent755.11 review755.67 and755.99 critique756.23 on756.95 the757.11 municipality's757.26 budget758.07 document.758.47 And,759.18 again,759.42 this759.75 is759.99 a760.07 one760.23 year760.38 award760.79 which761.35 focuses761.59 on762.07 continuous762.47 improvement.763.02 The765.58 GFOA765.74 distinguished766.3 budget766.78 award767.1 has767.34 guidelines767.66 that768.06 are768.3 designed768.46 to768.86 assess769.1 how769.42 well769.58 a769.9 new769.98 a770.3 municipality's770.38 budget771.1 serves771.5 as772.14 1,772.38 a772.62 policy772.78 document,773.26 2,773.98 a774.3 financial774.46 plan,774.94 3,775.74 an775.98 operations776.22 guide,776.78 and777.74 4,778.54 a779.02 communications779.18 device.781.74 The782.13 final782.29 budget782.62 document782.93 is783.41 due783.58 to783.82 the783.89 GFOA784.13 90785.17 days785.58 after785.98 the786.29 budget786.46 is786.77 adopted787.58 by788.05 the788.22 legislative788.38 body.789.89 And790.62 we790.62 will790.86 be791.1 submitting791.34 this791.82 year792.05 for792.38 the792.7 FY792.86 '26793.25 budget793.82 in794.48 the794.64 fall794.88 for795.28 consideration.795.52 799.36 At799.36 the799.6 very799.76 beginning800 of800.4 your800.48 budget800.72 books,801.04 we801.6 have801.92 included802.24 the802.72 city's803.36 five803.76 year804.08 financial804.32 forecast.804.88 This806.56 is806.8 to806.96 assist807.2 the807.52 municipal808.27 officials808.83 to,809.24 1,809.55 review809.95 the810.67 city's810.83 operational811.24 needs,811.79 identify812.91 fiscal813.55 challenges813.95 and814.43 opportunities,814.67 develop816.12 long816.67 term816.91 budget817.32 policies,817.63 and818.91 finally,819.15 to819.55 plan819.71 for819.95 capital820.19 budget,820.51 debt821.15 service821.47 management,821.71 new822.43 initiatives,822.75 and823.23 long823.39 term823.63 stability.824.03 This826.11 is826.35 included826.59 in827.07 your827.15 budget827.31 die827.79 book,828.03 but828.43 it's828.59 in828.83 the828.99 very829.07 front829.31 of829.63 the829.71 budget829.87 book.830.19 it's830.91 not831.15 1831.39 of831.55 the831.71 numbered831.79 sections.832.27 To835.03 provide835.19 just835.51 a835.75 brief835.91 executive836.15 summary836.71 on837.03 our837.27 revenues837.51 and837.91 expenditures,838.07 identifying840 some840.63 financial840.88 uncertainty841.36 and841.91 challenges,842.15 our843.83 revenues844 have844.71 recovered845.19 from845.75 the846.15 FY846.71 20846.95 and847.19 FY849.54 21850.34 downturn850.34 related850.82 to851.3 the851.46 pandemic851.62 and852.58 have852.82 stabilized.853.14 The854.1 city854.34 will854.82 work855.06 with855.3 the855.62 Department855.7 of856.1 Revenue856.26 to857.06 justify857.22 proposed857.78 revenue858.26 increases858.82 again859.38 in859.62 fiscal859.78 26.860.18 863.67 Cherry863.67 sheet864.08 or864.39 our864.55 state864.79 aid865.12 revenue,865.36 just866.55 last866.96 week,867.27 the867.75 Senate867.91 approved868.48 their869.27 bill,869.6 which870.79 is871.03 proposing871.2 $139,303,170872.32 to876.15 the876.32 city.877.4 And877.88 that877.88 budget878.12 is878.6 now878.84 headed879.16 to879.56 conference879.96 committee880.44 for881.16 reconciliation.881.48 As883 I883.24 previously883.4 mentioned,884.04 some884.52 other884.76 financial885.08 sources885.64 that886.04 we're886.28 gonna886.44 be886.68 considering886.92 are887.72 gonna887.88 be888.12 free888.36 cash889.32 stabilization891.02 and891.02 receipts891.18 reserved891.75 for892.14 appropriation.892.54 Our895.99 revenues896.23 include,896.71 the898.07 city's898.23 tax898.63 levy,898.87 our899.66 local899.9 receipts,900.3 our901.26 state901.66 aid,901.99 school902.89 building903.21 assistance,903.69 as904.41 well904.57 as904.81 other905.05 financial905.37 sources.905.93 Consistent907.13 with907.69 the907.85 prior907.93 year,908.25 the908.57 expenditures908.73 are909.45 summarized909.69 on910.81 the911.05 following911.21 categories,911.77 general912.65 government,913.05 public913.93 safety,914.33 public915.24 works,915.55 education,916.6 human917.55 services,917.96 culture918.92 and919.32 recreation,919.48 debt920.67 service,921 and921.55 our921.79 other922.04 fixed922.36 costs922.6 such923 as923.24 health,923.39 insurance,923.63 retirement,924.2 and924.92 debt,925.08 which926.12 