2002 BUDGET - Laserfiche WebLink

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I. Establish local collection of City sales tax (July, 2002). One new Full Time Equivalent (FTE) has been added at a cost of S52, 500 as the Sales Tax Coordinator. Goals with Future Budget Implications The following goals will determine direction, and impact the budget in 2003 and beyond: • Place question on November 2002 ballot to extend parks, trails, and open space sales tax (July, 2002). o Include maintenance and operation as allowable expenditures of sales tax revenue. • Prepare and adopt a traffic management/access plan for Monarch High School Campus, Avista Hospital and 88th Street. • Establish financial policy for bonding: o Debt levels. o Options for repayment (sales tax increase, mill levy). • If necessary, place question on November, 2002 ballot for bonding for improvement/expansion of Library and Recreation/Senior Center (July, 2002). • Adopt recommendations of Highway 42 Revitalization Plan — including action plan and plan of finance. • Establish maintenance and replacement budget for City facilities. • Conduct building facility assessment and cost estimate for remodeling of City Hall. Implement upon occupancy of new police station. Compliance With TABOR Amendment In November 1992, Colorado voters approved an amendment to the State Constitution providing tax and spending limitations on local governments. Following the approval of TABOR, several ballot issues have been presented to the citizens of Louisville that impact the limitation. These include: 1993 — Open space tax approved. 1994 — Open space bond issue and the residential use tax were passed. 1996 — Authorization was given for the City to receive and expend all revenues, exempting these revenues from the TABOR limitation. 1997 — A revenue -sharing intergovernmental agreement was approved, revenues from the TABOR ceiling. 1998 - The City Council, by ordinance, declared the golf course an enterprise under the TABOR definition. 1999 - Authorization to keep and spend the revenues collected and received during 1998 and each subsequent year from fees, state and local grants, developer contributions, intergovernmental revenues and payments in lieu of land dedications. 2001 - Approval allowing the City to keep the excess property taxes collected in 2000 and exempts all future property taxes from the TABOR limitations. sales and use tax exempting these v