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XI. ECONOMIC AND FISCAL ELEMENT PURPOSE The purpose of the Economic and Fiscal Element is to ensure the City retains its strong economic position while sustaining itself fiscally through programs that enhance the community's economic base, maximize the effectiveness of the City's public facilities, maintain a stable City revenue system, recover the cost of public services at General Plan build out, minimize General Fund debt and produce a balanced annual City budget. LOCAL ECONOMY Historical Perspective By the time Pleasanton incorporated in 1894, it had grown from a homesteading settlement along the transcontinental railroad into a community with an agrarian economy based on dairies, roses, grain, hay, and hops. It generally stayed this way until the 1960s and 1970s when it evolved into a suburban bedroom community with a population base to attract jobs. By the 1980s, available land and proximity to 1-580 and 1-680 attracted additional development. Seven major business parks, a regional shopping mall, five hotels, and a variety of retail, office, and service centers were constructed. The City and its employment base grew rapidly, with Pleasanton becoming a regional job center. However, Pleasanton was not immune to the statewide recession of the early I 990s. Employment growth stagnated during this time period. However, the late 1990s brought a resurgence of prosperity during which time Pleasanton benefited from the Silicon Valley's technological expansion. The year 2001 brought a significant decline in the number of businesses in the technology sector, but Pleasanton and the East Bay fared better than cities in the Silicon Valley and the greater South Bay area. Pleasanton was not, however, totally immune to the downturn in the technology industry, which resulted in a decrease in business related revenues accompanied by State budget problems. Despite suffering State budget impacts, Pleasanton was able to weather the weakened economy, in part by continuing to adhere to the conservative financial policies set forth in its first Economic and Fiscal Element that was developed as part of the 1996 General Plan update. Now, with a revitalizing State and regional economy, Pleasanton's economy is expected to improve with a steady but modest increase in jobs in the XI-l