Title
Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending December 31, 2014 Collected During the Period July 1, 2014 to September 30, 2014. [City Council] (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: John A. Russo, City Manager
Re: Accept the Quarterly Sales Tax Report for the Period Ending December 31, 2014 Collected During the Period July 1, 2014 to September 30, 2014
BACKGROUND
This report summarizes the sales tax transactions for the period July 1 through September 30, 2014, which is the basis for sales tax revenues received by the City between October 1, 2014, and December 31, 2014. For purposes of this report, sales tax revenues exclude Proposition 172 funds, the allocation from the statewide pool for public safety services.
DISCUSSION
Sales tax continues to be the fourth largest source of General Fund revenue for the City of Alameda, representing approximately 8% of total budgeted revenues for Fiscal Year 14-15. Taxable sales transactions in Alameda increased approximately 17%, or $290,000, from the same quarter in the prior fiscal year. This increase is shown on the table on the following page, which reflects sales by geographic area.
The top 25 businesses in Alameda represent approximately 54%, or $1.1 million, of the quarter's sales transactions. The top 100 businesses represent approximately 78%, or $1.5 million, of the quarter's sales transactions.
The following is a summary of the key economic categories of sales tax, in comparison with the same quarter of the prior fiscal year:
Overall the City saw a good quarter of sales tax revenue. There was a 17% increase in sales tax in the current year's quarter over last year's similar quarter. The General Consumer Goods category saw increases in general retail sales. Business and Industry continue to see strong sales in the medical/health sectors, business services and light industrial sales. Restaurants and Hote...
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