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2002 – Extension of the open space tax for another ten years beginning on January 1, 1994 and ending on December 31, 2013 and exempting these revenues from the TABOR limitations. 2003 – Library bond issue and the additional mill levy not to exceed 1.581 were approved. 2005 – A use tax on personal tangible property was placed on the ballot in 2005 and failed. 2006 – A use tax on personal tangible property was placed on the ballot in 2006 and failed. 2006 – The City Council, by ordinance, declared the Storm Water Utility Fund an enterprise under the TABOR definition. 2008 – Approval of a 1/8% sales tax for historical preservation purposes for a period of ten years beginning January 1, 2009. 2009 – The City Council, by ordinance, declared the Solid Waste & Recycling Utility Fund an enterprise under the TABOR definition. The City of Louisville’s 2010 budget reflects compliance with the provisions of the TABOR Amendment. Under the TABOR Amendment, all taxes (except as previously noted), licenses and permits, charges for services, fines and forfeitures, and miscellaneous revenue (except developer contributions and payments in lieu of land dedications) are part of the limitation calculation. Transfers-in and debt service (except the open space bond) are deducted. The remainder may increase by the combination of the local rate of growth and the CPI rate of inflation. The TABOR Amendment also requires local government to reserve 3% of total expenditures for emergencies in 1995 and thereafter. (The definition of an “emergency,” under TABOR is restricted to natural events, but excludes “economic conditions, revenue shortfalls, district salary or fringe benefit increase.”) The TABOR Amendment excludes activities or funds considered to be “enterprises.” The classification of an “enterprise” under the TABOR Amendment is based on three criteria: (1) the entity be considered a government owned business; (2) the entity must be authorized to issue its own revenue bonds; (3) the entity must receive less than 10% of its annual revenue in grants from all Colorado and local governments combined. The City’s Water Utility Fund, Wastewater Utility Fund, Stormwater Utility Fund, Golf Course Fund, and Solid Waste & Recycling Fund have been declared “enterprises” under the TABOR Amendment definition. Summary Awards The Government Finance Officers Association of the United States and Canada (GFOA) presented an award for Distinguished Budget Presentation to the City of Louisville for its annual budget for the fiscal year beginning January 1, 2009. In order to receive this award a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communication medium. The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award. Acknowledgements I want to thank the citizens who contributed ideas, commented on and helped us refine the proposed budget, Mayor Sisk and City Council Members for your clear direction and strong support, and the terrific staff throughout the City who all made sacrifices to reduce costs and balance the budget. I greatly appreciate the difficult choices the City Council made in approving the final budget. Those choices enabled us to maintain the cost of City services for the residents, businesses and visitors in Louisville within the revenues we have available. Without everyone’s hard work and good ideas—and especially Finance Director Kevin Watson, whose ïê