SEQUIM — The City Council formally adopted its 2005 spending budget at its Wednesday morning study session.
The $14.87 million budget was approved by a unanimous vote of the seven-member council.
The budget, which features an ambitious schedule of street construction and repair in 2005, conservatively projects revenues of just $12.22 million, according to the best estimates of City Manager Bill Elliott and his department heads.
The largest revenue shortfalls are projected in downtown revitalization, water and sewer services and in the final numbers coming from 2004 capital projects.
But the $2.64 million shortfall will be absorbed by city reserves currently totaling more than $12.2 million, which Elliott earlier termed as being “real good for a city this size.”‘