Reinforcing our strategic economic vision.
Building a truly sustainable community.
Implementing a smart, 21st Century transportation plan.
Preservation of our beautiful Sonoran Desert
I believe these should be key themes for our city in the next year and in years to come.
BEING FISCAL VISIONARIES
Let me first address a question that is, no doubt, in the back of everyone's mind. Is this the right time to propose new initiatives for any government, even for Scottsdale? The national and state economies have slowed, the state budget is suffering, and Valley cities are facing major shortfalls. We must remain fiscally conservative.
Scottsdale is not immune from the cycles of the national and state economies, but I would argue that there are some crucial differences that set us apart and compel us to keep moving forward.
The city is well positioned to weather the national economic downturn. Our finances remain strong and fundamentally sound. I am pleased to announce that Scottsdale’s budget is balanced, and it is going to stay that way!
Let me give you a few facts about the underlying strength of the Scottsdale economy, to give you some perspective. While other cities in the Valley have outpaced Scottsdale's residential growth for many years, Scottsdale has outpaced the Valley in the growth of its office and industrial markets over the last decade.
- Its share of office space has grown from 13.4 percent to 20.4 percent.
- Our share of industrial space has increased from about 5 to 7 percent of the Valley total.
In addition, we continue to have a very strong retail sector. Scottsdale's population is about 7.5 percent of the total population of the metropolitan area. Yet we produce 20 percent of the retail sales in the metro area.
Perhaps even more important is that the success of Scottsdale's