Economic Profile - City of Cerritos

Major RevenuesSales TaxFor the fourth quarter of 2009, businesses in the City generated $4,097,634 in sales tax revenues, which is a17% decrease over the same quarter in 2008. According to the data, sales tax revenues have decreased foreach quarter in the past year over the prior year, which may be the result of the recent nationwide recessionthat has affected local retail sales. However, there has been steady growth in sales tax revenue from the firstquarter in 2009 ($3,859,533) to the fourth quarter in 2009 ($4,097,634), with an increase of approximately$238,000 in sales tax revenue.Sales Tax RevenueSales Tax Revenue$6,000,000Prior Reporting YearCurrent Reporting Year$5,000,000$4,000,000$3,859,533 $3,806,902 $4,027,197 $4,097,634$3,000,000$2,000,000$1,000,000$02008 / 2009 2008 / 2009 2008 / 2009 2008 / 2009lQ1 Q2 Q3 Q4Sales Tax Revenue for Past 5 Fiscal Years Ending June 30$30,000,000$25,000,000$26,540,866$27,288,347$26,095,745 $26,040,643$25,291,910$20,964,054$20,000,000$15,000,000$10,000,000$5,000,000$02003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-2009The City’s sales tax revenues over the past four (4) fiscal years have declined, beginning with FY 2005-2006.From FY 2004-2005 through FY 2007-2008, sales tax revenue decreased from $27,288,347 to $25,291,910,or a 7% decrease. In addition, from FY 2007-2008 to FY 2008-2009, sales tax decreased an additional$4,327,865 or 17%, which is the sharpest decrease in sales tax revenue.Source: City of Cerritos Finance DivisionCerritos Economic Profile - Spring 20103