when926.43 you926.67 get926.84 into927 the927.24 budget927.32 book,927.63 you're927.88 gonna928.12 see928.43 this928.67 is928.84 where929 the930.23 city930.55 has930.79 experienced931.11 significant931.59 cost932.23 increases932.55 as933.59 well933.75 as933.99 other934.23 financial934.55 uses.935.11 938.87 The938.87 total939.03 tax939.43 levy,939.75 which941.03 we've941.27 estimated941.51 for941.99 this942.15 year942.31 is942.55 $190,487,202.943.35 The947.95 city's948.11 tax948.5 levy948.67 is948.99 the949.14 amount949.3 a949.55 community949.71 can950.18 raise950.35 through950.75 property950.99 taxes.951.47 The952.18 levy952.35 can952.67 be952.9 any953.07 amount953.3 up953.87 to954.02 the954.18 levy954.26 limit,954.67 which955.3 is955.55 reestablished955.71 every956.5 year956.75 in956.9 accordance957.07 with957.55 Proposition957.71 2958.26 and958.5 a958.67 half958.75 provisions.958.9 The960.15 amount960.31 of960.55 taxes960.71 estimated961.19 to961.59 be961.67 levied961.83 to962.23 balance962.31 the962.79 FY963.19 26963.43 budget963.99 is964.55 $132,884,849,965.35 which969.83 is970.07 approximately970.31 13%971.11 over971.91 fiscal972.23 25.972.63 This974 would974.08 leave974.32 the974.55 excess974.72 levy975.2 capacity975.51 for976.08 the976.24 city976.32 of976.63 $57,602,353.977.12 Other984.32 revenues.986.15 We986.39 have986.39 estimated986.72 our987.36 local987.51 revenues,987.84 local989.09 receipts989.49 to989.89 be990.05 $18,694,112.990.29 State995.33 aid,995.65 again,996.13 at996.45 139,303,170.997.17 Within1002.07 the1002.24 two1002.48 enterprise1002.71 funds,1003.19 the1003.75 water1004 sewer,1004.31 $23,049,312,1005.36 and1009.12 ECTV,1009.43 $583,731.1013.67 As1015.11 I1015.35 previously1015.59 said,1016.23 we're1016.47 estimating1016.79 the1017.27 use1017.35 of1017.59 free1017.67 cash1017.91 of1018.31 51018.47 million,1019.91 and1019.91 then1020.23 finally,1020.47 our1021.11 encore1021.51 resort1021.99 payments1022.39 of1022.71 the1022.87 community1023.43 host1023.91 agreement1024.15 payments1024.55 totaling1024.95 $28,992,003.351025.83 for1029.85 a1029.92 combined1030.16 total1030.48 of1030.96 $215,622,606.1035.37 And,1037.85 again,1038.01 these1038.4 are1038.64 the1038.88 estimates1039.05 that1039.53 we1039.68 have1039.85 now.1040.09 Once1040.57 the1040.81 city1040.96 closes1041.2 its1041.68 books,1041.85 works1042.24 with1042.48 the1042.72 Department1042.81 of1043.2 Revenue,1043.37 we're1043.97 gonna1044.13 be1044.37 updating1044.61 these1045.17 numbers1045.49 prior1045.97 to1046.37 setting1046.53 the1046.93 tax1047.09 rate.1047.41 1050.13 On1050.13 the1050.37 expense1050.53 side,1051.01 to1052.13 summarize1052.29 by1052.93 the1053.17 previous1053.33 categories,1053.81 general1054.85 government1055.25 budget1055.97 is1056.72 $11,835,482,1056.88 public1061.53 safety,1062.01 $46,070,144,1062.81 city1066.97 services1067.37 or1067.85 public1068.09 works,1068.4 $16,991,272,1069.26 human1074.3 services,1074.7 $5,741,691,1075.58 and1079.9 libraries1080.22 and1080.62 recreation,1080.86 $2,350,9611081.58 for1086.08 total1086.32 city1086.63 departments1086.95 of1088.15 $82,989,550.1088.47 On1094.73 the1094.97 school1095.13 side,1096.65 the1097.05 state1097.21 has1097.53 set1098.09 the1098.41 foundation1099.21 budget1099.77 at1100.97 $172,711,735.1101.85 Less1107.08 chargebacks1107.32 to1107.95 the1108.12 city,1108.19 for1109.39 $35,771,5301113.71 for1115.32 a1115.47 total1115.63 recommended1116.12 operating1116.76 budget1117.23 for1117.63 the1117.79 schools1117.95 of1118.36 $136,940,205.1119.15 And1124.31 then1124.47 this1124.79 year,1125.03 they're1125.43 estimating1125.75 the1126.39 special1126.55 education1126.87 transportation1127.59 to1128.31 come1128.47 in1128.63 at1128.71 $5,214,215,1129.35 for1133.99 a1134.15 total1134.23 school1134.63 department1134.95 budget1135.51 of1136.06 $142,154,420.1136.78 This1142.22 represents1142.54 a1143.34 $6,643,0001146.86 increase1147.17 over1147.65 FY1148.13 25,1148.38 which1149.02 is1149.17 approximately1149.86 5%1150.74 over1151.54 the1152.82 prior1152.98 year.1153.3 1154.58 And1154.58 when1154.9 I1155.06 get1155.14 into1155.3 the1155.54 fixed1155.7 costs,1156.02 specifically1156.74 health1157.3 insurance,1157.54 one1158.02 of1158.26 the1158.42 things1158.5 that1158.9 