2018 Supplemental Budget Report - Laserfiche WebLink

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LCityof Louisville COLORADO • SINCE 1878 December 13, 2017 Mayor and City Council City of Louisville 749 Main Street Louisville, CO 80027 Office of the City Manager Mayor Muckle, City Council, Louisville Residents and Businesses, and City Employees: I am pleased to present the 2018 Operating & Capital Budget and the 2017-2021 Five -Year Capital Improvements Plan. The City Council approved a 2017-2018 Biennial Budget on November 15, 2016. However, due to the City's Charter requirements, only the 2017 portion of the Biennial Budget was formally adopted and appropriated. A new Operating & Capital Budget for 2018 was presented to City Council at its regular meeting on September 26, 2017. Based on discussions at that meeting, at special budget meetings, and at a public hearing held on October 10, City Council formally adopted the 2018 budget on November 6, 2017. A comprehensive 2017-2018 Biennial Operating & Capital Budget document was published in January 2017. This current document is meant only to supplement the previously published document by presenting the updated budget amounts and the Key Performance Indicators. Included within this introductory letter are: • Revenue projections and assumptions for 2017 through 2021; • Operating expenditure estimates and targets for 2017 through 2021; • An update to the 2017-2021 Capital Improvements Plan; • A discussion of transfers between funds; and • Individual fund forecasts generated by the new Long -Term Financial Model. REVENUE PROJECTIONS & ASSUMPTIONS The following table summarizes the updated revenue projections for 2017 and 2018 that were incorporated into the 2018 Operating & Capital Budget and the 2019 - 2021 used in the Long -Term Financial Plan. All projections for construction -related revenue are based on forecasts by the Planning & Building Department. Construction -related revenue includes Use Tax on Building Materials, Construction Permits, Impact Fees, and Utility Tap Fees. All projections for the revenue generated at the Recreation Center and Golf Course are based on forecasts by the Parks & Recreation Department. Projections 1