b'COMMUNITY DEVELOPMENTThe Edgewood WaySince beginning a developmentPublic boom in 2016, your city council,WorksMayor, and city staff have been dili-gently building the Edgewood Way.ParksWe call it our Business Plan. It was born from the same grit that helped Edgewood incorporate in 1996 a self-reliant tenacity to remain indepen- Governance dent, resilient, and craft the city thatandDevelopment we desire. Administration and ReviewOur Business Plan includes three basic principles: (1) Constantly mon-itoring our core service staffing level needs, i.e., police, parks, public works, development review, and general gov-ernance and administration, to ensure they do not exceed monthly sustainedPolicerevenues from property, sales, and utility taxes; (2) Structure our permit fee schedule to ensure development pays for development; and (3) smartlyThe citys financial policies focus oncommercial, and industrial sectors that use one-time revenues, e.g., Real Estatelong-term stability. Policies like lowresidential is the only sectorwhich Excise Taxes (REET) and Impact Fees,debt to revenue ratios; budgeting one- requires more than a dollar in service for planned capital improvements. time revenues the year after they areexpenditures? This means that for collected and banked; and aggressiveboth the commercial and industrial debt reduction strategies when reve- sector, every dollar in property tax Support nues exceed expenditures. collected results in revenue to the city Weve been working this plan forthat supports those services. If a city is E DGEWOO D years, so when COVID-19 picked atoo developed with just the residen-fight, Edgewood was ready!tial sector, then the citys property tax Other cities are not as prepared. collection is not sustainable. Some have revenues imbalanced toIn closing, we know were lucky. But Looking to advertise?one stream (retail sales dependent).luck favors the prepared and Edge-Contact Katie Higgins to discussSome have high debt to revenuewood was prepared. We do not know how to maximize your exposure ratios; or are dependent on growthwhat comes next, and that is very to residents of Edgewood revenue to pay for core services; orunsettling. Our residents are suffering budget one-time revenues for currentand there are difficult times ahead.year expenditures. The list of what notWhile you read the bad news swirling to do is long.around youlayoffs, furloughs, projects Thankfully, Edgewood is not likedelayed or droppedEdgewood is those other cities. We are building anot that story. When were all back at diversified, balanced revenue streamcity hall, it will be different because of that is well-rounded. One that equallyCovid-19. But we will come out stron-pulls from sales tax, utility tax, prop- ger, with our values and efforts tested erty tax, fees for services, and otherand validated. We will have won. We sustainable sources. In addition, ourwill be thatplan identifies ways to even diversifyexample of how it can be done. No, each source. We are recruiting a vari- were not big and we dont have a ety of business and commercial devel- large budget. We do have twenty five op-ment to grow varied sectors of ourextremely dedicated, focused, and property tax base and sales tax collec- talented staff as well as anothertions. We are also reviewing our landthirteen committed and equally tal-development patterns to review theented law enforcement members of best mix of zoning to ensure a healthyTEAM EDGEWOOD. And living within 206-284-8285 mix of development types. Did youour means, building a sustainable and know that for every dollar in propertyresilient community together, will still firstname.lastname@example.org tax revenue collected by residential,be The Edgewood Way.14 | EDGEWOOD MAGAZINE Summer 2020'