According to a report prepared for next week’s Alameda City Council meeting, sales tax revenue in Alameda was up 11% in the first quarter of this year, compared to the same quarter of the previous year.
The City is reporting $1.4 million in sales tax revenue for the period, up 11% or $145,469 from the same quarter in 2010.
The Park Street, South of Lincoln neighborhood, which includes the Alameda Cineplex, generated $132,528 in sales tax revenue in the quarter, for a 9% share of all revenue in the quarter. Within the past five years, the neighborhood’s share had been over 12%. Boosters of the Cineplex project had assured Alameda residents that it would energize sales tax revenue in Alameda; there is no sales tax on theater tickets.
Alameda Towne Centre/South Shore Shopping Center contributed a 21% share of revenue in the quarter, or $300,128.
Retail and business-to-business sales tax continues to be the fourth largest source of revenue for the City’s General Fund, contributing roughly 7% of total revenue for the fiscal year 2010-2011.
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