Title
Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending June 30, 2015 Collected During the Period January 1, 2015 to March 31, 2015. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Interim City Manager
Re: Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending June 30, 2015 Collected During the Period January 1, 2015 to March 31, 2015
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period January 1 through March 31, 2015, which is the basis for sales tax revenues received by the City between April 1, 2015, and June 30, 2015. 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 is the fourth largest source of General Fund revenues for the City of Alameda, representing approximately 8% of the total budgeted revenues for the Fiscal Year 2014-15. Total sales tax receipts based on the point-of-sales activity in Alameda increased approximately 0.3%, or $6,493, from the same quarter in the prior fiscal year which included a retroactive favorable accounting adjustment by the Board of Equalization (BOE). The table on the following page shows changes in sales tax revenues by the geographic areas.
The top 25 businesses in Alameda represent approximately 53%, or $1.1 million, of the quarter's total sales tax receipts. The top 100 businesses represent approximately 77%, or $1.5 million, of the quarter's sales tax revenues.
The following is a summary of sales tax performance by key economic categories in comparison to the same quarter of the prior fiscal year:
As mentioned above, City saw a slight increase in sales tax revenue for the current quarter despite various favorable accounting adjustments by the BOE in prior year's similar quarter. All segments except two, showed posi...
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