2014 Annual Comprehensive Financial Report

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City of Louisville Notes to the Financial Statements December 31, 2014 Note 1: Summary of significant accounting policies (continued) D. Assets, liabilities, and net position/fund balance (continued) 10. Fund Balances (continued) Per Resolution No. 42, Series 1996, the City established policy in which the General Fund will maintain a minimum fund balance of 15% of the then current operating budget. In compliance with GASB 54, the City has reported fund balance at December 31, 2014 in the following manner: Nonspendable: The City maintains an inventory of fuel for various vehicles and equipment ($15,063). The City has prepaid various amounts in 2014 that will be recorded as expenses in 2015 ($170,192). The total equity within the Cemetery Perpetual Care Fund, a Permanent Fund, is non -spendable ($456,256). Restricted: The Taxpayer's Bill of Rights (TABOR) requires a certain level of reserves within the City's General Fund. The City has calculated a required reserve of $933,822 at December 31, 2014. The total equity within the Open Space & Parks Fund ($5,253,148), which contains proceeds from a 3/8% sales and use tax, is restricted by voter approval to acquisition and maintenance of open space and parks land. The total equity in the Conservation Trust — Lottery Fund ($624,068), which contains State lottery proceeds, is restricted by State law to acquisition and development of conservation sites. The Capital Projects Fund contains a contribution from the Takoda Metropolitan District ($259,221) that is restricted by intergovernmental agreement for specific capital improvements. The remaining equity within the Capital Projects Fund ($7,482,517), which includes proceeds from a 1% sales & use tax, is restricted by voter approval for capital improvements. The total equity within the Urban Revitalization District Fund ($726,608) is restricted to improvements within the district or services related to district operations. The total equity in the Historic Preservation Fund ($905,271), which contains proceeds from a 1/8% sales and use tax, is restricted by voter approval to historic preservation purposes. The total equity in the Debt Service Fund ($664,665) is restricted by voter approval for debt service on the City's 2004 General Obligation Library Bonds. Committed: The total equity within the PEG Fees Fund ($43,598), which contains proceeds from a 50-cent per account per month cable television fee, is committed by Council action to capital outlay for public access television. The total equity in the Parking Improvement Fund ($6,095), which contains parking exactions, is committed by Council action for public parking improvements. The total equity within the Impact Fee Fund ($332,633), which contains proceeds from developer impact fees, is committed by Council action for specific growth -related capital projects. The total equity within the Cemetery Fund ($100,222) is committed by Council action to cemetery maintenance and improvements. 47