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(These revenues are now exempted from the TABOR calculation.) The City of Louisville's 2002 budget reflects compliance with the provisions of the TABOR Amendment. Under the TABOR Amendment, all taxes (except as previously noted), licenses and permits, charges for services, fines and forfeitures, and miscellaneous revenue (except developer contributions and payments in lieu of land dedications) are part of the limitation calculation. Transfers into the fund and debt service (except the open space bond) are deducted. The remainder may increase by the combination of the local growth rate (11.49%) and the rate of inflation in the Denver/Boulder Area (3.2%). The 2002 budget, after the TABOR exemptions, reflects a 25% decrease below the estimated 2001 level. The TABOR Amendment also requires local government to reserve three percent of total expenditures for emergencies in 1995 and thereafter. (The definition of an "emergency," under TABOR is restricted to natural events, but excludes "economic conditions, revenue shortfalls, or district salary or fringe benefit increase.") Accordingly, the City has reviewed existing reserves and determined that a minimum of 3% will exist for 2002 to comply with the provisions of the TABOR Amendment. The TABOR Amendment excludes activities or funds considered to be "enterprises." The classification of an "enterprise" under the TABOR Amendment is based on three criteria: (1) The entity be considered a government owned business; (2) the entity be authorized to issue its own revenue bonds; (3) the entity receive under 10% of its annual revenue in grants from all Colorado and local governments combined. The 2002 TABOR calculations represent the exclusion of the City's Water Utility Fund and Sewer Utility Fund, as approved by Ordinance No. 1167 and 1168, Series 1994, and the Golf Course Fund, as approved by Ordinance No. 1280, Series 1998, declaring these funds as "enterprises" under the TABOR Amendment definition. Summary The 2002 budget addresses quality of life issues and maintaining City services, as well as fiscal responsibility. The Council has focused on projects such as street improvements, water rights, trails, and open space, which will benefit the citizens of Louisville well into the future. In closing, I would like to recognize the Director of Finance and Administrative Services, Dianne Ray, and the staff of the Finance Department for their effort in preparing the 2002 budget. The staff of the City of Louisville is committed to ensuring that Louisville is the best and safest place to live and work. Respectfully submitted, William A. Simmons City Manager vi