Title
Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending March 31, 2019 (Funds Collected During the Period October 1, 2018 to December 31, 2018). (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The California Department of Taxes and Fees Administration (CDTFA), formerly the Board of Equalization, allocates sales tax to the City of Alameda (City) on a monthly basis. This report provides information about the activity for the period ending March 31, 2019 (funds collected during the period of October 1, 2018 to December 31, 2018).
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales activity for the period of October 1 through December 31, 2018. This is the basis for sales tax revenues received by the City between January 1, 2019 and March 31, 2019. For the purpose 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 2018-19 Fiscal Year, Sales Tax is the second largest source of General Fund revenues for the City, representing approximately 12% of the total budgeted revenues. As of March 31, 2019, the General Fund has received approximately $6.3 million in Sales Tax receipts. The General Fund received $5.8 million in Sales Tax receipts during the same period last fiscal year. This represents an 8% increase in year over year Sales Tax revenues received for that period.
The California Department of Taxes and Fees Administration's (CDTFA) has resolved the majority of outstanding payments that resulted from taxpayer processing complications due to their new computer system, launched earlier in the year.
4th Quarter 2018 to 4th Quarter 2017 Comparison
Alameda's receipts from October through December showed a 10.2% increase compared to the fourth quarter sales period in 2017. Excluding reporting anomalies, ac...
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