pages: CityCouncil/2007-09-04.pdf, 2
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CityCouncil | 2007-09-04 | 2 | Councilmember deHaan inquired whether all sales tax revenue goes to the General Fund, to which the Finance Director responded in the affirmative. Councilmember deHaan stated that sales tax revenue totaled approximately $6.3 million annually since 1997; today $5.4 million is generated; other things will erode sales tax revenue. The Finance Director stated the State engaged in the triple flip in 2004 and took a quarter percent of the sales tax; the City only receives seventy five percent of one cent in exchange for the property tax. Councilmember deHaan inquired how much the City receives. The Finance Director responded in the neighborhood of $300,000 to $400,000; stated she would need to verify said amount. Councilmember deHaan stated sales tax revenue will never be a strong element in Alameda. The Finance Director stated historically sales tax revenue has not been a strong element of the entire General Fund budget the cure is more retail, business-to-business, and everyone buying locally; the City is not dependent on one source of revenue; property taxes are approximately twenty-five percent of General Fund revenues. Councilmember deHaan inquired whether the property tax revenue would become a flat line operation in out years. The Finance Director responded the City will not see more than a two percent growth within the next fifteen years; stated every newly built house and remodel adds to the assessed valuation. Councilmember Matarrese inquired whether tax is collected on the former Naval Air Station property; further inquired whether the City would see a run up when the former Naval Air Station becomes part of Alameda. The Finance Director responded property taxes are very small. Councilmember deHaan stated that he is concerned with the flatness of a couple of key indicators within the General Fund. Mayor Johnson stated that sales tax generated north and south of Lincoln Avenue is almost forty percent of the total sales tax and is higher than Alameda Towne Centre ; auto sales is a key factor; sales tax has increased slightly from the first quarter of 2006 to Regular Meeting Alameda City Council 2 September 4, 2007 | CityCouncil/2007-09-04.pdf |