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The Tabor Amendment excludes activities or funds considered to be "enterprises." The classification of an "enterprise" under Tabor Amendment is based on three criteria: (1) the entity be considered a government owned business; (2) the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10 percent of its annual revenue in grants from all Colorado State and local governments combined. The 1995 City Budget as presented represents the exclusion of the City's Water Fund and Sewer Fund. You approved Ordinance No. 1167 and 1168, Series 1994 declaring these funds as "enterprises" under the Tabor Amendment definition for the 1995 Budget. BUDGET OVERVIEW The 1995 Budget provides for the total scope of City operations including services, debt service payments and capital improvements. The total 1995 Budget is based on projected revenues of $22,553,995 and projected expenditures of $22,553,995. The modified accrual basis of accounting is used by all governmental fund types and agency funds. Under the modified accrual basis, revenues are recognized when susceptible to accrual (i.e., when they become both measurable and available). "Measurable" means the amount of the transaction can be determined and "available" means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the related fund liability is incurred. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. The accrual basis of accounting is utilized by proprietary fund types. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred. Revenues: The largest source of revenues is charges for services, which accounts for 48.5 percent of the total budget. Charges for services consist of revenue from water and sewer rate charges of $4,105,920; golf course user fees of $1,606,800; recreation user fees of $944,185; miscellaneous user fees of $395,980; and revenues of $3,892,800 from building activity such as service expansion fees, major thoroughfare fees, and water and sewer tap fees. Taxes make up 30.2 percent of the total 1995 revenues. The main component of this revenue source is sales tax of $4,256,775. Revenue from franchise taxes of $598,400, revenues from use taxes of $832,440, and revenues from specific ownership taxes of $84,850 are expected in 1995. Property tax revenue is projected at $1,041,785 in 1995. The property tax mill levy rate for taxes collected in 1995 has been set by you at 5.820 mills. iii