According to the staff report for the May 17th city council meeting, the city’s general fund had received, by March 31st, $4.2 million in sales tax revenue, or 46 percent of budgeted revenue, compared to $3.9 million for the same period last year, an eight percent increase, in absolute terms.
The quarterly report that council will review covers sales activity between October 1 and December 31, 2015; the tax revenue from those sales was received by the city between January 1 and March 31 of this year.
Harbor Bay Business park was a leading geographic contributor to the fourth quarter’s sales activity, generating 25 percent of total revenue. The “business and industry” group, a reflection of the office park, was the leading contributor to the $2.14 million in tax revenue for the quarter, accounting for $677,153 compared to the second largest group, “general consumer goods.”
The Park Street – South of Lincoln district contributed nine and one-half percent of total revenue for the quarter.
The district is home to the Alameda Cineplex and Civic Center Parking Garage, fruits of a large downtown redevelopment project that supporters said will drive sales tax revenue for the city.
However, quarter after quarter, since the cineplex opened in 2008, the district’s share of sales tax revenue has not grown relative to other geographic areas in Alameda, suggesting the project has failed to generate the promised boost in sales tax revenue.