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THE CITY OF 1 5 m 1' CITY COUNCIL AGENDA REPORT LEASANTON0 February 4, 2014 Finance TITLE: LONG-TERM FISCAL IMPACT ANALYSIS OF THE GENERAL PLAN AND HOUSING ELEMENT UPDATE SUMMARY Upon the adoption of the General Plan in July 2009 and the Updated Housing Element in February 2012, the City hired Economic Planning Systems, Inc. to prepare a report that evaluates the fiscal impacts on the City's General Fund budget of the City's growth policies through buildout of the City. The purpose of the fiscal impact analysis is to estimate the impact of future development on the costs of providing City services to the future development as compared to the tax revenues generated by the future development. The analysis will help the City determine if the City's current fiscal performance (revenues versus expenditures) is sustainable through buildout of the City. While the focus is on the fiscal impacts of future growth, the study makes reference to the important interaction between new and existing development. The analysis is generally based on the fiscal characteristics of the community— e.g., revenues, expenditures, building and land values—and the characteristics of the future development based on land use designations in the General Plan—e.g., type of land use, distance from existing public facilities. The conclusion of the fiscal analysis is that the City's current fiscal performance is sustainable through buildout of the City based on the Housing Element and General Plan land use projections and designations. RECOMMENDATION Staff recommends the City Council receive and review the fiscal impact report as prepared by Economic & Planning Systems, Inc. FINANCIAL STATEMENT There is no financial impact from the preparation and receipt of the study. The recommendations in the study are designed to support a balanced and integrated financial approach to future land use planning that would maintain a high quality of life for existing and future residents that is fiscally sustainable through buildout of the City.