2013 Annual Comprehensive Financial Report

Home Browse Search

1 y 0f c • Office of the City Manager Louisville COLORADO SINCE 1882 June 10, 2014 Citizens, Mayor Muckle, Members of the City Council: We submit to you the Comprehensive Annual Financial Report (CAFR) of the City of Louisville for the fiscal year ended December 31, 2013. 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. Most recently, 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. 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, numerous job opportunities with employers such as Sierra Nevada, which is designing and constructing the next space shuttle here, Pearl Izumi, which has its world headquarters here, 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 of approximately 7.9 square miles and a population of approximately 19,000. The City's residential growth peaked in 1992 and has since slowed significantly as the City nears the target population of about 23,000 that is reflected in the City's Comprehensive Plan. 1