1988 BUDGET - Laserfiche WebLink

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II � City of Louisville ' 749 Main Street Louisville, Colorado 80027 666 - 6565 September 15, 1987 Honorable Mayor and Members of City Council: In accordance with the statutes of Colorado related to municipal budgeting, I am pleased to submit to you the I recommended budget for the City of Louisville for fiscal year 1988 commencing January 1, 1988. As developed by Council and staff through its budget sessions, the 1988 Budget proposes I expenditures of $7,429,767 from the projected revenues of $8,898,000. The major sources of revenue incorporated in the 1988 Budget Iinclude: 1) Sales Taxes I 2) Property Taxes 3) Franchise Taxes 4) Water and Sewer Taps 5) Service/User Fees I 6) Service Expansion Fees 7) Earning on Deposits 8) Fund Balance Carryovers IThe 1988 Budget incorporates a property tax mill levy of 4.908 mills. This reduction over the previous year's mill levy I of 8.026 is due to the reappraisal of real and personal property conducted statewide this year. The 4.908 mills does include a 5.5% increase in property tax revenue over the previous year with these estimated revenues of $30,995 being earmarked for the I City's Capital Improvement Program. Highlights of the City's 1988 Budget include the following: I1) For the first time since 1984, the City of Louisville is not cutting its operating budget from the previous U year's level. 2) The Budget projects a 7% increase in sales tax revenue by virtue of growth in the City's commercial/retail I base. 3) The 1988 Budget includes $67,764 in additional property I taxes due to new commercial and residential growth and recent annexations.