2005 Annual Comprehensive Financial Report

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�-^��K�� K��^��J`�� _-'� - Louisville -'- {)epadnnentofFioancc May 15,2UOG Tothe Honorable Mayor, Members ofthe City Council and the Citizens of the City of Louisville: The Comprehensive Annual Financial Report of the City of Louisville for the fiscal year ended December 31, 2005. is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the preoenbadon, including all diadoaunas, rests with the City. To the best ufour knowledge and belief, the enclosed data reflects accurately in all material aspects and are reported in a manner that presents tair|ythefinancia|posidonandnaau|tsofopansdonsofthevahousfundaandacoountgroupaoftheCih/, All disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been The Comprehensive Annual Financial Report is presented in four sections: introductory, financial. statistical, and compliance. The Introductory Seotion, which is unaudbed, includes this letter of transmittal, the Cit/s organizational chart and a directory of elected and appointed officials. The Financial Section includes the independent auditors' report on the financial statements and schedules, management's discussion & analysis, basic financial atabemente, noheo, required supplementary information, other schedules and budget statements. The Stmbedua| Saction, which is unoudded, includes selected financial and demographic information, generally presented on a multi -year basis. The Compliance Section contains the Local Highway Finance Report, required bythe state. The letter oftransmittal isdesigned hocomplement the management's discussion and analysis (MD&A) section and should be read in conjunction with it. Louisville's MD&Abegins on page 11, immediately following the report of the independent auditors. This report includes all funds ofthe City, The Louisville Housing Authority,the Louisville Arts and Humanities Commission, the Louisville Historical Commission, the Louisville Fine Protection District, and the Urban Drainage and Flood Control District have not met the established criteria for inclusion in the reporting entity, and accordingly are excluded from this report. / ECONOMIC CONDITION AND OUTLOOK_,---- L� The City of Louisville was recognized twice nationally over the past Wo years for livability, |n2OO5'the City of Louisville was selected by Money Magazine as the Fifth Best City in which to live for the entire United States, On K8ay8. 2006. Fronnmer's published the I� Edition oftho^Best Places to Raise Your Family" and the City ofLouisville was chosen the "Best ofU`� Best" from alist oftop 1OOaffordable communities inthe United States. Fnzmnner'sieknown asone ofthe most trusted travel guides throughout the world, The City of Louisville is located in the Denver metropolitan region, approximately 6 miles east of the City of Boulder and 25miles northwest ofDenver. Louisville has enincorporated area ofapproximately 7.9 square miles. The residential growth peaked in 1992, at 543 units, and has since slowed significantly. The population ofLouisville iyapproximately 1S.00O. The City isstrongly influenced bythe US3Gcorridor from Denver boBoulder, and development inadjacent municipalities. Louisville grew atacompound average annual growth rate of 3.1 % between 1990 and 2003 - a considerably faster rate than either Boulder County and Denver Metropolitan Area over this period, but not as fast as the surrounding communities ofBroomfield, Lafayette and Superior. Louisville was the world heodqusr1ersfor Storage Technology Corporation with over 2,000 employees until they were purchased in 2005 by Sun Microsystems. Louisville remains to be the location for other major entities such as: Aviata Hospital a gS' bed full service acute care hospital with o medical staff of more than 500 physicians; Keb|e Fulfillment