Everett City Council

CITY OF EVERETT BUDGET COUNCIL COMMITTEE Date: July 16, 2025 Time: 5:30 p.m. – 6:15 p.m. Location: Everett City Council Chambers The public is welcome to attend in person or remotely. There will be no public comment during committee meeting. To watch remotely, visit our YouTube channel at https://www.youtube.com/everettcity/live. Agenda Items I. 2024 General Government Year in Review II. Special Revenue and Reserve Funds Review Committee members: all members of the Council, chaired by Council President Schwab The City of Everett does not discriminate on the bas is of dis ability in the admis sion or acces s to, or treatment in, its programs or activities. Reques ts for as sis tance or accommodations can be arranged by contacting the Everett City Council Office at 425.257.8703. For additional information, pleas e vis it our website at everettwa.gov/ADA  City of Everett Budget & Finance Committee July 16, 2025 2024 General Government Year in Review – Revenues General Government Revenues 2024 Amended YTD% Actual 200,000,000 Month Budget of Budget 180,000,000 Jan 10,993,232 11,629,778 105.79% 160,000,000 Feb 19,855,249 20,801,506 104.77% 140,000,000 Mar 27,989,581 28,882,196 103.19% 120,000,000 Apr 40,056,147 40,738,395 101.70% 100,000,000 May 68,533,723 68,974,795 100.64% 80,000,000 Jun 76,146,413 77,945,264 102.36% 60,000,000 Jul 89,624,289 91,096,824 101.64% 40,000,000 Aug 98,938,940 99,548,481 100.62% 20,000,000 Sep 107,345,980 107,408,422 100.06% - Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Oct 119,826,278 120,754,501 100.77% Nov 146,815,338 146,768,543 99.97% 2024 Actual 2023 Actual 2024 Budget Dec 161,621,239 160,638,928 99.39% *COPS grant revenue of approx. $928K received in April 2025 2024 General Government Year in Review – Expenditures General Government Expenditures 2024 Amended YTD% 180,000,000 Actual Month Budget of Budget 160,000,000 Jan 15,898,956 13,022,336 81.91% 140,000,000 Feb 28,327,897 25,431,149 89.77% 120,000,000 Mar 42,524,785 38,180,197 89.78% 100,000,000 Apr 55,418,566 50,666,807 91.43% 80,000,000 May 68,788,031 64,247,069 93.40% 60,000,000 Jun 82,743,312 76,781,474 92.79% 40,000,000 Jul 96,221,433 92,730,071 96.37% 20,000,000 Aug 110,371,177 106,582,040 96.57% 0 Sep 126,039,848 119,226,124 94.59% Oct 138,445,446 132,367,575 95.61% 2024 Actual 2023 Actual 2024 Budget Nov 151,632,996 145,590,145 96.01% Dec 172,151,255 163,784,203 95.14%  Capital Improvement Programs Forecast Fund Purpose Funding Source 2025 Ending Balance Accumulate resources for major repairs, renovations, and General Fund CIP 1 replacements of existing General Government building $ 15,352,973 Contributions and facilities. Real Estate Excise Tax CIP 2 Capital investments included in the Comprehensive Plan $ 12,287,162 (1st ¼ percent) Parks, streets, water/storm, sewer system capital Real Estate Excise Tax CIP 3 $ 7,742,857 investments (2nd ¼ percent) CIP 4 General government capital investments Lease Revenues $ 14,970  Special Revenue Fund Motor Vehicle and Equipment Replacement Reserve Forecast 2025 2026 2027 2028 2029 2030 2031 Ending Fund $ 2,577,965 $ 4,701,684 $ 450,399 $ 2,356,840 $ 2,656,738 $ 4,767,508 $ 5,933,070 Balance Sample Planned Purchases: 2025 - 2031 Amount Fire $ 7,747,152 Police 6,789,360 Park and facilities vehicles & equipment 3,700,909 Streets vehicles & equipment 