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Yo_Mama_Been_Loggin

(116,478 posts)
Fri Dec 6, 2024, 04:24 PM Dec 6

Everett council approves $644M budget with cuts to parks, libraries

EVERETT — The Everett City Council unanimously approved a $644 million budget for 2025 on Wednesday, and with it, reductions to a number of city services.

Cuts are coming to street repair, parks, libraries as well as several governmental services. Thirty-one employees are losing their jobs; others will be furloughed. Those cuts helped close the gap on a looming $12.6 million deficit left after voters rejected a property tax levy lid lift in August.

In 2025, Everett’s general fund revenue will total $169 million, while its expenditures will total $173.7 million, a gap of $4.7 million. In the 2025 budget book, the city states the budget is “statutorily balanced,” as required by state law, counting the beginning fund balance as a source of revenue. A “structurally balanced” budget would have expenditures match estimated revenue.

The practice of passing budgets that include the use of fund balance is in line with state law and budgetary rules,” city spokesperson Simone Tarver said in an email. “Just as businesses use reserves to cover shortfalls, municipalities, such as the City, are also allowed to rely on fund balances to manage their fiscal health. The practice is well-established, legally permissible, and part of how the City manages its finances in a practical, responsible manner.”

https://www.heraldnet.com/news/everett-council-approves-644m-budget-with-cuts-to-parks-libraries/

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