REQUEST FOR CITY COUNCIL ACTION
DATE: 12/06/2023
TO: Honorable Mayor and City Council Members
FROM: Finance Department
SUBJECT:
Title
QUARTERLY SALES TAX REPORTS - 2023, QUARTER 1 (JANUARY - MARCH) AND QUARTER 2 (APRIL - JUNE)
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EXECUTIVE SUMMARY:
HdL Companies is contracted by the City of Corona to provide sales tax consulting services, which includes quarterly data reports. The sales tax reports for Quarter 1 2023 and Quarter 2 2023 are provided to the City Council as a receive and file item.
RECOMMENDED ACTION:
Recommended action
That the City Council receives and files the quarterly sales tax information from HdL Companies for Quarter 1 2023 (January - March) and Quarter 2 2023 (April - June).
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BACKGROUND & HISTORY:
HdL Companies is contracted to provide sales tax consulting services for the City. On a quarterly basis, they review and analyze the City's sales tax activity. Their resources provide them with information to understand sales tax trends and how the City is performing compared to agencies near Corona, agencies in Riverside County, Southern California, and the State. There is a one-quarter lag in when the information is available to the HdL Companies for their review and analysis. This information was previously provided to the City Council at the Committee of the Whole. With the elimination of the Committee, the information is now submitted as a receive and file item at a regular City Council meeting.
ANALYSIS:
The quarterly sales tax reports are provided for Quarter 1 2023 (January - March) and Quarter 2 2023 (April - June). Highlights of the reports are included below. Additional details can be found in the attached quarterly reports.
Quarter 1 2023 (January - March)
Corona's sales tax receipts from January through March 2023 were 21.4% above the same period in 2022, largely due to the recovery of a previous misallocation garnered by the City's ongoing point-of-sale audit program. Additionally, a new bu...
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