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The building industry slow down coupled with the unforeseen problems <br />with the Centennial Valley Mall construction resulted in a non- <br />productive Capital Improvement program for 1980, however the economic <br />picture for 1981 looks brighter. Further residential development <br />and the continued development proposed in the Colorado Tech Center <br />will improve our tax base substantially. <br />The increased cost of supplies, salaries and inflation places us in <br />the position of relying more and more on outside sources of revenue <br />to fund the operational and maintenance aspects of the City operations <br />Although our financial position improves from year to year due mainly <br />to our annexations and operation policies it is extremely important <br />that the City continue to develop or increase the more continuing <br />or permanent type of revenue sources to replace that revenue derived <br />from growth. <br />Our mill levy as submitted is reduced from 11.81 to 7.899 mills. <br />Based on the Mayor and Council's stated policy not to increase <br />taxes as well as the State madatory 7% limit has resulted in the <br />reduction in taxes. <br />The levy proposed is as follows: <br />General Fund <br />Pool Fund <br />Capital Improvement <br />5.169 <br />.730 <br />2.000 <br />In closing I want to thank the department heads and other members <br />of the City Staff who assisted in the preparation of the budget. I <br />also want to thank you, the Mayor and the City Council, for the <br />interest and consideration shown on all budget requests as well <br />as many hours spent by all of you in the review and development <br />of this important document. <br />Respe tf lly,� <br />jtk <br />Leon A. Wurl <br />City Administrator <br />III <br />