2007 BUDGET - Laserfiche WebLink

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Fund for 2007. The total appropriation for capital improvements in this fund was $340,500 and included: playground replacement, park improvements and landscape improvements. Revenues Property Taxes In November 2001, the voters approved a ballot issue exempting the property taxes from the TABOR restriction, as well ;~s the statutory (5.5%) restriction. The 2006 assessed valuation of property in Louisville is $394,387,500, an increase of 1% over the 2005 assessed valuation. This will €;enerate approximately $2,046,285 in general operating property tax revenue for 2004, with a mill levy set at 5.184. In November 2003, the voters approved a ballot question authorizing the City to issue debt for the construction of a new City library facility. Included in this ballot issue was an increase in the property tax mill levy not to exceed 1.581 to pay the debt service for the bond issue. The 2007 debt requirement for the library bond is $512,684. The current mill levy of 1.526 will be maintained as the City can expect approximately $601,199 based on c~urr~ent assessed valuation which is adequate to cover the debt requirement. Any additional property taxes accumulated in the debt service fund will be used to make additional principal payments towards the debt. Development Commercial development is expected ito increase slightly in value from 2006 actual to 2007 budget by 2%. The total CorrimE°rcial Valuation for 2007 is estimated at $31,735,571. In addition, the City leas budgeted for approximately 34 single family homes in 2007. Total development revenue projected for 2007 is $1,692,000 up approximately 38% from 2006 projected development revenues due primarily to the new residential. Development revenues area primarily allocated to the Capital Projects Fund and the Water and Wastewater Fund. New Development 80,000,000 b0,000,000 40,000,000 80,000.,000 20,000,000 10,000,000 ~Comme~~ciai Valuations -~-Residential Starts 60 46 40 36 30 26 20 16 10 6 0 iv ~a ~~ti