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ILI City of Louisville
<br />Department of Finance and
<br />Administrative Services
<br />June 1, 2004
<br />To the Honorable Mayor, Members of the City Council and
<br />the Citizens of the City of Louisville:
<br />The Comprehensive Annual Financial Report of the City of Louisville for the fiscal year ended December 31,
<br />2003, is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and
<br />fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and
<br />belief, the enclosed data reflects accurately in all material aspects and are reported in a manner that presents
<br />fairly the financial position and results of operations of the various funds and account groups of the City. All
<br />disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been
<br />included.
<br />The Comprehensive Annual Financial Report is presented in four sections: introductory, financial, statistical,
<br />and compliance. The Introductory Section, which is unaudited, includes this letter of transmittal, the City's
<br />organizational chart and a directory of elected and appointed officials. The Financial Section includes the
<br />independent auditors' report on the financial statements and schedules, management's discussion & analysis,
<br />basic financial statements, notes, required supplementary information, other schedules and budget
<br />statements. The Statistical Section, which is unaudited, includes selected financial and demographic
<br />information, generally presented on a multi -year basis. The Compliance Section contains the Local Highway
<br />Finance Report, required by the state.
<br />This report includes all funds of the City. The Louisville Housing Authority, the Louisville Arts and Humanities
<br />Commission, the Louisville Historical Commission, the Louisville Fire Protection District, and the Urban
<br />Drainage and Flood Control District have not met the established criteria for inclusion in the reporting entity,
<br />and accordingly are excluded from this report.
<br />ECONOMIC CONDITION AND OUTLOOK
<br />The City of Louisville is located in the Denver metropolitan region, approximately 10 miles from Boulder.
<br />Louisville has an incorporated area of approximately 8.6 square miles. The residential growth peaked in
<br />1992, at 543 units, and has since slowed significantly. The population of Louisville according to the 2000
<br />U.S. Census is approximately 18,964 and will stabilize at 20,800, which represents residential build -out on
<br />land currently annexed and zoned. The City is strongly influenced by the U.S. 36 corridor from Denver to
<br />Boulder, and development in adjacent municipalities. Louisville is the world headquarters for Storage
<br />Technology Corporation. Other major entities located in Louisville are: Avista Hospital which opened in
<br />1990 and has recently expanded to add over 144,000 square feet fora Physicians Office Building and
<br />Ambulatory Surgical Center; Kable Fulfillment Services, providing magazine membership order fulfillment
<br />services for publishers and organizations; and the 36-bed Centennial Peaks Psychiatric Hospital.
<br />In 2003, Hobby Lobby and Big Lots retail stores moved into vacant space previously occupied by K-Mart in
<br />the South Boulder Road/96th Street shopping center. New commercial development includes the
<br />completion of the 70,000 square foot Centennial Pavilions retail project on South McCaslin Boulevard with
<br />businesses including Walgreens, Grease Monkey, Lamar's Donuts and other commercial uses.
<br />In Historic Old Town Louisville the 30,330 square foot Koko Plaza (includes Lot 1 & Lot 2) was completed
<br />in 2003 at the intersection of Walnut and Front Streets, for retail and other commercial use. At 706 Front
<br />Street, the 5,000 square foot Wojciechowski building was also completed in 2003 for retail and office
<br />uses. On City -owned property, the Steinbaugh Pavilion, previously a lumber storage facility, was
<br />749 Main Street • Louisville, Colorado 80027 • (303) 666-6565 • Fax (303) 673-9043 • www.ci.louisville.co.us
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