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SUBJECT: 2018 RECOMMENDED BUDGET AND 2018-2021 LONG-TERM PLAN <br />DATE: SEPTEMBER 26, 2017 PAGE 3 OF 24 <br />in 2018, only $250,000 is included in 2018 for additional operating and maintenance <br />costs. Therefore, staff projects that the General Fund will carry approximately $600,000 <br />of restricted revenue from 2018 into 2019. <br />The table below summarizes sales tax history and projections in both nominal/current <br />dollars and in real dollars. <br />18,000,E <br />16,000,000 <br />14,000,000 <br />12,000,000 <br />10,000,000 <br />8,000,0110 <br />5,000,000 <br />4,000,'000 <br />2,000,000 <br />Sales Tax Revenue <br />11 1 1 111111 111 11 I <br />2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2018 2017 2018 2019 2020 2021 <br />A Nnrnin all Current Collars Real Dollars (2000 = Base Year) <br />Assessed Valuation & Property Tax Revenue <br />The City has received its preliminary 2017 assessed valuation amounts from the <br />Boulder County Assessor. These assessed valuations, multiplied by the mil levies, <br />determine the amount of property tax revenue that will be received in 2018. <br />The City of Louisville's total net assessed valuation increased from $547,955,691 in <br />2016 to $646,862,058 in 2017. This calculates to an 18.1% increase and, assuming the <br />final assessed valuation is similar, would be the largest percentage increase in <br />assessed valuation in at least 17 years. <br />If the General Fund mil levy remains the same at 5.184 mils, General Fund property tax <br />revenue will also increase by 18.1%, from $2,798,000 in 2017 to $3,303,000 in 2018. <br />Based on the new assessed valuation, staff estimates that the final 2017 mil levy <br />necessary to completely defease the 2004 Library Bonds in 2018 will be 0.900. Staff <br />also estimates that the first mil levy to begin paying the debt service on the Recreation <br />CITY COUNCIL COMMUNICATION <br />4 <br />