Title
Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending December 31, 2017 (Funds Collected During the Period July 1, 2017 to September 30, 2017). (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Elizabeth D. Warmerdam, Acting City Manager
Re: Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending December 31, 2017 (Funds Collected During the Period of July 1, 2017 to September 30, 2017)
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period of July 1 through September 30, 2017. This is the basis for sales tax revenues received by the City between October 1, 2017 and December 31, 2017. For the purposes of this report, sales tax revenues exclude Proposition 172 funds, the allocation from statewide pool for public safety services.
DISCUSSION
Fiscal Year to Date (July 1 to December 31)
For the 2017-18 Fiscal Year, Sales Tax is the second largest source of General Fund revenues for the City of Alameda, representing approximately 11% of the total budgeted revenues. As of December 31, 2017 (in a six months period), the General Fund has booked approximately $3.3 million in Sales Tax receipts. The General Fund booked close to $3.1 million in Sales Tax receipts during the same period last fiscal year. This represents a 6% increase in year over year Sales Tax revenues recognized for that period. A fund transfer that spiked returns in the comparison quarter accounted for the drop in the business and industry group. This one-time adjustment was the primary contributor to lower overall gross receipts. However, business to business sales activity was up 5.1% once all non-recurring events were removed. Noted gains were realized in restaurant and hotels and general consumer goods.
3rd Quarter 2017 to 3rd Quarter 2016 Comparison
While the fiscal year to date has increased 6%, the current quarter comparison to same ...
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