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May 18, 2012 <br />Citizens, Honorable Mayor, Members of the City Council: <br />Office of the City Manager <br />We submit to you the Comprehensive Annual Financial Report (CAFR) of the <br />City of Louisville for the fiscal year ended December 31, 2011. Responsibility for <br />both the accuracy of the data, and the completeness and fairness of the <br />presentation, including all disclosures, rests with the City. To the best of our <br />knowledge and belief, the enclosed data reflects accurately in all material <br />respects and is reported in a manner that presents fairly the financial position <br />and results of operations of the various funds of the City. We have also included <br />all disclosures necessary to enable the reader to gain an understanding of the <br />City's financial activities. Readers of this document are also directed to the <br />Management's Discussion and Analysis section for a more detailed discussion <br />on the financial information. <br />This report includes all funds of the City. The Louisville Housing Authority, the <br />Louisville Cultural Council, the Louisville Historical Commission, the Louisville <br />Fire Protection District, and the Urban Drainage and Flood Control District do not <br />meet the established criteria for inclusion in the reporting entity and, accordingly, <br />are excluded from this report. The Urban Revitalization District does meet the <br />established criteria for inclusion and, therefore, is included within this report. <br />ECONOMIC CONDITION AND OUTLOOK <br />The City of Louisville has often been recognized for its livability. Most recently, <br />Money magazine named Louisville No. 1 in its 2009 "Best Place to Live" issue, <br />and then in an unprecedented action again named Louisville No. 1 in its 2011 <br />"Best Place to Live" issue. Many things contribute to this exemplary quality of life <br />and positive economic condition. Among other things, we have at least half a <br />dozen new great eateries, a thriving arts scene, housing prices held steady <br />through the great recession and are now climbing, a new neighborhood is taking <br />shape on the North side of town, there are more jobs thanks to wind turbine giant <br />Vestas and its smaller competitor Boulder Wind both locating their new R &D <br />facilities here along with other employers expanding or moving here. As the first <br />Money article noted, "Add in dry, clear weather, little crime, good health care, low <br />taxes, and Louisville is pretty tough to beat." <br />1 <br />