Title
Recommendation to Accept the Quarterly Sales Tax Report for the Reporting Period Ending June 30, 2021 (Funds Collected During the Period January 1, 2021 to March 31, 2021). (Finance 10024051)
Body
To: Honorable Mayor and Members of the City Council
EXECUTIVE SUMMARY
The California Department of Tax and Fee Administration (CDTFA) allocates sales tax to the City of Alameda (City) on a monthly basis. This report provides information about sales tax activity for the period ending June 30, 2021 (funds collected during the period of January 1, 2021 to March 31, 2021 and recognized as revenue in the current fiscal year).
BACKGROUND
This report summarizes the sales tax receipts for the point-of-sales (POS) activity for the period January 1, 2021 through March 31, 2021. This is the basis for sales tax revenues received by the City of Alameda (City) between April 1, 2021 and June 30, 2021. For the purpose of this report, sales tax revenues exclude Proposition 172 funds, the allocation from the statewide pool for public safety services.
DISCUSSION
Fiscal Year to Date (July 1, 2020 to June 30, 2021)
For the Fiscal Year (FY) 2020-21, sales tax is 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 June 30, 2021, the General Fund has received approximately $8,493,000 in sales tax as compared to $8,387,000 for the same period last year. This represents a 1% increase in year-over-year sales tax revenues received.
The City's voter-approved half cent Transactions and Use Tax, Measure F, became effective on April 1, 2019. Budget projections for FY 2020-21 for the Transaction and Use Tax is $6.0 million. As of June 30, 2021, the General Fund has received approximately $6,132,000 in Transaction and Use Tax.
Quarter-to-Quarter Comparison for the 1st Quarter in 2021 vs. 2020
The City's receipts from January 1, 2021 through March 31, 2021 were...
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