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<br /> Finance Director Ponty presented an economic overview: <br /> . In 1995 300,000 jobs were added to the California economy; <br /> . It is expected that 300,000 more jobs wiIl be added in each of 1996 and 1997; <br /> . Personal income was up 6.7% in 1995; <br /> . Most new jobs are in the service sector; <br /> . Average salary in computer field is over $60,000; <br /> . Low inflation continues; <br /> . Redwood City is well positioned to benefit, but impact may be slow; <br /> Finance Director Ponty showed transparencies and described property tax distribution at <br /> approximately 18% for residential as well as commercial properties which translates into <br /> general fund revenues. Director Ponty advised the two largest sources of the City's <br /> revenues to the general fund were sales tax at 29%, and property tax at 26. <br /> Director Ponty listed some of the expenditures recommended in the proposed 1996/97 <br /> budget based on the Council's priorities which will have significant financial impacts on <br /> the budget: <br /> . The downtown County Historic Museum, $300,000, in the Redevelopment Agency <br /> Budget; <br /> . Implement the Economic Development Strategies, $730,000, in the Redevelopment <br /> Agency Budget; <br /> . Downtown sidewalks; <br /> . The addition of one police officer; <br /> . Library media resources position with the Redwood City School District; <br /> . Redwood Shores Fire Station, in the c.I.P.; <br /> . James Avenue Reconstruction, in the C.I.P. <br /> In the 1997/98 budget: <br /> Operation ofthe Redwood Shores Fire Station; <br /> The addition of another police officer; <br /> Further implementation of the Economic Development Strategies, $274,000, in the <br /> Redevelopment Agency Budget; <br /> Redwood Shores Community Center; <br /> Director Ponty displayed slides of the general fund five-year projections (revenues, <br /> transfers and expenditures), and updated the Council on current conditions and changes. <br /> Director Ponty focused on the loss of revenues from licenses and permits which will peak <br /> in 1996/97 and then drop off over several years due to "build out" (excluding Pacific <br /> Shores and the Ampex property;) loss of interest earned as cash balances are used for the <br /> MINUTE BOOK NO.54 new City HaIl, and other capital projects; charges for services will decrease due to <br /> Page No. 294 <br /> MINUTES JUNE ]7, ]996 <br /> SPECIAL COUNCIL MEETING PAGE 5 <br />