the1159.78 mayor1160.1 and1160.34 the1160.5 superintendent1160.66 are1161.46 working1161.62 on1161.94 are1162.34 to1162.58 recognize,1162.82 to1165.14 get1165.38 a1165.63 better1165.79 recognition1166.27 of1167.7 the1168.18 health1168.59 insurance1168.83 costs1169.38 borne1169.87 by1170.11 the1170.35 schools.1171.79 And1172.11 we're1172.11 reviewing1172.35 that1172.74 agreement,1173.07 given1174.35 how1174.74 our1175.22 health1175.54 insurance1175.79 rates1176.27 have1176.83 gone1177.07 up1177.3 significantly,1177.54 which1178.66 will1178.98 also1179.06 allow1179.54 the1179.86 city1182.66 to1183.22 be1183.38 recognized1183.54 for1184.1 spending1184.34 more1184.74 above1184.98 net1185.3 school1185.46 spending.1185.86 Now,1190.26 under1190.5 the1190.74 fixed1190.9 cost,1191.22 city1191.96 and1192.04 school,1192.43 the1193.48 retirement1193.63 assessment1194.2 came1194.67 in1194.84 at1195.08 $21,435,962,1195.32 which1199.72 is1199.96 over1200.12 $11200.36 million1200.43 over1201.24 the1201.48 prior1201.56 year.1201.96 Employee1202.84 insurance1203.24 came1203.8 in1204.04 at1204.28 $35,549,421.1204.67 The1210.29 largest1211.01 driving1211.65 factor1212.21 in1212.69 this1212.85 section1213.17 is1213.57 our1213.73 health1213.89 insurance.1214.13 If1214.93 you1215.09 look1215.25 at1215.49 a1215.73 year1215.89 to1216.13 year,1216.37 appropriation1217.97 increase,1218.61 it's1218.93 up1219.17 over1219.41 $61219.65 million1221.26 or1221.26 24%.1221.49 Consistent1223.41 with1224.13 the1224.38 rest1224.45 of1224.78 the1224.93 region1225.1 as1225.58 well1225.73 as1225.97 the1226.13 country,1226.3 our1227.41 health1227.65 insurance1227.89 premiums1228.38 are1228.86 going1228.93 up1229.26 21%1229.58 from1232.13 the1232.3 prior1232.45 year,1232.86 just1234.19 due1234.43 to1234.59 the1234.83 rising1234.99 health1235.31 costs.1236.35 And,1236.83 again,1237.07 this1237.39 isn't1237.63 anything1237.95 unique1238.27 to1238.67 the1238.75 city.1238.91 This1239.47 is1239.71 what1239.95 employers1242.59 are1243.15 facing1243.31 throughout1243.71 the1244.03 country.1244.11 1245.95 Underneath1245.95 our1246.35 employee1246.59 injuries,1247.87 that's1249.27 budgeted1249.59 this1249.98 year1250.22 at1250.38 $1,377,500.1250.54 Our1254.3 property1254.54 and1254.87 liability1255.11 insurance1255.66 came1256.3 in1256.54 at1256.7 $3,000,000,1256.94 and1258.14 our1258.38 debt1258.54 service,1258.87 which1259.59 is1259.83 down1260.07 slightly1260.38 from1260.87 the1261.11 previous1261.27 year,1261.66 is1262.25 at1262.41 $10,523,0851262.65 for1266.73 total1266.97 fixed1267.29 costs1267.61 of1268.01 $74,575,134.1271.37 This1272.73 represents1272.97 a1273.69 $7,646,0001273.85 increase1276.73 over1277.48 the1277.64 prior1277.8 year1278.13 or1278.44 11%.1278.61 And,1279.57 again,1279.8 the1280.04 two1280.2 driving1280.44 factors,1280.85 significant1281.33 driving1281.8 factors1282.2 in1282.52 this1282.68 section1282.85 are1283.33 health1283.4 insurance1283.57 and1284.61 the1285.57 city's1285.8 retirement1286.28 appropriation.1287.01 In1290.78 conclusion,1291.02 the1291.82 city1291.98 has1292.22 proven1292.38 to1292.7 have1292.86 sound1293.1 financial1293.42 policies,1293.9 reserves1294.46 and1295.02 a1295.26 stable1295.42 economic1295.82 outlook.1296.38 We're1297.1 anticipating1297.58 the1298.38 same1298.54 from1298.94 Standard1299.5 and1299.98 Poor's1300.14 as1300.86 we1301.1 start1301.42 to1301.66 work1301.82 with1302.54 them,1302.7 early1304.24 this1304.64 summer.1304.8 The1305.92 administration,1306.16 again,1306.8 as1307.13 I1307.29 noted1307.85 will1308.88 seek1308.88 to1309.13 receive1309.29 the1309.68 GFOA's1309.77 distinguished1310.57 budget1311.05 award1311.44 for1311.85 fiscal1312.01 26.1312.4 The1314.88 fiscal1315.05 261315.44 budget1316.01 as1316.48 presented1316.72 to1317.2 you1317.37 is1317.44 balanced1317.68 with1318.43 over1318.59 571320.83 million1322.19 in1322.19 excess1322.43 capacity.1324.75 As1324.91 well1324.91 as1325.15 our1325.31 financial1325.47 forecasting1326.03 and1326.59 sound1326.75 fiscal1327.15 policies1327.55 will1328.11 help1328.35 this1328.51 city1328.83 continue1329.31 in1330.03 its1330.19 financial1330.59 success.1331.15 And1333.59 Madam1334.54 President,1335.11 that1335.11 concludes1335.11 my1335.51 presentation.1335.74

