City Council
Staff Report
Report Type: INFORMATION REPORTS
Lead Department: Administrative Services
Meeting Date: November 18, 2024
Report #:2410-3617
TITLE
Sales Tax Digest Q2 (April-June) 2024
DISCUSSION
This report transmits information regarding the City of Palo Alto’s sales tax receipts for the second quarter (April-June) of 2024. Listed below are highlights from the report; detailed discussion and data can be found in the attached City of Palo Alto Sales Tax Digest and Legislative Update 2024 Q2 (Attachment A).
Regional and statewide sales tax based upon adjusted economic benchmark year (Attachment A, p. 2) •Palo Alto: increased 6.6%
•San Francisco Bay Area: decreased 3.4%
•California statewide: decreased 2.4%
City’s Most Significant Reasons for increases during this period (Attachment A, p. 1) •New Auto Sales segment increased by 25.7%, comprises 15.9% of total sales tax •Restaurant segment increased by 6.2%, comprises 15.8% of total sales tax County Pool (Attachment A, p. 4)
•The City’s share of the county pool for this quarter is 6.3%, unchanged from Q2 2023 •Sales tax receipts from the County pool totaled $1.6 million
ATTACHMENTS
Attachment A: 2024 Q2 Sales Tax Digest Summary with County Pool and Legislative Update APPROVED BY:
Lauren Lai, Administrative Services Director