1997 BUDGET - Laserfiche WebLink

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1999 for $690,000. I. The South Sub area line extension, budgeted in the water utility fund for $294,100 and the sewer utility fund for $215,000 helps provide an interim solution for the needs of Colorado Tech Center. J. From 1996 through 2000 funds of $100,000 in each year (with $150,000 in 1999) are planned to be designated in the capital project fund for development of a community park. The Council goal is to develop methodology in considering a new community park. Compliance With Tabor Amendment In November 1992, Colorado voters approved an amendment to the State Constitution providing tax and spending limitations on local governments. Since this time several ballot issues have been presented to the citizens of Louisville that impact the limitation. In 1993 the open space tax was approved. In 1994 the open space bond issue and the residential use tax were passed. In November 1996, authorization was given for the City to receive and expend all sales and use tax revenues. These specific revenues and debt are exempt from the Tabor calculations. The City of Louisville's 1997 budget reflects compliance with the provisions of the Tabor Amendment. Under the Tabor Amendment, all taxes (except as previously noted), licenses and permits, intergovernmental revenue (except federal grants and lottery proceeds), charges for services, fines and forfeitures, and miscellaneous revenue are part of the limitation calculation. Transfers into the fund and debt service (except the open space bond) are deducted. The remainder may increase by the combination of the local growth rate (3.6%) and the rate of inflation in the Denver/Boulder Area (3.5%). The 1997 budget reflects a 5.04% decrease over the estimated 1996 level. The City's property tax mill levy rate for 1997 is 5.246 mills, which is a decrease from the 1996 rate of 5.457. 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 7.1%. For 1997 the mill levy rate meets the requirements of the Tabor Amendment as well as below the 5.5% statutory revenue limit. The Tabor Amendment also requires the local government to reserve three percent of total expenditures for emergencies in 1996 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 increase.") Accordingly, the City has reviewed the existing reserves and determined that a minimum of 3% will exist for 1997 to comply with the provisions of the Tabor Amendment. 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