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CityOffice ofthe City Manager ycf Louisville COLORADO • SINCE 1882 December 1 , 2011 Mayor and City Council City of Louisville 749 Main Street Louisville, CO 80027 Dear Mayor and City Council: I am pleased to present to you the 2012 Annual Operating and Capital Budget. The City of Louisville Municipal Code section 3.04.030 states that the City Council shall adopt an annual budget for each fiscal year in accordance with the procedure set forth in the Local Government Budget Law of Colorado, (Code 1962, 6.2; Code 1977, 3.04.020). City Council formally adopted the 2012 Budget on November 1, 2011 by passing Resolutions 73, 74, and 75. The City is in good fiscal health. This is the result of several things, including (1) voters approving the Use Tax last November, (2) the current level of building activity generating an increase in building permit and building use tax revenue that is likely to continue for several more years, (3) Louisville being recognized as a great destination for food and fun and the resulting sales tax revenue generated by those activities, and (4) the actions that the Mayor and City Council approved in late 2009 and early 2010 to bring expenditures and revenues back into balance even though the City had lost two of its largest retail businesses (Sam's Club and Safeway). The City's fiscal health makes it possible to propose a 2012 budget and 5-Year Capital Improvements Plan that increases funding for the City's street resurfacing program from the current level of $1.0 million, to $1.25 million in 2012, and then $1.5 million per year for 2013 — 2016. This will optimize the level of resurfacing we can do and minimize the life-cycle costs of maintaining the City's streets. The City's strong General Fund reserves (projected to be over $5.7 million or 43% of expenditures at year end 2011) and the significant one-time building permit and building use tax revenue make it possible to fund several large capital projects and to establish a Capital Projects Manager position to effectively manage the City's numerous capital projects during the next five years. The boost in revenue anticipated from the voter approved Use Tax makes it possible to restore on a continuing basis several services that were scaled back or eliminated in 2009 to balance the budget, including the 4th of July fireworks, the branch recycling drop off site, and funding for the senior meals site and special transit. The budget also includes funding to fill one of the two police officer positions that was kept vacant for the past two years and to restore hours for support staff in the Building Safety Division that were cut after the volume of building permits dropped off in 2008. By scaling back part-time life guard hours, the City is also able to fund for minimal net cost a full-time Head Life Guard position that will enable the Recreation Center to more effectively provide coverage at the pool. Finally, the budget provides the funding to increase the Museum Coordinator's position from 29 hours per week to full time (40 hours per week) so that the Museum can be open to the public 11 more hours each week. All of these actions and others will be phased in to ensure that the City's fiscal health is maintained and sustained over the next five years. 1