2006 BUDGET (353 pgs) - Laserfiche WebLink

Home Browse Search

service (except the open space bond) are deducted. The remainder may increase by the combination of the local growth rate of (1%) and the CPI rate of inflation in the Denver/Boulder Area (1.7%). The 2006 budget, after the TABOR exemptions, reflects a (18.89%) decrease below the estimated 2005 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 2006 to comply with the provisions of the TABOR Amendment. The TABOR Amendment excludes activities or funds considered to be "enterprises." The classification of an "enterprise" under the TABOR Amendment is based on three criteria: (1) the entity be considered a government owned business; (2) the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10% of its annual revenue in grants from all Colorado and local governments combined. The 2005 TABOR calculations represent the exclusion of the City's Water and Wastewater Enterprise Fund and the Golf Course Fund. These funds have been declared "enterprises" under the TABOR Amendment definition. Summary The 2006 budget addresses quality of life issues and maintaining City services, as well as fiscal responsibility. The Council has focused on projects such as street improvement, trails, and open space, parks, and water and wastewater improvements that will benefit the citizens of Louisville well into the future and are consistent with the long range goals developed in the 2005 Comprehensive Plan. In closing, I would like to recognize the Director of Finance, Patricia Leslie, the Finance Department and all of the City staff for their efforts to ensure a balanced budget for 2006 budget. The staff of the City of Louisville is committed to ensuring that Louisville is the best and safest place to live and work. Respectfully submitted, (A\f diutm., a514-101.- William A. Simmons City Manager ix