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Development: <br />Commercial development is expected to drop by about 39% from the 2001 estimates. The total <br />valuation of development in 2002 is projected at $41,153,486. There are 16 single-family units <br />projected to be developed, at an average valuation of $248,667 (not including the cost of land). <br />60,000,000 <br />40,000,000 <br />20,000,000 - <br />New Development <br />1995 1996 1997 1998 1999 2000 2001 2002 <br />Proj Bud <br />®Commercial valuations Single Family Starts <br />200 <br />100 <br />Sales Tax: <br />The sales tax revenues are declining as a result of the current economy and retail development in <br />other neighboring municipalities. The total 2002 sales tax budget is $9,561,416. This is a 5.5% <br />decrease from the 2001 budget. The 2002 sales tax budget includes $52,500 in additional <br />revenue, anticipated from the self -collection of sales tax starting July 1, 2002. <br />Multi -Year Goals/Policies <br />The City of Louisville has many policies in place that help to shape the budget. These include: <br />• The City of Louisville will seek to provide only those public services which citizens <br />require or support, and for which they are willing to pay. <br />• The minimum unreserved, undesignated fund balance of the General Fund shall be <br />ii <br />