2006 BUDGET (353 pgs) - Laserfiche WebLink

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is City of Louisville Office of the City Manager Mayor and City Council City of Louisville 749 Main Street Louisville, CO 80027 Dear Mayor and City Council: I am pleased to present to you the 2006 Annual Budget. This budget reflects a balance of maintaining basic services to the residents of Louisville, while adhering to the City's fiscally sound policies. The City of Louisville municipal code section 3.04.030 states that the city council shall adopt an annual budget for each fiscal year in accordance with the procedure set forth in the Local Government Budget Law of Colorado, (Code 1962, 6.2; Code 1977, 3.04.020). The City of Louisville uses a line item budgeting technique that focuses primarily on the estimation of future specific revenues and expenses while at all times maintaining a balanced budget. A summary of the results of the detailed line item budget are listed below: Overview The 2006 budget includes a total revenue projection of $26,730,822 for all funds. This revenue estimate is a decrease of 6.7% over the budgeted revenue for all funds in 2005. There are three main reasons for this decrease: 1) The City is experiencing a decline of sales tax revenues which is a trend expected to continue into 2006; 2) the City is expecting fewer revenues for minor building permits in 2006; 3) and the City is expecting fewer revenues in intergovernmental grants for 2006. These declines will be discussed in detail below. These revenues plus the beginning projected available fund balances for all funds, estimated bond and loan proceeds, operating transfers in, etc., will generate available sources of funds for the 2006 budget of $50,107,573 plus another $750,000 in other sources of cash. Total expenditures for all funds in the 2006 budget are $33,549,234. Included in this amount is $19,079,146 for operating expenditures, $2,868,973 for payment of debt service, and $11,601,115 for capital improvements. Although expenses exceed revenues in all funds by $4,468,413 due to the budget of open space land acquisitions, capital expenditures and investment in the water and wastewater plants, expenses are declining as major projects such as the new library and the highway 42/966 street construction are winding down. Total appropriations for all funds, including operating transfers out are $35,434,513. The City staff presented a balanced budget to its 749 Main Street • Louisville, Colorado 80027 • (303) 335-4533 • FAX (303) 335-4534 www.ci.louisville.co.us