1,762,759 Engineering vehicles & equipment 982,890 *2025 General Government Annual Contribution: $3 million, increasing by 2% annually  Special Revenue Fund Cumulative Reserve for Real Property Acquisition Allowable Uses Real Property Acquisition Acquisition of real property. Payment and management costs associated with acquisitions Street and Alley Vacation Funded Restricted funds to be used for the acquisition, improvement, development, and related maintenance of Capital Projects public open space or transportation capital projects. (Resolution 7397) Real Property Acquisition 2019 Actual 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual 2025 Forecast Ending Fund $ 653,087 $ 560,698 $ 1,671,608 $ 1,688,645 $ 1,521,337 $ 716,047 $ 175,342 Balance Street & Alley Funded Capital Projects 2019 Actual 2020 Actual 2021 Actual 2022 Actual 2023 Actual 2024 Actual 2025 Forecast Ending Fund $ 1,794,510 $ 1,314,065 $ 2,230,482 $ 2,181,454 $ 1,545,429 $ 1,585,163 $ 654,397 Balance  Special Revenue Fund Fund for Animals Funding Source Donations, grants, bequests, merchandise sales, and interest income 2024 Actual 2025 Forecast Ending Fund Balance $ 1,345,043 $ 1,201,209  Special Revenue Fund Cumulative Reserve for Library Funding Source Bequests, private contributions, book sale proceeds, and interest income 2024 Actual 2025 Forecast Ending Fund Balance $ 403,169 $ 460,652  Special Revenue Fund Cumulative Reserve for Parks Funding Source Donations, grants, royalty revenue, park impact fees, swim fee revenue from the YMCA, rental income, and interest income 2024 Actual 2025 Forecast Ending Fund Balance $ 3,436,342 $ 3,216,657  Reserves LEOFF 1 Police Pension Fund Allowable Uses LEOFF 1 Police Pension and OPEB Payments Funding Source General Fund contributions, Medicare D reimbursements, Interest Annual GF Contributions Forecast Average (2027-2030): $ 4,127,963 Forecast 2025 2026 2027 2028 2029 2030 Ending Fund $ 15,016,033 $ 13,319,383 $ 15,594,112 $ 17,873,384 $ 20,196,227 $ 22,582,000 Balance • Closed plan • Current Target Full Funding Date: 2030  Reserves LEOFF 1 Fire Pension Fund Allowable Uses LEOFF 1 Fire Pension and OPEB Payments Funding Source General Fund contributions, Fire Insurance Premium share, Medicare D reimbursements, Interest Annual GF Contributions Forecast Average (2028-2030): $ 6,036,595 Forecast 2025 2026 2027 2028 2029 2030 Ending Fund $ 25,853,554 $ 23,810,207 $ 21,640,118 $ 25,334,690 $ 29,054,867 $ 32,839,000 Balance • Closed plan • Current Target Full Funding Date: 2030  Budgeted Ending Fund Balance vs. Actual Ending Fund Balance $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Budgeted Ending Fund Balance Actual Ending Fund Balance 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actual Ending Fund Balance $38.6 $39.7 $36.8 $32.6 $38.6 $46.4 $48.8 $55.2 $45.7 $49.2 $46.1 Budgeted Ending Fund Balance $22.7 $24.7 $25.5 $26.0 $27.0 $27.9 $28.2 $31.1 $30.6 $30.6 $32.4  Actual Ending Fund Balance vs. Required Ending Fund Balance $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actual Ending Fund Balance Required Ending Fund Balance 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Actual Ending Fund Balance $38.6 $39.7 $36.8 $32.6 $38.6 $46.4 $48.8 $55.2 $45.7 $49.2 $46.1 Required Ending Fund Balance $23.9 $25.5 $26.1 $26.6 $27.1 $28.0 $26.7 $28.0 $29.5 $35.4 $32.1 QUESTIONS/COMMENTS