1336.87 SPEAKER11336.87 -1336.87 Thank1336.87 you.1337.18 Mister1338.38 Chairman,1338.7 I'll1338.94 entertain1339.03 a1339.51 motion.1339.59 1340.79 VAN1340.79 CAMPEN1340.79 -1340.79 Yep.1340.79 Madam1341.03 President,1341.74 I1342.22 do1342.3 wanna1342.54 excuse1342.94 Mr.1343.51 Demas.1343.9 Thank1343.9 you1344.07 for1344.22 the1344.38 presentation1345.34 .1345.34 1345.34 STEPHANIE1345.34 SMITH1345.34 -1345.34 CITY1345.34 COUNCIL1345.34 MEMBER1345.34 -1345.34 Second.1345.34

1345.58 We1345.58 have1345.74 a1345.82 second1345.9 motion1346.06 has1346.3 been1346.46 made1346.54 and1346.7 second1346.78 to1347.1 excuse1347.26 miss1347.74 Ademas.1347.98 All1348.46 in1348.62 favor?1348.78 Opposed?1349.74 The1350.38 ayes1350.54 have1350.86 it.1351.02 Thank1351.18 you1351.34 for1351.5 your1351.58 presentation.1351.74 Council1352.78 Ben1353.1 Campion.1353.26 1353.58 VAN1353.58 CAMPEN1353.58 -1353.58 And,1353.98 Madam1354.22 Chair,1354.22 I1354.22 just1354.3 offer1354.54 the1354.94 following1355.1 motions1355.5 to1355.9 guide1356.06 the1356.38 deliberations1357.42 for1358.38 the1358.47 FY1358.79 261358.95 budget.1359.42 First1359.83 motion1360.07 is1360.55 that1360.71 six1361.03 members1361.35 shall1362.14 constitute1362.47 quorum1362.95 at1363.51 all1363.66 hearings1363.83 of1364.14 the1364.23 city1364.38 council's1364.63 committee1365.03 on1365.35 budget1365.51 unless1365.83 otherwise1366.14 specified.1366.55 1367.35 SMITH1367.35 -1367.35 Second.1367.35

