2014 Annual Comprehensive Financial Report

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Iu Cityoj Louisville OLORADOSINCE IHiN • SINCE 1878 June 29, 2015 Citizens, Mayor Muckle, Members of the City Council: Office of the City Manager We submit to you the Comprehensive Annual Financial Report (CAFR) of the City of Louisville for the fiscal year ended December 31, 2014. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data reflects accurately in all material respects and is reported in a manner that presents fairly the financial position and results of operations of the various funds of the City. We have also included all disclosures necessary to enable the reader to gain an understanding of the City's financial activities. We also suggest that readers of this document review the Management's Discussion and Analysis section for a more detailed discussion on the financial information. This report includes all funds of the City. In addition, the Urban Revitalization District meets established criteria for inclusion in the reporting entity and, therefore, is also included within this report. ECONOMIC CONDITION AND OUTLOOK The City of Louisville has often been recognized for its livability. Money magazine named Louisville No. 1 in its 2009 "Best Place to Live" issue, and then in an unprecedented action again named Louisville No. 1 in its 2011 "Best Place to Live" issue. In 2013, Louisville slipped ever so slightly in the Money magazine rankings and landed in the No. 2 slot. We will find out Louisville's ranking for 2015 later this year. Many things contribute to this exemplary quality of life and positive economic condition. Among other things, we have beautiful open spaces and parks around and throughout the City, dozens of great eateries, a thriving arts scene, great neighborhoods, among the best schools in the State and numerous job opportunities with employers such as Sierra Nevada, which works on the next space shuttle and other space systems, Pearl Izumi, which has its world headquarters here, Trelleborg Sealing Solutions, which in opened a major manufacturing facility in Louisville in 2014 specializing in engineered seals and bearings for industries such as aerospace, automotive and offshore oil and gas, and other employers expanding or moving here. As the first Money article noted, "Add in dry, clear weather, little crime, good health care, low taxes, and Louisville is pretty tough to beat." Louisville is located in the Denver metropolitan region, approximately 6 miles east of the City of Boulder and 25 miles northwest of Denver. Louisville has an incorporated area 1