2004 Annual Comprehensive Financial Report

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ElCity of Louisville Department of Finance May 9, 2005 To the Honorable Mayor, Members of the 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, 2004, is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data reflects accurately in all material aspects and are reported in a manner that presents fairly the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding of the City's financial activities have been included. The Comprehensive Annual Financial Report is presented in four sections: introductory, financial, statistical, and compliance. The Introductory Section, which is unaudited, includes this letter of transmittal, the City'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 statements, notes, required supplementary information, other schedules and budget statements. The Statistical Section, which is unaudited, includes selected financial and demographic information, generally presented on a multi -year basis. The Compliance Section contains the Local Highway Finance Report, required by the state. This report includes all funds of the City. The Louisville Housing Authority, the Louisville Arts and Humanities Commission, the Louisville Historical Commission, the Louisville Fire 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 The City of Louisville is located in the Denver metropolitan region, approximately 10 miles from Boulder. Louisville has an incorporated area of approximately 6.4 square miles. The residential growth peaked in 1992, at 543 units, and has since slowed significantly. The population of Louisville according to the 2000 U.S. Census is approximately 18,964. The City is strongly influenced by the U.S. 36 corridor from Denver to Boulder, and development in adjacent municipalities. Louisville is the world headquarters for Storage Technology Corporation with over 2,000 employees. Other major entities located in Louisville are: Avista Hospital which opened in 1990 and has recently expanded to add over 144,000 square feet for a Physicians Office Building and Ambulatory Surgical Center; Kable Fulfillment Services with 620 employees, providing magazine membership order fulfillment services for publishers and organizations; and Electronic Data Systems, a computer system development company with over 600 employees. In 2004, Transfirst, a credit card processing company moved into vacant space on South McCaslin Boulevard surrounded by other commercial businesses. Other notable businesses operating in Louisville are CableLabs, a cable television laboratory and a division of Medtronics, the world's leading provider of image -guided surgery. In Historic Old Town Louisville, the new Moffitt mixed use commercial building will house 4 lofts residential at 5250 square feet on the second floor and first floor retail at 4,380 square feet of. The 2000 Census found that there are 12,297 employees in the City of Louisville. Of these, 43% were in manufacturing and 29% were service jobs. 749 Main Street • Louisville, Colorado 80027 • (303) 666-6565 • Fax (303) 335-4550 • www.ci.louisville.co.us