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City Council Meeting Minutes September 21 2010 Page 4 of 11 RESOLUTION No. 55, SERIES 2010 A RESOLUTION OF THE LOUISVILLE CITY COUNCIL URGING LOUISVILLE CITIZENS TO VOTE NO ON PROPOSITION 101, AMENDMENT 60 AND AMENDMENT 61 ON THE NOVEMBER 2, 2010 STATEWIDE BALLOT, CONCERNING RESTRICTION OF STATE AND LOCAL REVENUES Mayor Sisk requested a Staff presentation. Deputy City Manager Balser explained Proposition 101, Amendment 60 and Amendment 61 on the November 2, 2010 ballot would severely restrict the City's operations and services. Resolution No. 55, Series 2010 urges Louisville voters to vote no on Proposition 101 and Amendments 60 and 61. The highlights of the ballot proposals are as follows: Statewide Proposition #101 reduces vehicle income and telecommunications tax revenues. Constitutional Amendment #60 limits property taxes Constitutional Amendment #61 limits state and local government The Colorado Municipal League (CML) prepared a template for municipalities to gauge what impact the measures would have on their revenues. Finance Director Watson used the templates and made the following determinations: Should Proposition #101 pass, Staff projects the reduction in revenues to the City would be $1,119,434 in 2011 to $1,498,745 by 2014. Staff projects the approval of Amendment #60 would reduce revenue to the City by $378,798 annually beginning in 2011. The impacts of Amendment #61 are difficult to project but certainly would negatively affect the City's ability to debt finance capital projects within Louisville. Staff recommended approval of Resolution No. 55, Series 2010. COUNCIL COMMENT Mayor Sisk stated Amendment #61 limits local government from loans longer than ten years. Amendment #60 would limit de- brucing by only allowing increases to property taxes every ten years. He noted the City's mill levy is the lowest in Boulder County. Proposition #101 would greatly affect road improvements and transportation funding. He voiced his opposition to all three ballot issues. Mayor Pro Tem Marsella urged the public to read the Council packet to understand the negative impacts to City's budget should these three ballot questions pass.