1997 BUDGET - Laserfiche WebLink

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be considered a government owned business; (2) the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10% of its annual revenue in grants from all Colorado and local governments combined. The 1997 City Budget as presented represents the exclusion of the City's water utility fund and sewer utility fund, as approved by Ordinance No. 1167 and 1168, Series 1994 declaring theses funds as "enterprises" under the Tabor Amendment definition. Other Highlights Other budget highlights include: a. The mill levy has been reduced from 5.457 to 5.246. b. Sales tax revenue is estimated to increase $1.6 million over the 1996 projections. c. Development revenue including permits, building material use tax, service expansion fees, major thoroughfare fees, and tap fees are projected to decrease 27.1%, or $767,351 from the 1996 budget. d. The general fund will transfer $500,000, generated from sales tax revenue, to the capital projects fund. e. Acquisition of a 20 acre parcel of open space for approximately $600,000, on the north side of Cherry Street and east of Heritage Park will finalize in 1997. Other open space acquisitions are being actively pursued in 1997. f. Street improvements in the capital project fund will increase by 48.1%, to $1,000,000. g. The South 88th Street project, budgeted at $1,205,000, will be constructed in conjunction with the K-12 school, being built by Boulder Valley School District. The 88th Street project will utilize $356,800 of residential use tax funding, earmarked for school purposes. The 1997 budget is a realization of long anticipated and comprehensively planned commercial development in Louisville. Future budgets for the City are projected to begin a trend towards a more sales tax revenue -based budget. Using these sales tax revenue increases for capital projects, the City Council has taken the lead to invest in the future of the City of Louisville. In closing, I would like to recognize the Director of Finance, Dianne Ray, and the staff of the Finance Department, for this efforts in preparing this budget. The staff of the City of Louisville is committed to ensuring that Louisville is the best and safest place to live and work. Respectfully submitted, William A. Simmons, City Administrator