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The TABOR Amendment excludes activities or funds considered to be "enterprises." The <br />classification of an "enterprise" under the TABOR Amendment is based on three criteria: (1) the <br />entity be considered a government owned business; (2) the entity be authorized to issue its own <br />revenue bonds; (3) the entity receive under 10% of its annual revenue in grants from all Colorado <br />and local governments combined. The 2004 TABOR calculations represent the exclusion of the <br />City's Water and Wastewater Enterprise Fund and the Golf Course Fund. These funds have been <br />declared "enterprises" under the TABOR Amendment definition. <br />Summary <br />The 2004 budget addresses quality of life issues and maintaining City services, as well as fiscal <br />responsibility. The Council has focused on projects such as street improvement, trails, and open <br />space, parks, and water and wastewater improvements that will benefit the citizens of Louisville well <br />into the future. <br />In closing, I would like to recognize the Director of Finance, Charlene Laus, and the staff of the <br />Finance Department for their effort in preparing the 2004 budget. The staff of the City of <br />Louisville is committed to ensuring that Louisville is the best and safest place to live and work. <br />Respectfully submitted, <br />3,LIV <br />William A. Simmons <br />City Manager <br />vii <br />