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L City of Louisville Administration Mayor and City Council City of Louisville 749 Main Street Louisville, CO 80027 Dear Mayor Davidson and City Council: I am pleased to present to you the 1998 Annual Budget. Our continuing commitment to the delivery of basic services to the residents of Louisville while maintaining the City's fiscally sound policies is reflected in this budget. Multi -Year Goals/Policies During the 1998 goal setting process, many general policies were defined that will impact our community in 1998 and beyond. These include: Maintain Louisville as a "Safe City". Continue to reduce City debt. Look for ways to reduce residential taxes and fees. Continue to invest in the City's work force. Other policies that help to shape the budget are: The City of Louisville will seek to provide only those public services which citizens require or support, and for which they are willing to pay. The minimum unreserved, undesignated fund balance of the General Fund shall be calculated annually at 15% of the current operating budget. Growth indices will be established to control and/or limit the growth of government. These indices will be tied to the Denver/Boulder consumer price index and growth ratios relevant to the specific departments. These could include growth in population, new water taps or actual valuations. Capital projects will be a main focus, with continued investment in infrastructure and improvement of quality of life as primary goals. The budget was developed with respect to these goals. Two new police officers were added, contingent on grant funding; new police vehicles and equipment were added at an increase of $95,000 over the 1997 level. (This includes a traffic monitor speed display specifically addressed in the goals.) The water utility fund includes budgeted funds to exercise a call option of $5,175,000 available on the 1989 general obligation water bond. The 1998 budget includes a reduction of the water assessment fee, to be phased out over 749 Main Street • Louisville, Colorado 80027 • (303) 666-6565 • Fax (303) 673-9043