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2001 City Financial personnel costs and the grant to the Financial Analysis of the Boulder Valley School District (BVSD) City's Funds Report Highlights of$.5 million toward the cost of the At the end of 2001, governmental The audit of the 2001 Compre- gymnasium constructed at Louisville funds reported a combined fund balance hensive Annual Financial Report of the Elementary School. of$10.4 million or, an increase of$.4 City of Louisville is complete and the Governmental Activities - million over last year. Of note are: City received a clean audit letter.The Revenues for the City's governmental •The general fund had an increase in following highlights the various aspects activities(excluding special items) the fund balance of.2 million. of the financial statements. increased 27%.The one-time •The conservation trust-land Financial Highlights intergovernmental grant received from acquisition fund increased from a •The City's total net assets increased the Northwest Parkway Authority negative fund balance of$(.1) million by 12.2%, or $12.3 million. (NWPA) accounted for 26% of the to a positive fund balance of$.6 •In the City's business-type activities revenue increase.The sales and use tax million, due to transfers from the (see explanation below), total revenue revenue, accounting for 61%of the general fund and capital projects fund decreased by$1.5 million. Expenses, governmental revenue in 2000, of $.7 million. excluding special items,remained declined by 7%in 2001. •The capital projects fund had a almost the same. This decline was due to economic reduction in the fund balance of$.7 •The total cost of the City's conditions,new retail competition in million, budgeted to utilize part of programs increased by 12%. neighboring communities,and a the fund balance. •The general fund reported a net projected decline in commercial Capital Asset and Debt increase in fund balance of$.2 growth. Expenses for the City's Administration million. governmental activities increased by Capital Assets -At the end of 2001, •The resources available for 13%. The BVSD grant accounted for the City had invested$128 million in a appropriation were 2%. 4% of this increase. broad range of capital assets, including The financial statements of the City are •The cost of all governmental activities land,streets and water outfall lines.This divided into two categories: this year was $13.7 million. amount represents a net increase of •Governmental activities-This includes •However,the amount that $15.3 million,or 13.6%over last year. most of the City's basic services such taxpayers paid for these activities Major Capital Asset Additions -This as the police, public works, and parks through City taxes was only$4.4 year's major capital asset additions and recreation departments, and million. For 2001 the net cost to included(in millions): general administration.Sales and use taxpayers was $8.2 million. •Land for open space - $6.5 taxes, property taxes, service charges *Those who directly benefited •Land for City facility (property for finance most of these activities. from the programs paid $2.7 Police Station) - $2.0 •Business-type activities-The City million. •Streets and sidewalk improvements charges fees to customers to recover *The $4.4 million is net of the $5 - $1.7 most of the costs of certain services. million received as a capital grant •Water rights - $2.0 The City's water and sewer system from the Northwest Parkway The City's fiscal year 2002 capital and golf facilities are included here. Authority.Without the inclusion of budget projects spending another $10.9 Financial Analysis of the this grant,the cost to taxpayers million for capital projects,including City as a Whole would be $9.4 million. business-type activities.This does not Net assets and Changes in net Business-type Activities -Revenues include the improvements to the 96th assets-The City's combined net assets of the City's business-type activities Street/Highway 42 connection, funded increased by 12.2% from 2000 to 2001. decreased by 15% to $9.1 million, and by $12 million from the NWPA. The The changes were primarily in the expenses increased 5%to $6.6 million. major part of the $10.9 million will pay governmental activities,with business- Contributing factors included: for street improvements, a new police type activities increasing less than 2%. •A one-time $.3 million addition to building,water rights, and open space. The total cost of all programs and utility collections in 2000. The City has no plans to issue services increased by$2 million,or •Higher commercial vacancies in additional debt to finance these 10%.Business-type activities increased 2001 related to the economy. projects. The City has budgeted for a by less than 5%,or$.3 million,with the •Golf expenses increased by 12% needs assessment for the recreation/ remainder being in governmental funds. due to the transition to a new senior center and the library and any Nearly $1 million of the increase is for management company. future plans,beyond 2002, for these Summer 2002