11 ATTACHMENT 1, EXHIBIT A - Laserfiche WebLink

City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/255 • State In January 2023, the Governor released his proposed FY 2023/24 budget that projected a deficit of more than $22.5 billion. This is in stark contrast to just a year earlier when the state projected a surplus of nearly $98.0 billion. The State Legislature is currently going through its spring budget hearing process, and numbers from the May Revision will provide more accurate projections. Based on the California State Department of Finance’s monthly bulletin from March 2023, the state general fund’s cash receipts for the first eight months in the current fiscal year were $4.7 billion or 4.1 percent below their forecasted amount due to lower personal income, corporate, and sales & use taxes. This trend aligns with what is being observed at a national level: the economy is slowing down. • Local Pleasanton’s economy, along with neighboring cities and the greater San Francisco Bay Area, initially faltered during the pandemic but has largely recovered. The local unemployment rate was under 3.0 percent in 2022 and has increased slightly to 3.3 percent, as of March 2023. This percentage is lower than the Alameda County’s rate of 3.8 percent, California’s rate of 4.4 percent and 3.5 percent for the nation, all as of March 2023. Pleasanton’s housing values, following the regional trend, peaked in spring 2022 and decreased through the end of last year before increasing again in 2023. The median sales price of $1.5 million is 17.9 percent lower year-over-year, but due to the small number of homes sold, the median sale price can fluctuate significantly. In terms of commercial activity, a 360-unit multi-family housing project at the Stoneridge Shopping Center was approved by the City Council in March 2023. This project, initially proposed by the Simon Property Group in August 2019, was on pause through 2020 and early 2021 due to the COVID-19 pandemic. With 58 of the units designated as low-income, this project will add to the housing inventory in the city. 10x Genomics is continuing its efforts to build a new biotechnology campus at 1701 Springdale Avenue to complement its existing space at 6230 Stoneridge Mall Road. In the Johnson Drive Economic Development Zone, Costco and two hotels are expected to begin their operations sometime during FY 2023/24, and Kaiser Permanente recently announced that its administrative team, which is approximately 10 percent of its workforce, will relocate from Oakland to Pleasanton at 4460 Hacienda Drive starting in 2024.