1367.66 Second.1367.66

1376.25 So1376.25 we1376.41 can1376.57 vote1376.81 in1377.05 all1377.13 of1377.37 them1377.45 as1377.53 11377.69 vote.1377.93 1378.17 VAN1378.17 CAMPEN1378.17 -1378.17 And1378.17 then1378.33 I1378.41 would1378.49 move1378.65 that1378.89 the1379.05 mayor,1379.13 the1379.37 mayor's1379.53 chief1379.77 of1380.01 staff,1380.17 the1380.65 city's1380.73 chief1381.21 financial1381.45 officer,1381.85 and1382.17 the1382.25 city's1382.41 budget1382.65 director1382.89 are1383.29 required1383.45 to1383.77 appear1383.93 at1384.17 all1384.33 such1384.49 budget1385.19 hearings1385.6 to1385.91 answer1386.08 questions1386.39 that1386.71 the1386.88 committee1386.95 may1387.28 have.1387.52 The1388.47 third1388.63 motion1388.95 is1389.43 that1389.6 all1389.76 department1389.99 heads1390.32 are1390.55 requested1390.71 to1390.95 have1391.19 the1391.43 following1391.6 information1391.99 available1392.47 when1392.88 appearing1393.12 before1393.36 the1393.6 city1393.76 council's1393.99 committee1394.39 on1394.63 the1394.8 budget.1394.88 A,1395.99 the1396.32 total1396.47 amount1396.8 expended1397.04 to1397.43 date1397.6 for1397.76 all1397.91 line1398.08 items1398.23 in1398.55 their1398.63 FY1399.04 251399.12 budget.1399.67 B,1400.3 the1400.54 amount1400.7 expected1401.1 to1401.5 be1401.66 unexpended1401.9 for1402.54 all1402.78 line1402.94 items1403.18 in1403.5 their1403.66 f1403.9 y1404.06 251404.3 budget1404.78 at1405.1 the1405.26 end1405.34 of1405.58 the1405.66 fiscal1405.82 year,1406.14 and1407.02 C,1407.26 names1407.5 of1407.82 funded1407.98 unfilled1408.38 positions1408.86 in1409.42 their1409.5 department1409.74 that1410.14 were1410.3 not1410.46 filled1410.62 during1410.86 the1411.1 current1411.26 fiscal1411.5 year1411.82 and1411.98 whether1412.14 or1412.38 not1412.46 they1412.62 are1412.78 expected1413.5 to1413.98 be1414.14 filled1414.22 in1414.54 the1414.7 next1414.78 fiscal1415.1 year.1415.5 1416.24 Fourth1416.24 motion,1416.48 that1417.53 all1417.77 budget1417.92 hearings1418.24 are1418.64 requested1418.88 to1419.53 be1419.68 televised1419.92 live1420.73 on1420.97 Everett1421.13 Community1421.45 Television.1421.85 If1422.64 any1422.88 budget1423.13 hearing1423.37 cannot1423.68 be1423.92 televised1424.16 live,1424.57 it1424.81 shall1424.97 be1425.13 recorded1425.29 by1425.68 Everett1425.85 Community1426.16 Television1426.57 and1427.05 shall1427.21 be1427.45 made1427.53 available1427.77 for1428.16 subsequent1428.4 viewing1428.81 by1429.61 the1429.77 general1429.92 public.1430.24 Fifth,1431.43 that1431.75 a1431.99 copy1432.07 of1432.39 the1432.55 budget1432.71 is1433.11 requested1433.27 to1433.75 be1433.91 posted1434.15 on1434.55 the1434.63 city's1434.79 official1435.35 website1435.75 no1436.31 later1436.47 than1436.71 5PM1436.95 on1437.59 Tuesday,1437.83 05/13/2025.1438.63 Sixth1441.51 motion,1442.47 it1442.95 is1443.11 requested1443.27 that1443.83 copies1444.07 of1444.55 the1444.71 budget1444.79 be1445.27 also1445.59 available1445.99 at1446.39 the1446.87 Parlin1446.98 Memorial1446.98 Library1447.11 and1448.38 the1448.63 city1448.7 clerk's1448.94 office1449.35 beginning1449.74 on1449.98 Wednesday,1450.14 05/14/2025.1450.54 And1453.27 the1453.51 final1453.66 motion1454.07 is1455.27 to1455.51 refer1455.59 this1456.46 to1456.7 the1456.87 city1457.02 council's1457.27 committee1457.66 on1458.07 the1458.14 budget1458.3 meeting,1458.63 which1458.87 is1459.11 to1459.35 begin1459.59 on1460.07 Wednesday,1460.22 05/14/20251461.14 at1462.9 6PM,1463.14 and1463.7 I1463.86 put1463.94 those1464.1 in1464.26 the1464.42 form1464.5 of1464.74 a1464.82 motion.1464.9 1465.38 HOLLY1465.38 GARCIA1465.38 -1465.38 CITY1465.38 COUNCIL1465.38 MEMBER1465.38 -1465.38 Second.1465.38

