Finance Committee Agenda and Packet 2012 08 20

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of Office the City Manager May 18, 2012 Citizens, Honorable Mayor, Members of the City Council: We submit to you the Comprehensive Annual Financial Report (CAFR) of the City of Louisville for the fiscal year ended December 31, 2011. 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 respects and is reported in a manner that presents fairly the financial position and results of operations of the various funds of the City. We have also included all disclosures necessary to enable the reader to gain an understanding of the City's financial activities. Readers of this document are also directed to the Management’s Discussion and Analysis section for a more detailed discussion on the financial information. 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, therefore, is included within this report. ECONOMIC CONDITION AND OUTLOOK The City of Louisville has often been recognized for its livability. Most recently, Money magazine named Louisville No. 1 in its 2009 “Best Place to Live” issue, and then in an unprecedented action named Louisville No. 1 in its 2011 again “Best Place to Live” issue. Many things contribute to this exemplary quality of life and positive economic condition. Among other things, we have at least half a dozen new great eateries, a thriving arts scene, housing prices held steady through the great recession and are now climbing, a new neighborhood is taking shape on the North side of town, there are more jobs thanks to wind turbine giant Vestas and its smaller competitor Boulder Wind both locating their new R&D facilities here along with other employers expanding or moving here. As the first Money article noted, “Add in dry, clear weather, little crime, good health care, low taxes, and Louisville is pretty tough to beat.” 1 13