California Comprehensive Annual Financial Report - City of Temecula

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City of Temecula Letter of Transmittal - continued CAFR Fiscal Year Ended June 30, 2009 --------------------------------------------- The Department's Crime Prevention Unit continued to provide crime prevention training and services to City residents and businesses. Much of this was accomplished by heading local Neighborhood Watch and Business Watch organizations and working closely with local businesses. These crime prevention officers work closely with other City staff in advance of planning for a variety of special events held in the City each year, and assists in the processing and issuance of a variety of City-required permits. Business and Industry The City is headquarters to a wide array of corporations and entrepreneurial operations. As Temecula’s economic base diversifies, Temecula actively nurtures the development of industry clusters. These industries represent some of the best opportunities for quality job creation. • Biomedical/Biotech • Health technology/manufacturing • Telecommunications • Electronics • Semiconductor Manufacturing • High-Tech manufacturing • Tourism • Retail • Green Technology/Solar • Aerospace Economic Development Temecula is one of the most prosperous communities in the Inland Empire region. Temecula residents enjoy one of the finest life styles in Southern California. A variety of factors are behind this including geography, which plays a role due to the City receiving growth impulses from both San Diego and Orange Counties. A mountain gap that allows ocean breezes to flow into the City provides a moderate climate by Inland Empire standards and has permitted the development of award winning wineries. Temecula’s leadership has approached economic growth from a qualitative standpoint, providing the City with a large percentage of the Inland Empire’s higher paying and high technology firms, as well as an expansive industrial base. The City’s average income levels are higher than the surrounding region. The educational performance of its young people is above State averages, and Temecula is one of Southern California’s safest cities. In 2009, The City of Temecula was recognized by Relocate-America.com as one of the “Top 100 Places to Live”, based on its prospects for future growth, the business climate, and local government. xi
City of Temecula Letter of Transmittal - continued CAFR Fiscal Year Ended June 30, 2009 --------------------------------------------- The City continues its efforts to grow and sustain the economy of Temecula through business attraction, retention, workforce development, higher education, tourism and film. The City partners with the Chamber of Commerce, Convention and Visitors Bureau, Riverside County Economic Development Agency, Riverside County Workforce Development Agency, Inland Empire Film Commission, and Economic Development Corporation of Southwest California. These alliances create synergy by leveraging assets and resources necessary to reinforce our markets. The City has also worked to develop and market Temecula as a tourist destination and continues to promote large scale events to attract visitors from other areas. Plans have begun for the construction of the new Temecula Regional Hospital project. This hospital will be the first hospital within the City to serve the medical needs of residents. Professional Hospital Supply (PHS), the City’s largest sales tax generating business, recently added over 600,000 square feet of space, which is anticipated to result in increased sales tax to the City, as well as 20%-30% growth in jobs over the next five years. Abbott Laboratories recently added over 300,000 square feet with the completion of two new buildings, including office, lab, manufacturing space, and a parking structure. Springhill Suites, a new 142 unit hotel, recently opened in the City and will provide visitors with another opportunity to enjoy their stay in the Temecula Valley and the Planning Commission has approved a new 168 room hotel, as well as a new Mercedes-Benz dealership. The recent 125,000 square foot expansion of the Promenade Mall added upscale retail shops and restaurants, road improvements, and two parking structures. Businesses have been attracted to Temecula for a number of reasons, including its highly skilled labor force, school system, close proximity to San Diego, Los Angeles, and Orange Counties, quality and affordable housing, and excellent quality of life. The City of Temecula is also committed to providing excellent, expeditious, and clear development guidance to companies located or planning to locate to Temecula throughout the development process. The City is a major retail hub along the Interstate 15 corridor and continues to promote to help lure high-end retail and restaurants. The City remains engaged in business retention and expansion efforts and supports the Temecula Valley Chamber of Commerce’s “Shop Temecula First” campaign. The City continues to work with colleges and universities to develop multiple higher education opportunities. Temecula Valley Unified School District recently approved a ten-year lease with California State University San Marcos to utilize a portion of a vacated elementary school campus. In conjunction with the lease, the City approved funding in the amount of $3 million to provide the needed tenant improvements and development costs for the facility. California State University San Marcos anticipates construction to commence after January 2010 and the facility to be operational by the fall of 2010. Housing and Redevelopment The Temecula Redevelopment Agency activities during fiscal year 2008-09 included the acquisitions of eleven very-low income units conveyed to the Agency as part of the negotiations that took place with the developer in the previous fiscal year. The Agency then put out a Request for Proposal for the sale of those housing units to qualified affordable housing organizations. An affordable housing partner was chosen and the eleven units were subsequently sold to Jamboree Housing. xii
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City of Temecula Notes to Financial
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CITY OF TEMECULA NON-MAJOR GOVERNME
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CITY OF TEMECULA COMBINING BALANCE
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CITY OF TEMECULA COMBINING STATEMEN
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CITY OF TEMECULA BUDGETARY COMPARIS
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CITY OF TEMECULA GENERAL GOVERNMENT
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CITY OF TEMECULA PRINCIPAL SECURED
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CITY OF TEMECULA PROPERTY TAX LEVIE
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CITY OF TEMECULA RATIO OF OUTSTANDI
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CITY OF TEMECULA LARGEST EMPLOYERS
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CITY OF TEMECULA FULL-TIME CITY EMP
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CITY OF TEMECULA COMPARATIVE CITY I
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California Comprehensive Annual Financial Report - City of Temecula

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