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,,pE S,~ tf9~,\ <br />,.` ~~a~ O~'~ <br />'1 ~ City of San Leandro <br />\ y~0gpp~p~o`, Quarterly Performance Report <br />Selected Economic Data <br />Ending December 31, 2007 <br />• California payroll job growth declined from 1.7% in the first quarter of 2007 to .6% in the forth <br />quarter (calendar year) <br />California's unemployment rate increased from 4.8%, fourth quarter 2006 to 5.6%, fourth quarter <br />2007. <br />• Statewide taxable sales projected at 2.7% in 2008, less than the projected inflation rate of ~~% <br />~~ <br />Conclusion <br />The drop off in revenues, in the General Fund, for 2007-08 is cause for concern. However, the City has <br />sufficient reserves to allow a measured response to declining revenues this year. Of equal importance is <br />the potential impact to next year and beyond. Again, reserves are on hand to allow the City to respond <br />in a planned way. None the less, it appears that any budget balancing actions will have to consider not <br />only revenue augmentations, but also programs and service levels as part of the upcoming budget <br />process. <br />