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City's programs, services and policies or as a part of the 1995 budget with the realization that it might be necessary to complete these goals in phases in future budget years. "Philosophical Goals" with ALP priority level indicate a philosophical commitment to be achieved although only limited groundwork may be conducted and funding may be postponed until future years. Goals with a P priority level are considered philosophical goals with no specific budgetary allocation, but which will be embodied in various programs, services, and policies. A complete list of you goals for 1995 is attached to this budget message as "Attachment A." COMPT iANCE WITH TABOR AMEN1)MRNT In November 1992, Colorado voters approved an amendment to the State Constitution to provide tax and spending limitations on the State government and local governments. The City of Louisville's 1995 Budget reflects compliance with the provisions of the Tabor Amendment. Specifically, in complying with the Tabor Amendment, the City's total annual expenditures for 1995 were limited to total spending in 1994 multiplied by the combination of the local growth rate (6.0 percent) and the rate of inflation in the Denver/Boulder area (4.0 percent). Under the Tabor Amendment, Louisville's total expenditures in 1995 may increase 10.0 percent over expenditures in 1994; however, the 1995 Budget reflects a 1.05 percent increase over the estimated 1994 level. Under the Tabor Amendment, the City is required to have voter approval to spend in excess of the 10.0 percent fiscal spending base, and for any revenue increases that may provide revenues that exceed the fiscal spending base. For 1995 the City of Louisville will not have an increase above the fiscal spending base of 10.0 percent. The City's property tax mill levy rate for 1995 is 5.820 mills, which is the same mill levy rate as 1994. Tabor Amendment provisions require that annual property tax revenue changes be restricted to the same growth rate applicable to the City's general spending of 10.0 percent. For 1995 the mill levy rate is below the requirements of the Tabor Amendment as well as the 5.5% statutory revenue limit. The Tabor Amendment also requires that local governments reserve three percent of total expenditures for emergencies in 1995 and years thereafter. (The definition of an "emergency," under Tabor is restricted to natural events, but excludes "economic conditions, revenue shortfalls, or district salary or fringe benefit increases.") Accordingly, the City has reserved $185,000 of the total 1995 Budget for emergencies to comply with the provisions of the Tabor Amendment. ii