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Challenges and Opportunities P/easanton's high quality of life, educated and seasoned workforce, and existing economic base offer a major competitive advantage to foster the expansion of existing firms and attract new flans. Pleasanton's demographic profile suggests a strong potential for economic development. Residents' advanced educational attainment, the City's excellent schools, and the presence of a professional workforce match the needs of many firms, particularly in higher wage professional industries that locate in well-educated, stable communities in order to attract employees. The City's strong household incomes and high homeownership rates further underscore the quality of life sought by many firms, large and small, in order to attract workers. Moreover, the City's strong rate of residents working at home suggests opportunities for strategies to strengthen support and assistance for small, start-up companies and home-based businesses. Economic development and the vitality of the economy can directly affect revenues to the City's Gen era/ Fund. For Pleasanton, several key sources of revenue in the City General Fund come from traditional local taxes. Sales and use tax revenues from local retail and industrial businesses account for 24 percent of the City's General Fund revenues. Transient Occupancy Tax (TOT), another source tied to economic prosperity, contributes 3.7 percent to the General Fund. Quality of life, as reflected in stable or rising residential property values and sales volumes, also supports the General Fund; for Pleasanton, this is the single largest revenue source, making up almost half of the City's General Fund revenue. As municipal costs rise, two the of City's variable revenues sources (sales and hotel taxes) have declined from their historic highs in 2000, while citizens expel continued excellence from city staff and services. Assisting the recovery of the retail and lodgingttourism sectors will help solidify the City's fiscal vitality. Economic development Is directly linked to land use, transportation, housing, and fiscal Issues affecting Pleasanton In both the short and longer-term. The economic vitality of the City is affected by transportation and housing issues in the same way these issues affect residents' quality of life. When the City makes decisions regarding its infrastructure, including broader land use, housing, and road networ k investments, the vitality of its commercial sector is also at stake. Because jobs, retail sales, and business health impact the City's fiscal vitality and the ability to provide quality municipal services, Pleasanton's residents' quality of life is directly affected by the local economy. Therefore, it is key to both businesses and residents to build and maintain a sustainable economic environment. The urban fabric that supports the economy is intertwined with the lives of residents and the success of businesses. All of these issues can be approached with a view of creating sustainable policy decisions to further the long- term quality of life and vitality of the City. 12