1466.1 Motion's1466.1 been1466.58 made1466.82 and1467.06 seconded1467.22 on1467.62 all1467.86 the1468.1 71468.26 items.1468.58 On1468.98 the1469.22 71469.3 items1469.54 we1469.86 support,1470.02 please1470.42 call1470.74 the1470.9 roll.1471.06

1472.5 SPEAKER21472.5 -1472.5 Councilor1472.5 Elsie1472.9 Gibbon?1473.3

1473.98 SPEAKER11473.98 -1473.98 Yes.1473.98

1474.46 SPEAKER21474.46 -1474.46 Councilor1474.46 DePerell?1474.87 Yes.1475.42 Councilor1475.74 Garcia?1476.14

1476.7 SPEAKER11476.7 -1476.7 Yes.1476.7

1477.02 SPEAKER21477.02 -1477.02 Councilor1477.02 Matthews?1478.46 Yes.1479.11 Councilor1479.35 Matuszewski?1479.66 Yes.1480.3 Councilor1480.7 Pietrangelo?1481.02 Yes.1482.14 Councilor1482.63 Rogers?1483.02

1483.35 SPEAKER11483.35 -1483.35 Yes.1483.35

1483.66 SPEAKER21483.66 -1483.66 Councilor1483.66 Smith?1484.07

1484.54 SPEAKER11484.54 -1484.54 No.1484.54

1486.76 SPEAKER21486.76 -1486.76 Councilor1486.76 VanCampen?1487.16 Yes.1487.72 And1488.36 council1488.68 president1489 Martens?1489.48 Yes.1489.88 Alright.1490.92 And1491.64 Scoop1491.88 Scoop1492.6 for1492.76 the1492.92 members.1493.08

1493.48 SPEAKER11493.48 -1493.48 Sorry.1493.48 This.1493.64

1494.28 SPEAKER21494.28 -1494.28 Member,1494.28 Baros?1495.88 Feros?1498.36

1501.57 Well,1501.57 how1501.72 do1501.81 you1501.88 pronounce1501.96 it?1502.37

1502.61 SPEAKER11502.61 -1502.61 Is1502.61 it1502.85 virus?1503.01 Right?1503.4 Because1503.57 we1503.72 never1503.88 know1504.05 if1504.2 it's1504.29 barrels1504.53 or1504.77 barrels.1504.92

