Title
Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending September 30, 2015 Collected During the Period April 1, 2015 to June 30, 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 September 30, 2015 Collected During the Period April 1, 2015 to June 30, 2015
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period April 1 through June 30, 2015. This is the basis for sales tax revenues received by the City between July 1, 2015, and September 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
At the end of Fiscal Year 2014-15, total sales tax receipts exceeded projections by 17% or $973,164. For Fiscal Year 2015-16, sales tax is the second largest source of General Fund revenues for the City of Alameda, representing approximately 11% of the total budgeted revenues for the year. The top 25 businesses in Alameda represent approximately 57%, or $1.1 million, of the quarter's total sales tax receipts. The top 100 businesses represent approximately 82%, or $1.6 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:
The City had a slight decrease in sales tax revenues for the second quarter of 2015 compared to the same quarter of the previous year. All segments, except three, experienced negative results. The Building and Construction category showed a negative amount due to a reversal of an $82,585 allocation that the City received in error for the fourth quarter of 2012. According to the Board of Equalization (BOE), the funds should have been allocated to county ...
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