Title
Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending March 31, 2018 (Funds Collected During the Period October 1, 2017 to December 31, 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 March 31, 2018 (Funds Collected During the Period of October 1, 2017 to December 31, 2017)
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period of October 1 through December 31, 2017. This is the basis for sales tax revenues received by the City between January 1, 2018 and March 31, 2018. 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 March 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 10% of the total revised budgeted revenues. As of March 31, 2018 (in a nine month period), the General Fund has received approximately $5.8 million in Sales Tax receipts. The General Fund received close to $5.5 million in Sales Tax receipts during the same period last fiscal year. This represents a 5.5% increase in year over year Sales Tax revenues received for that period.
Fuel prices, building and construction were strong in this quarter. Contractors' sales were up, reflecting a strong construction market. There was strong growth from wireless outlets and receipts from new novelty and specialty stores, which helped lift the general retail group. Gains were offset by lower overall receipts in the business to business sector, a sharp decline in yacht sales, and a decrease in the City's allocation from the county-wide use tax pool causing receipts during this time period to be flat com...
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