2000 BUDGET - Laserfiche WebLink

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TABOR definition. 1999 — The voters gave authorization to keep and spend the revenues collected and received during 1998 and each subsequent year from fees, state and local grants, developer contributions, intergovernmental revenues and payments in lieu of land dedications. These revenues are now exempted from the TABOR calculation. The City of Louisville's 2000 budget reflects compliance with the provisions of the TABOR Amendment. Under the TABOR Amendment, all taxes (except as previously noted), licenses and permits, charges for services, fines and forfeitures, and miscellaneous revenue (except developer contributions and payments in lieu of land dedications) are part of the limitation calculation. Transfers into the fund and debt service (except the open space bond) are deducted. The remainder may increase by the combination of the local growth rate (1.77%) and the rate of inflation in the Denver/Boulder Area (2.7%). The 2000 budget, after the TABOR exemptions, reflects a 14.30% decrease over the estimated 1999 level. The City's property tax mill levy rate for 2000 has been set as a temporary levy of 4.643 mills, which has decreased from the 5.184 level of 1999. TABOR Amendment provisions require that annual property tax revenue be restricted by the same growth rate applicable to the City's general spending of 4.47%. For 2000, the mill levy rate meets the requirements of the TABOR Amendment as well as below the 5.5% statutory revenue limit. The TABOR Amendment also requires local government to reserve three percent of total expenditures for emergencies in 1995 and thereafter. (The definition of an "emergency," under TABOR is restricted to natural events, but excludes "economic conditions, revenue shortfalls, or district salary or fringe benefit increase.") Accordingly, the City has reviewed existing reserves and determined that a minimum of 3% will exist for 2000 to comply with the provisions of the TABOR Amendment. The TABOR Amendment excludes activities or funds considered to be "enterprises." The classification of an "enterprise" under the TABOR Amendment is based on three criteria: (1) The entity be considered a government owned business; (2) the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10% of its annual revenue in grants from all Colorado and local governments combined. The 1999 TABOR calculations represent the exclusion of the City's water utility fund and sewer utility fund, as approved by Ordinance No. 1167 and 1168, Series 1994, and the golf course fund, as approved by Ordinance No. 1280, Series 1998, declaring these funds as "enterprises" under the TABOR Amendment definition. Summary The 2000 budget is funded by a stable revenue stream, and addresses quality of life issues as well as fiscal responsibility. The Council has focused on projects such as street improvements, beautification, trails, and open space, as well as early debt retirement that will benefit the citizens of Louisville well into the future. vi