Title
Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending March 31, 2015 Collected During the Period October 1, 2014 to December 31, 2014. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Interim City Manager
Re: Accept the Quarterly Sales Tax Report for the Period Ending March 31, 2015 Collected During the Period October 1, 2014 to December 31, 2014
BACKGROUND
This report summarizes the sales tax transactions for the period October 1 through December 31, 2014, which is the basis for sales tax revenues received by the City between January 1, 2015 and March 31, 2015. For purposes of this report, sales tax revenues exclude Proposition 172 funds, the 1/2 cent 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 14.5%, or $262,221, from the same quarter in the prior fiscal year. This increase is shown in the table below, which reflects sales by geographic area.
The top 25 businesses in Alameda represent approximately 57%, or $1.2 million, of the quarter's sales transactions. The top 100 businesses represent approximately 79%, or $1.6 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's total sales tax revenue increased 14.5% over the prior year's quarter of sales tax revenue. Transportation and Fuel slid due to declining fuel costs overall. Business and Industry continue to see strong sales in the medical/health sectors, governmental/social organizations, and business services. Building & Construction continues to see reductions due to lower constru...
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