2006 BUDGET (353 pgs) - Laserfiche WebLink

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city council members in accordance with the municipal code at the October 11, 2005 Council Meeting. Revenues Property Taxes In November 2001, the voters approved a ballot issue exempting the property taxes from the TABOR restriction, as well as the statutory (5.5%) restriction. The 2005 assessed valuation of property in Louisville is $394,377,557, an increase of 2.0% over the 2004 assessed valuation. This will generate approximately $2,044,453 in general operating property tax revenue for 2006, with a mill levy set at 5.184. Property valuations have grown approximately 6.5% since 2002. In November 2003, the voters approved a ballot question authorizing the City to issue debt for the construction of a new City library facility. Included in this ballot issue was an increase in the property tax mill levy not to exceed 1.581 to pay the debt service for the bond issue. The 2006 debt requirement for the library bond is $508,184. The current mill levy of 1.526 will be maintained as the City can expect approximately $601,820 based on current assessed valuation which is adequate to cover the debt requirement. Any additional property taxes accumulated in the debt service fund will be used to make additional principal payments towards the debt. Development Commercial development is expected to decline in value from 2005 projections to 2006 budget by 21%. The total Commercial Valuation for 2006 is estimated at $35,817,812. However, the City has budgeted for approximately 34 single family homes in 2006 to offset the decline in commercial development. Total development revenue projected for 2006 is $1,696,314 down approximately 21% from 2005 projected development revenues. Sales 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 New Development So 35 30 25 20 15 10 5 0 t•c�A N ^0• 9� 500o O0 O0 o� O0 yea 1'L ti I. I. o•e. Q� I® Commercial Valuations —4- Residential Starts 2 Tax ii