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City of Louisville Department of Finance IV'ovember 22, 200b 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 2007 Annual Budget. This budget reflects a balance of maintaining basic services to the resident;; of Louisville, while adhering to the City's fiscally sound policies. 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). The City of Louisville uses a line item budgeting technique that focuses primarily on the estimation of future specific revenues and expenses while at all times maintaining a balanced budget. A summary of the resul'~.ts of the detailed line item budget are listed below: Overview The 2007 budget includes a total revenue projection of $27,576,282 for all funds. This revenue estimate is an increase of 3"10 over the budgeted revenue for all funds in 2006. General property taxes from year t~o y+ear will stay approximately the same. The City is experiencing declines in sales tax revenues and use tax revenues due to increased competition in surrounding areas a;nd decreases in new automobile purchases. These are offset by increases in charges fo;r services for water and wastewater from increased usage and a 3% rate increase in 200E~, ir.~creases in franchise taxes due to increases in the cost of utilities and increases in interest: earnings due to increases in the investment rates. These changes in revenues will b~e discussed in detail below. These revenues plus the beginning projected available fund balances for all funds, estimated bond and loan proceeds, operating transfers in, etc., will generate available sources of funds for the 2007 budget of $51,204,291 plus another $750,000 in other sources of cash. Total expenditures for all funds in the 2007 budget are $32,464,449. Included in this amount is $18,956,616 for operating; expenditures, $2,874,138 for payment of debt service, and $10,633,695 for capital :improvements. Although expenses exceed revenues in all funds by $4,138,167 due to thf> budget of open space land acquisitions, capital expenditures and investment in the water and wastewater plant expenses are declining as major projects such as the new library and the Highway 42/96`b street construction are winding down. Total appropriations for all funds, including operating transfers 749 Main Street • Louisville, Colorado 80027 • (303) 666-6565 • Fax (303) 335-4550 • www.ci.louisville.co.us