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Component Units <br />As of June 30, 2013, there were no discretely reportable component units. The City's blended <br />component units include operations of the San Leandro Parking Authority, the San Leandro Public <br />Financing Authority, and the San Leandro Economic Development Agency. <br />The CAFR for the year ending June 30, 2013 provides a financial account of those activities, <br />organizational elements, and City functions for which the City Council provides policy direction and <br />general oversight. It presents financial information on the activities of the City itself and the <br />component units of the City upon which the City Council is authorized to impose its will. The <br />operating nature of the City's component units determines how they are reported in the financial <br />statements. The activities of component units that provide financial benefit or create financial burden <br />for the City are blended within the City's general financial statements. Component units that have no <br />discernable financial impact upon the City are presented separately. <br />ECONOMIC CONDITION OF THE CITY <br />The City of San Leandro has a diverse and strong economy, with its business community comprised <br />of varied businesses ranging from neighborhood coffee houses and fine restaurants, large food <br />processing centers, and regional shopping opportunities, to cutting edge technology. While the <br />economic base has dramatically changed from its agricultural early years, San Leandro continues to <br />expand on its sound business base with the ongoing development of such projects as a new <br />downtown parking structure, a multi -family housing development, a new regional hospital, and the <br />continuing revitalization of downtown San Leandro. <br />The recession resulting from the global financial and credit market meltdown in late 2008 has had a <br />direct and dramatic impact on the City's local revenues. However, recent data indicate partial <br />recovery, median home prices are $400,000, 25% more than the median price in 2012. The <br />unemployment rate has now dropped to 7.4%. <br />The City's General Fund supports many of the City's key services, such as public safety, library and <br />parks and recreation. Revenue to this critical fund, generated largely from sales and property taxes, <br />has started to rebound to levels not seen since 2006-07. Lower mortgage rates have spurred <br />investment in housing. The improving housing market, which represents 63% of the City's tax roll, <br />resulted in a 4.9% increase in assessed value for Fiscal year 2012-13. Lower interest rates have also <br />boosted purchases of large ticket items, such as automobiles and home improvements, which boosted <br />sales tax revenue by 9% in the City. With the passage of Measure Z (0.25% sales tax increase) <br />effective January 1, 2011, the extra quarter cent sales tax added $4.3 million sales tax revenue in the <br />fiscal year. <br />City operations are also supported by other funds, including enterprise funds. Key enterprise funds <br />include the Water Pollution Control Plant and Shoreline Enterprise Funds. Both of these funds have <br />seen revenues slightly improving over the last year. The Water Pollution Control Plant Enterprise <br />fund was established to account for the City's sewers, which protect public health and preserve water <br />quality through collection, treatment, and disposal of the community's wastewater and wastewater <br />solids. Program revenues to this fund in 2012-13 totaled $11.3 million, a 1% increase from the prior <br />Vii <br />