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 Agency also entered into an Exclusive Negotiating Agreement with Clearwater Development for the sale of approximately twenty acres of land owned by the Housing Set-Aside Fund. The Agency entered into negotiations with a large affordable housing developer for the development of 110 affordable housing units with a mix of moderate, family affordable, and senior housing. The Agency extended the Exclusive Negotiating Agreement with Pelican Properties for the development of the 52,000 square foot commercial space adjacent to the Civic Center currently under construction. The Agency purchased land in the Pujol Neighborhood for the eventual construction of two additional Habitat for Humanity homes that will join five existing Habitat for Humanity homes. The Agency continued with its ongoing programs funding $88,536 in forgivable loans and grants for the Residential Improvement program, $63,649 for the Façade Improvement Program, and $200,494 for the First Time Homebuyer’s Program. Finally, the Agency assisted expansion of the Promenade Mall through bonds sold in the prior fiscal year, which resulted in the construction of two new parking structures, as well as the construction of a new “City Walk”, which is an outdoor shopping area with tenants such as Apple, Pottery Barn, Yard House, and P.F. Chang’s. ECONOMIC CONDITION AND OUTLOOK The City of Temecula is a dynamic community comprised of approximately 102,604 citizens of various cultural backgrounds. The City has experienced a 379 percent growth in population since 1990. The City’s 2009 median household income is estimated at $82,380 and the 2009 average household income is estimated at $95,692, placing the City’s average household income above the average of $69,376 for the United States. Sales tax continues to be the City's largest revenue source. Sales and Use Tax revenue is projected to slightly increase from an actual of $23,327,370 in fiscal year 2008-09 to $23,956,600 in fiscal year 2009-10. This increase is primarily a result of anticipated sales tax growth due to the completed expansions of the Promenade Mall and Professional Hospital Supply. With the grand opening of the Promenade Mall in October 1999, and the commercial development in the area surrounding the mall, the City’s sales tax base was strengthened and over 1,500 jobs were created. Temecula’s taxable retail sales record is the envy of most Inland Empire cities. In 1999, Temecula broke the $1 billion mark. Temecula continues to exceed the county and surrounding areas with respect to sales per capita. Temecula is an exceptional community where residents experience a strong sense of community and family values. This vineyard-covered region offers picturesque landscapes and a serene lifestyle. Golf courses, abundant recreation and cultural opportunities, award-winning schools, safe and attractive neighborhoods, and a sky filled with colorful hot air balloons provide the ideal setting for family living. xiii
City of Temecula Letter of Transmittal - continued CAFR Fiscal Year Ended June 30, 2009 --------------------------------------------- Temecula’s tremendous assets produce an energetic atmosphere that stimulates business opportunity and growth. Strategically located along the Interstate 15 and Interstate 215 corridor, equidistant from San Diego County, Los Angeles County and Orange County business centers, Temecula is an attraction to progressive businesses. The City’s pro-business attitude, lower operating costs, and well-educated workforce continues to make it one of Southern California’s premier communities. Long-Term Financial Planning The City Council annually adopts the five-year Capital Improvement Program (CIP) budget, which serves as a planning tool to coordinate the financing and scheduling of major projects undertaken by the City. It is revised each year to address changing needs, priorities, and financial conditions. The budget is developed by key management based on community comments and feedback, availability of funding, and priority ranking guidelines set by City Council. Through workshops, needs are identified by category, i.e., Circulation Projects, Infrastructure / Other Projects, Parks / Recreation Projects, Redevelopment / Housing Projects. The fiscal year 2010-14 CIP budget identifies a total of seventy projects, consisting of twenty-seven Circulation Projects totaling $272,672,863; eighteen Infrastructure/Other Projects totaling $70,971,743; sixteen Parks and Recreation Projects totaling $9,080,307; and, nine Redevelopment/Housing Projects totaling $40,949,175. The total cost to complete all of the proposed projects is $393,629,088 of which $142,561,323 is programmed for fiscal year 2009-10. There is also over $58 million of projects with unspecified funding sources. These projects have been identified as necessary infrastructure for the City, and will require that funding sources be identified before the projects can commence. Administrative costs associated with managing these projects have been estimated (generally five to ten percent of estimated construction costs), and included in each project budget. Some of the major projects planned for construction in the next few years include the completion of a new Civic Center in Old Town Temecula, with a new parking structure, the new French Valley Interchange, an Ultimate Interchange at Interstate 15 and State Route 79 South (Temecula Parkway), Main Street Bridge Replacement, Pavement Rehabilitation projects on Rancho California and De Portola Roads, and various park improvements. It is impossible to review the economic forces affecting Temecula and the Inland Empire without predicting a rosy future for the City. The region’s geographic location, competitive cost structure and sophisticated logistics have put it in a position to have one of the nation’s fastest growing economy. Temecula remains one of the fastest growing and most prosperous communities in the Inland Empire. xiv
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Page 6: STATISTICAL SECTION CITY OF TEMECUL
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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 NET ASSETS BY COMP
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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 LEGAL DEBT MARGIN
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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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