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File #: 2020-8133   
Type: Consent Calendar Item
Body: City Council
On agenda: 9/1/2020
Title: Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending March 31, 2020 (Funds Collected During the Period October 1 to December 31, 2019). (Finance 2410)
Attachments: 1. Exhibit 1 - Quarterly Sales Tax Report, 2. Exhibit 2 - Quarterly Transaction Tax
Title
Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending March 31, 2020 (Funds Collected During the Period October 1 to December 31, 2019). (Finance 2410)

Body
To: Honorable Mayor and Members of the City Council

EXECUTIVE SUMMARY

The California Department of Taxes and Fees Administration (CDTFA) 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, 2020 (funds collected during the period of October 1 to December 31, 2019 and recognized as revenue in the current fiscal year).

BACKGROUND

This report summarizes the sales tax receipts for the point-of-sales activity for the period of October 1 through December 31, 2019. This is the basis for sales tax revenues received by the City between January 1 and March 31, 2020. For the purpose of this report, sales tax revenues exclude Proposition 172 funds, the allocation from a statewide pool for public safety services.

DISCUSSION

Fiscal Year to Date (July 1 to March 31)

For the 2019-20 Fiscal Year (FY), sales tax shifted to be the third largest source of General Fund revenues for the City (behind property tax and transfer tax), representing approximately 11% of the total budgeted revenues. As of March 31, 2020, the General Fund has received approximately $6.4 million in sales tax receipts. The General Fund received $6.3 million in sales tax receipts during the same period of the last fiscal year. On a fiscal year basis over the same time period, sales tax revenue is flat.

On April 1, 2019, Measure F, the City's voter-approved half cent transactions and use tax, became effective. Budget projections for 2019-20 for the Transaction and Use Tax were $5.5 million. As of March 31, 2020, the General Fund received approximately $4.1 million in sales tax receipts.

4th Quarter 2019 to 4th Quarter 2018 Comparison

Alameda's receipts from October through December 2019 were 2.4% abov...

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