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La City of Louisville <br />Office of the City Manager <br />Mayor and City Council <br />City of Louisville <br />749 Main Street <br />Louisville, CO 80027 <br />Dear Mayor Davidson and City Council: <br />I am pleased to present to you the 2002 Annual Budget. The creation of this budget offered new <br />challenges in a year of declining new development activity and an economic downturn, resulting in <br />reduced sales tax and development revenues. This budget reflects a balance of maintaining basic <br />services to the residents of Louisville, while adhering to the City's fiscally sound policies. <br />Overview <br />Property Taxes: <br />In November, 2001 the voters approved a ballot issue exempting the property taxes from the TABOR <br />restriction, as well as the Statutory (5.5%) Restriction. The 2001 assessed valuation of property in <br />Louisville is $370,135,880, an increase of 17.0% over the 2000 assessed valuation. This will <br />generate $1,957,854 in property tax revenue for 2002, with a mill levy set at 5.292. This is an <br />increase of $450,199 over 2001, due to the increased assessed valuation, and the removal of the <br />temporary tax credits imposed by the limitations set by TABOR and the Statutory Restriction. Over <br />the last five years the assessed valuation has increased by 57.7%. <br />$400,000 <br />$350,000 <br />Assessed Valuation $300,000 <br />(in 1,000) <br />$250,000 - <br />$200,000 <br />1997 <br />I998 <br />1999 <br />Year of valuation <br />2000 <br />2001 <br />749 Main Street • Louisville, Colorado 80027 • (303) 335-4533 • FAX (303) 335-4534 <br />www.ci.louisville.co.us <br />