SR 06:127 - Laserfiche WebLink

governments, including the City. By 2005, the City began to experience an increase in business expansion and relocation activity. New businesses include Oracle Corporation, Kaiser Permanente Information Technology Division, and Simpson Manufacturing. The Stoneridge Shopping Mall is planning a major renovation and expansion scheduled for completion in 2009. The Bay Area Rapid Transit (BART) system is planning to construct a second Pleasanton station located near the Stoneridge Mall. With a gradual recovery under way, continued growth in the City's revenue base is projected for the short term. However, the rate of growth is expected to slow as Pleasanton approaches build out and beyond. It will become more difficult to continue to enhance services at the same rate as in the past. However, with the diverse economic portfolio of the community, and prudent financial goals and policies in place, the City will be better equipped to continue to maintain local services than many other communities. As a result of responsible land use planning in the past, the community has a strong mixture of commercial and retail services which help provide a revenue stream that is less affected by a decline in any single revenue source. The financial goals, policies, and programs contained in this Element are intended to ensure this strength endures into the future. As a result of statewide property tax shifts initiated by the State during the recession of the early 1990s, from 1991-92 to the present the City has lost $75.4 million in revenue combined with the cost of added responsibilities. Included in this amount is the latest round of State budget impacts that started in 2003- 04 and extend at least through 2005-06. However, a constitutional amendment (Proposition 1A), passed by State voters on November 2, 2004, limits the amount of reductions of local government revenues in 2006-07 and future years, and recharacterizes those reductions as "loans" rather than "takeaways". It also limits the State's ability to borrow local revenue allocations to twice every ten years. Another provision of Proposition 1A permanently reduces the vehicle license in lieu tax rate and replaces local governments' lost taxes with property tax money, the source of which has been transferred from local governments annually since 1993. With this revenue restructuring, property XI-4