Title
Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending March 31, 2016 Collected During the Period October 1, 2015 to December 31, 2015. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Recommendation to Accept the Quarterly Sales Tax Report for the Period Ending March 31, 2016 Collected During the Period of October 1, 2015 to December 31, 2015
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period of October 1 through December 31, 2015. This is the basis for sales tax revenues received by the City between January 1, 2016 and March 31, 2016. For the purposes of this report, sales tax revenues exclude Proposition 172 funds, the allocation from statewide pool for public safety services.
DISCUSSION
For the 2015-16 fiscal year, sales tax is the second largest single source of General Fund revenues for the City, representing approximately 11% of the total budgeted revenues. As of March 31, 2016, the General Fund has received over $4.2 million (46% of budget) in sales tax revenues. The General Fund received $3.9 million during the same period last fiscal year. This represents an 8% increase in year over year sales tax revenues recognized between July 2015 and March 2016.
The following is a summary of sales tax performance by key economic categories in comparison to the same quarter of the prior year:
The City had an increase of approximately $73,000 in sales tax revenues for the fourth quarter of 2015 compared to the same quarter of the previous year. Recently added outlets and an increase in general consumer goods, food and drugs, and restaurant groups were a major factor in the overall gain in receipts. Existing family apparel stores, casual and fine dining restaurants also contributed to the increase. The Building and Construction sector was boosted by many one-time payments from contra...
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