1505.72 SPEAKER21505.72 -1505.72 Yeah.1505.72 Member1506.2 barrels.1506.61

1511.09 Member1511.09 Cornelia?1511.4

1512.13 SPEAKER31512.13 -1512.13 Yes.1512.13

1512.53 SPEAKER21512.53 -1512.53 Member1512.53 Christiano?1512.92

1513.81 SPEAKER41513.81 -1513.81 Yes.1513.81

1514.29 SPEAKER21514.29 -1514.29 Member1514.29 Maya1514.68 de1514.92 Maria?1515.01 Member1517.25 DiNofrio?1517.73 Yes.1518.37 Member1519.01 Garren?1519.41 Yes.1519.97 And1520.77 chair1520.85 Hurley?1521.17

1521.81 SPEAKER11521.81 -1521.81 Yes.1521.81 18.1522.77 Yes.1524.29 181524.77 yays.1525.25 11525.73 nay.1526.05 The1526.29 items1526.53 have1527.01 been1527.25 approved.1527.49 1528.29 VAN1528.29 CAMPEN1528.29 -1528.29 Move1528.29 to1528.61 adjourn1528.93

1529.41 SPEAKER11529.41 -1529.41 this1529.41 joint1529.81 1529.97 SMITH1529.97 -1529.97 Can1529.97 I1530.13 just1530.29 make1530.45 a1530.61 request,1530.77 please?1531.41

1532.11 On1532.11 the1532.18 motion1532.42 to1532.59 adjourn,1532.9 council1533.22 Smith.1533.55 1534.42 SMITH1534.42 -1534.42 Could1534.42 we1534.66 just1534.74 have1534.98 all1535.87 these1535.95 materials?1537.55 If1537.79 the1537.79 budget1537.95 director1538.27 could1538.66 send1538.9 us1539.14 an1539.46 Excel1540.66 version,1543.79 it1543.95 would1543.95 be1544.11 much1544.27 appreciated1544.59 as1545.79 we've1546.03 done1546.11 in1546.35 prior1546.51 years.1546.83 I'll1548.91 request1549.23 we1549.23 do1549.47 that.1549.63 1551.63 VAN1551.63 CAMPEN1551.63 -1551.63 I'll1551.63 second1551.87 that1552.19 motion.1552.35

1552.67 SPEAKER11552.67 -1552.67 So1552.67 that's1552.75 an1553.07 informal1553.23 motion.1553.63 So1553.87 the1554.03 motion1554.19 has1554.59 been1554.83 made1554.99 and1555.15 seconded1555.39 for1556.03 the1556.27 items1556.51 to1556.91 also1557.07 be1557.39 sent1557.55 to1557.79 the1557.87 council1558.03 in1558.43 in1558.67 Excel,1558.91 format.1559.71 All1560.58 in1560.89 favor?1560.97 Aye.1561.69 All1562.1 opposed?1562.41 The1563.21 ayes1563.45 have1563.78 it.1563.93 And1564.17 this,1564.26 council1564.65 being1564.97 canceled.1565.06 1565.45 VAN1565.45 CAMPEN1565.45 -1565.45 Move1565.45 to1565.62 adjourn.1565.78 1566.34 GARCIA1566.34 -1566.34 Second1566.34

1566.65 has1566.65 been1566.89 made1567.06 and1567.21 seconded1567.38 to1567.69 adjourn.1567.86 I'd1568.17 like1568.34 to,1568.49 on1568.73 behalf1568.89 of1569.13 the1569.21 city1569.38 council,1569.62 thank1569.86 the1570.1 members1570.17 of1570.49 the1570.58 school1570.73 committee,1570.97 school1571.38 administration,1571.62 to,1572.26 for1572.73 joining1572.97 up1573.38 the1573.54 council1573.78 and1574.1 the1574.26 administration.1574.41 All1575.68 in1575.84 favor1576 of1576.32 adjourning?1576.4 Please.1576.88 Opposed?1577.68 The1578.48 ayes1578.72 have1579.04 it.1579.2 We1579.36 have1579.52 adjourned.1579.68 Thank1580.24 you.1580.48