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2019 Annual Comprehensive Financial Report
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BUDGET and ACFR__ANNUAL COMPREHENSIVE FINANCIAL RPTS (30.080 & 30.040A)
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ACFR / ANNUAL COMPREHENSIVE FINANCIAL RPTS (30.040A)
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1999-2019 Annual Comprehensive Financial Report
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2019 Annual Comprehensive Financial Report
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Last modified
3/2/2023 10:38:44 AM
Creation date
4/20/2021 9:13:42 AM
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CITYWIDE
Also Known As (aka)
2019 Annual Comprehensvie Financial Report
Doc Type
Audit Reports ACFR
Original Hardcopy Storage
4D4
Record Series Code
30.040A
Record Series Name
Audit Records
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<br />Louisville as the City is strongly influenced by the U.S. Highway 36 corridor from Denver <br />to Boulder, proximity to nearby national laboratories and universities, easy access to <br />Denver International Airport, and numerous world-class recreational and cultural <br />opportunities. <br /> <br /> <br />COVID-19 PANDEMIC <br /> <br />In March 2020, the City was faced with the COVID-19 pandemic, which significantly <br />impacted communities across the country. Faced with a widespread public health crisis, <br />the City declared a local disaster emergency and shifted its operations towards response <br />and recovery. <br /> <br />Throughout March and April, the City was forced to close its facilities as the State of <br />Colorado enacted a Stay at Home Order to limit the spread of the virus. While necessary, <br />this act affected not only the City’s facilities but a number of local businesses, as well. <br /> <br />In an effort to support Louisville’s business community, the City established an Emergency <br />Solutions Grant Program, which awarded $350,000 of funding to 70 businesses that were <br />impacted by COVID-19. The intent of the program was to assist small businesses as they <br />prepared to reopen and recover. <br /> <br />The closure of City facilities and local businesses is expected to significantly reduce many <br />of the City’s revenue sources. As a result, the City anticipates making additional budget <br />reductions for 2020 mid-year and continuing to address declining revenues as needed. <br /> <br />As the State shifted to Safer at Home in May, the City prepared to reopen and facilities <br />and adopted the following principles to guide the reopening of facilities: <br /> <br /> The health, safety and well-being of our employees and the residents of the City <br />of Louisville are our top priority throughout reopening and recovery. <br /> The City will work to support the economic health of our residents, businesses and <br />our organization through the process of recovery. <br /> The City will approach facility reopening carefully and with caution, evaluating the <br />risks and rewards associated with each step toward recovery. <br /> The City commits to working collaboratively with our partners and supports <br />alignment in our recovery efforts. <br /> The City will only move forward with reopening efforts if they are in compliance <br />with state and county health guidelines. <br /> The City will remain flexible and nimble in planning and implementing recovery <br />efforts, recognizing the pandemic response is dynamic and rapidly changing. <br /> Robust community engagement and response will be integral to the City’s recovery <br />process. <br /> <br />The City’s plan for reopening facilities and services is based on our commitment to protect <br />City staff and residents, and in adherence to the most up to date State of Colorado and <br />Boulder County public health orders. Staff has prepared a phased approach to reopening <br />for each facility and safety protocols for employees and the public to follow. <br /> <br />2
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