HomeMy WebLinkAboutA200CITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: March 1, 2011
AGENDA ITEM NO.
ITEM TITLE:
National City Sales Tax Update —Third Quarter 2010
PREPARED BY: Jeanette Ladrido, CPA DEPARTMENT Fi?ance1D artment
PHONE: 019-336-4331 APPROVED BY:
EXPLANATION: Jeanette Ladrido, CPA
Background Finance Director
The City has an on -going contract with Hinderliter, de Llamas & Associates (HdL Companies) for revenue management.
Staff meets with a representative of HdL on a quarterly basis to review sales tax data and trends within the City and
statewide. The HdL companies also review National City property tax data and provides an annual report of the
Redevelopment project areas.
Newsletter Summary
Sales tax for the Third quarter of 2010 showed an 3.9% increase in comparison to the same quarter last year. The City's
transactions tax generated an additional $2,027,806, an 8.2% increase over the same quarter last year. Adjusted for
aberrations, taxable sales for all of San Diego County increased 4.2% over the comparable time period, while the Southern
California region as a whole was up 4.7%. The fears of a double -dip recession have diminished. However, in California, the
growth in sales tax will be complicated by high unemployment, mortgage foreclosures and the fallout of the state's budget
deficit.
Attached is the National City Sales Tax Update for the third quarter sales of 2010. This newsletter is also available on the
City's website.
FINANCIAL STATEMENT:
ACCOUNT NO. ',N/A
ENVIRONMENTAL REVIEW:
N/A
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
APPROVED:
APPROVED:
Finance
MIS
STAFF RECOMMENDATION:
Accept and file the newsletter.
BOARD / COMMISSION RECOMMENDATION:
ATTACHMENTS:
Attachment A - National City Sales Tax Update —Third Quarter 2010