2009 Annual Comprehensive Financial Report

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,L city Om Louisville COLORADO • SINCE 1882 June 30, 2010 Citizens, Honorable Mayor, Members of the City Council: ECONOMIC CONDITION AND OUTLOOK 1 Office of the City Manager We submit to you the Comprehensive Annual Financial Report (CAFR) of the City of Louisville for the fiscal year ended December 31, 2009. 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 is reported in a manner that presents fairly the financial position and results of operations of the various funds and account groups of the City. We have also included all disclosures necessary to enable the reader to gain an understanding of the City's financial activities. This report includes all funds of the City. The Louisville Housing Authority, the Louisville Cultural Council, the Louisville Historical Commission, the Louisville Fire Protection District, and the Urban Drainage and Flood Control District do not meet the established criteria for inclusion in the reporting entity, and accordingly are excluded from this report. The Urban Revitalization District does meet the established criteria for inclusion and is, therefore, included within this report. The City of Louisville has often been recognized for its livability. Most recently, Money magazine named Louisville number one in its 2009 "Best Place to Live" issue, citing the historic downtown, robust local industries, and the great outdoors. Quoting the Money article: "Add in dry, clear weather, little crime, good health care, and low taxes, and Louisville is pretty tough to beat." The City of Louisville is located in the Denver metropolitan region, approximately 6 miles east of the City of Boulder and 25 miles northwest of Denver. Louisville has an incorporated area of approximately 7.9 square miles and a population of approximately 20,000. The City's residential growth peaked in 1992 and has since slowed significantly as the City nears the target population of about 23,000 that is contained in the Community Vision section of the City's Comprehensive Plan. The City is strongly influenced by the U.S. Highway 36 corridor from Denver to Boulder, and development in adjacent municipalities.