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Everett forecast warns of $15 million‑plus structural deficit in 2027; council discusses reserves and assumptions
Summary
Interim Finance Director Mike Bailey told the council the long‑range forecast shows a structural deficit of more than $15 million in 2027 if unaddressed; the council probed assumptions including vacancy savings, a $5.4 million budget variance and the city’s 20% fund‑balance target.
Mike Bailey, interim finance director, told the Everett Budget Committee that the city’s long‑range forecast continues to show a projected structural deficit in excess of $15 million in 2027 if no corrective measures are taken. He described the forecast as detailed and built from many entries and assumptions published in the city’s budget book.
Bailey said the forecast includes two built‑in offsets: an anticipated vacancy savings rate and a budget variance representing expected under‑expenditure. He cited a $5,400,000 budget variance…
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