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However, by the end of 2024, Golf Course Fund reserves are projected at $546,000, which equates to <br />29% of operating expenditures and exceeds the minimum reserve as defined by the Reserve Policy. <br />Budget Document Elements <br />As previously mentioned, 2020 is the second year of the City's biennial budget process. This current <br />document is meant only to supplement the previously published document by presenting the updated <br />budget amounts and the updated Key Performance Indicators for 2020. Therefore, this document is <br />much less comprehensive than the 2019-2020 Biennial Operating & Capital Budget document that was <br />published in January 2019. <br />Following this budget message are three presentations: <br />• The 2020 Operating & Capital Budget by Program & Sub -Program (pages 17-152); <br />• The 2020 Operating & Capital Budget by Fund, Division, and Account (pages 153-236); and <br />• An updated Summary of the 2019-2024 Capital Improvements Plan (pages 237-246). <br />Respectfully submitted, <br />Vieettitei4m <br />Heather Balser <br />Louisville City Manager <br />16 <br />