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29 General Economic Condition and Outlook of the City. Commencing in 2008, the City took a number of steps to address the negative impacts of the economic downturn of that time on the financial condition of the City. These changes remain in place and inform the future budgets of the City. The following discussion describes annual economic conditions of the City with measures taken recently, including projections and steps that were targeted for Fiscal Year 2015–16 and that are planned for Fiscal Year 2016–17. Fiscal Year 2013–14. In Fiscal Year 2013–14, data indicated further recovery from the 2008 recession in the City, as median home prices rose to $435,000 and the unemployment rate dropped to 5.6%. Property taxes saw a slight increase to $883,000 compared to the 2012–13 Fiscal Year. Sales tax revenue continued to increase as well, growing by $2.8 million compared to that of the prior fiscal year, and was attributed to the growth of consumer confidence in the City. At the end of Fiscal Year 2013–14, the unassigned fund balance of the General Fund was $18.8 million, while the total fund balance was $29.6 million, an increase of $4.3 million over that of the prior fiscal year. These increases were due primarily to the growth of property taxes to 5% in addition to a raised sales tax of 10.6%. Fiscal Year 2014–15. The City finished Fiscal Year 2014–15 with an assigned and unassigned General Fund balance of approximately $34,811,556. While there continued to be signs of an economic recovery in the City, median home prices remained at $500,000, still less than the median price at the 2006 peak. The unemployment rate in the City was less than 6%. Despite the improving housing market, which represents 63% of the City’s tax roll, there was no growth in taxable assessed value for Fiscal Year 2014–15. Lower interest rates boosted purchases of large ticket items, such as automobiles and home improvements, which increased sales tax revenue by 13% in the City. With the passage of Measure HH and a 0.5% sales tax increase effective April 1, 2015, as described below, the half–cent sales tax added $2 million in sales tax revenue in the fiscal year. Additionally, key enterprise funds including the Water Pollution Control Plant and the Shoreline Enterprise Fund, saw revenues slightly improving over the last year. Program revenues to the Water Pollution Control Plan Enterprise fund totaled $13 million, an 8% increase from the prior year. Similarly revenues to the Shoreline Enterprise Fund total $2.04 million, a 6% increases from the prior year. While the City has implemented considerable expenditure and service reductions to balance its budget, it continues to face increased operating costs. For example, as described below, the City’s contribution rates for employee pensions continue to rise due to prior portfolio losses and a change in actuarial assumptions by CalPERS, with additional increases projected in future years. The City has offset some of these increases with reductions in staff in recent years, and will be working with employee groups over future years to address this growing cost. See “– Retirement System,” below.