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o An additional , 8, 800 has been budgeted in 2004 in the City Manager's Community Facilitation budget to increase the number of community newsletters issued during each year from four issues to six issues. Compliance with TABOR Amendment In November 1992, Colorado voters approved an amendment to the State Constitution providing tax and spending limitations on local governments. Following the approval of TABOR, several ballot issues have been presented to the citizens of Louisville that impact the limitation. These include: 1993 — Open space tax approved. 1994 — Open space bond issue and the use tax on residential building materials were approved. 1996 — Authorization was given for the City to receive and expend all sales and use tax revenues, exempting these revenues from the TABOR limitation. 1997 — A revenue -sharing intergovernmental agreement was approved, exempting these revenues from the TABOR limitations. 1998 — The City Council, by ordinance, declared the golf course and enterprise under the TABOR definition. 1999 — 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. 2001 — Approval allowing the City to keep the excess property taxes collected in 2000 and exempts all future property taxes from the TABOR limitations. 2002 — Approval of a new Lodging Excise Tax in the amount of 3% and exempting these revenues from the TABOR limitations. 2002 — Extension of the open space tax for another ten years beginning on January 1, 1994 and ending on December 31, 2013 and exempting these revenues from the TABOR limitations. 2003 — Library bond issue and the additional mill levy not to exceed 1.581 were approved. The City of Louisville's 2004 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 (1.93%) and the rate of inflation in the Denver/Boulder Area (1.9%). The 2004 budget, after the TABOR exemptions, reflects a 17.64% decrease below the estimated 2003 level. 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 2004 to comply with the provisions of the TABOR Amendment. vi