‘Soft landing’ will land with a thud

Mukilteo proposes a “soft landing” budget, continuing to spend much more than it takes in. It is described by Finance Director James as a plane landing in a nose dive, pulling up some with increased fuel (new tax revenue). More action is needed to land, but he hopes for economic recovery — there’s no fat in expenditures. With a proposed new 2012 tax on water/sewer, $475,000 annually by 2014, Mukilteo’s general fund will still be $300,000 in the red annually if all projections come true.

There are other funds, like the real estate excise tax fund (REET I) which pays $838,000 of the $909,000 annual community center bond payment. 2012 REET I revenues are budgeted at $350,000, requiring a $500,000 cash reserve subsidy. REET revenues are not projected to meet bond payments for any year, far below the city’s wildly optimistic 2009 projections to justify borrowing the largest amount in its history, building the center with no cash down in a recession.

The center projects a 2012 operating loss of $260,000, not counting janitorial and grounds maintenance paid by public works, $53,000 greater than its 2011 loss. The $909,000 bond payment plus the real operating loss of about $400,000 is $1.3 million, $65 a year for each of our 20,000 residents — $260 for a family of four — for 20 years.

Large 2012 tax increases on top of $1.5 million new taxes in 2011 may provide a soft(er) landing for our elected officials, but not so soft for taxpayers. Express your views at council budget hearings.

Charlie Pancerzewski

Mukilteo

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