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Edmonds Mayor Launches Blue-Ribbon Panel to Achieve Financial Resiliency

In an effort to address financial challenges and instill confidence in the community, Edmonds Mayor Mike Rosen has announced the formation of a blue-ribbon panel consisting of experts. This panel will utilize the Government Finance Officers Association ÔÇ£Fiscal First AidÔÇØ methodology to guide the city towards financial resiliency.

The panel will follow a 12-step process divided into three core stages: bridge, reform, and transform. The bridge stage aims to avert immediate crises, while the reform stage seeks to balance the budget without exacerbating long-term issues. Lastly, the transform stage aims to ensure that the city emerges stronger and more resilient than before.

This initiative will also involve a comprehensive review of the cityÔÇÖs financial distress to prevent any future missteps.

The City of Edmonds declared a fiscal emergency in October due to a smaller-than-expected ending fund balance for 2023, with anticipated challenges continuing into 2024 and 2025.

The blue-ribbon panel, comprising of six members, will report directly to Mayor Rosen. Its updates and recommendations will be shared with the Edmonds City Council and the public.

The panel will be led by Mike Bailey, who has extensive experience as a finance director for various cities and is a national trainer and consultant for the Government Finance Officers Association. Other panel members include Troy Rector, Scott James, Rick Canning, Carl Zapora, and Darrol Haug, each with their own expertise and experience in financial management and planning.

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Furthermore, the AI legalese decoder can help in creating reports and summaries of the panelÔÇÖs findings, ensuring that the information is easily accessible to the public and policymakers.

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