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19 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 2003 Annual Budget. The creation of this budget offered many <br />challenges in a year of economic uncertainty, increased costs to maintain services, and the high costs <br />of capital needs. This budget reflects a balance of maintaining basic services to the residents of <br />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 <br />TABOR restriction, as well as the statutory (5.5%) restriction. The 2002 assessed valuation of <br />property in Louisville is $373,087,021, an increase of less than 1% over the 2001 assessed valuation. <br />This will generate $1,934,083 in property tax revenue for 2003, with a mill levy set at 5.184. <br />7 <br />400,000 - <br />350,000 - <br />300,000 - <br />250,000 - <br />200,000 - <br />150,000 - <br />100,000 - <br />50,000 - <br />1998 <br />Property Tax <br />Assessed Valuation (in 1,000's) <br />1999 <br />2000 <br />Year of Valuation <br />749 Main Street • Louisville, Colorado 800t27 • (303) 335-4533 • FAX (303) 335-4534 <br />www.ci.louisville.co.us <br />