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Tag: T.C. Broadnax

April
30th

Tacoma: City finance officials “cautiously optimistic” about latest favorable budget figures

Bucking a recent onslaught of grim finance news, Tacoma city officials announced Tuesday its past two-year budget fared $4.5 million better than expected, and its current spending plan so far is $3.7 million ahead of target.

But city finance officials also cautioned it’s too soon to call the positive numbers a trend.

“While favorable variances exist, as the budget officer, cautious optimism is required,” Tad Wille told the City Council Tuesday.

Despite the good news, Wille noted, the city still faces “difficult challenges” ahead – namely, a projected $30 million to $40 million shortfall in its forthcoming 2015-16 General Fund.

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March
22nd

Tacoma: At Council’s request, Broadnax formally asks Sound Transit to analyze “hybrid corridor” as part of Link expansion study

Hold everything. Wait a minute. Not so fast. 

Just as Sound Transit was set to end nine years of study by identifying a short-list of preferred routes for expanding Tacoma Link, City Manager T.C. Broadnax this week requested the regional transit authority to take more time to analyze a new “hybrid corridor” as a possible extension for the city’s transit system.

“While the City is eager to complete the alternatives analysis and select, at minimum, two corridors as preference, we recognize that the expansion of the Tacoma Link is a significant and important investment in our

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Feb.
15th

Tacoma: City hires Andrew Cherullo, CFO of state’s health care authority, as finance director

The City of Tacoma has hired Andrew “Andy” Cherullo, the chief financial officer for the Washington State Health Care Authority, to be its next finance director.

“I’m looking forward to joining the team at the City of Tacoma,” Cherullo is quoted in a press release issued by the City on Friday. “I stand prepared to help the organization tackle its budgetary challenges, move in a positive direction and maintain financial performance during these challenging times.”

Cherullo is set to start his new job on Feb. 28  and will make $172,619 per year.  He will replace Tacoma’s Interim Finance Director Steve

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Feb.
15th

Tacoma: City officials not worried about repaying $20 million bridge loan, despite former spokesman’s comments

As Tacoma celebrates the re-opening and centennial of the Murray Morgan Bridge this week, city officials say they aren’t worried about repaying a $20 million federal loan that was a key part of the span’s salvation — despite a recent comment from the city’s former spokesman suggesting they may have trouble doing so.

The no-interest loan, which materialized suddenly in 2010, provided the last funding piece needed for the city to complete the bridge’s $57 million rehabilitation.  When it appeared, the city hailed the loan as a windfall of sorts.

But on Sunday, the city’s former public

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Feb.
14th

Tacoma: City officials explain Council’s new “compensation philosophy” won’t affect employees’ current pay

As we reported today, the Tacoma City Council this week approved a new “compensation philosophy” that drops the target pay ceiling for city employees.

The council’s action reduces the city’s current standard — which targets paying city employees  better than about 70 percent of employees doing similar work — to a standard that’s now above 60 percent of the market.

What city officials didn’t readily say during reporting for the story Wednesday was how exactly the new approach would affect current employees.

Today, City Manager T.C. Broadnax and Human Resources Director Joy St. Germain said it won’t affect them

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Feb.
5th

Tacoma: McKinley leaves post as city’s public works director; Kingsolver named interim chief

Tacoma Public Works Director Richard “Dick” McKinley has left his city job and taken a new temporary position with Tacoma Power, several city government and utility officials confirmed Tuesday.

In his place, City Manager T.C. Broadnax announced he will assign assistant public works director Kurtis Kingsolver to serve as interim director.  Kingsolver’s promotion takes effect Feb. 11.

While Broadnax said “it’s not atypical” for personnel changes to occur after new management comes into a city, he added Tuesday he didn’t push McKinley out.

“There was an opportunity for Dick over at TPU  and he wanted to pursue it,” said Broadnax,

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Jan.
24th

Tacoma: City trumpets new bond ratings — downgrade and all

When does a city trumpet a credit ratings downgrade? Apparently, after digging itself out of a $63 million budget hole, that’s when.

The City of Tacoma recently received word from two credit ratings agencies about new ratings it had sought to refinance bond debt taken out to build Tacoma’s convention center nine years ago.

Standard & Poor’s reaffirmed an AA rating for the bonds, while Moody’s Investors Service actually downgraded them by one notch — from an Aa2 rating to an Aa3.

When rating agencies downgrade bond credit ratings, it means they think there’s more risk in an investment

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Dec.
4th

Tacoma: City Council unanimously passes “painful” budget, slashing jobs, services

It came after a journey that included grim projections, hard truths and a seemingly ever-changing cast of characters, but the City of Tacoma arrived at a new budget destination Tuesday – a place with far fewer employees and scaled-back public services where Tacoma will plant its flag for at least the next two years.

After two months spent dissecting a proposed 2013-14 general fund budget that had been several more months in the making, Tacoma’s City Council unanimously adopted City Manager T.C. Broadnax’s $397 million spending plan Tuesday.

“The word I would use to describe this budget situation is `painful,’”

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