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9050 Las Tunas Drive |
Why Shop in Temple City?
City of Temple City Finance Supervisor, Monica Molina
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The General Fund is the largest source of revenue available to the City. The General Fund is composed of revenue derived from a number of areas, one of the major sources being Sales and Use Tax. It is anticipated that for fiscal year 2005-2006 approximately $1.4 million of General Fund revenue will derive from Sales and Use Tax. This is about 16% of all General Fund revenue received for the year. Many people believe that when you purchase an item from a producer, the sales tax paid for the purchase goes directly to the city; unfortunately this is not the case. So, how much does Temple City receive from sales tax? Los Angeles County Sales Tax rate is currently 8.25%, which is distributed as follows:
State General Fund (5.25%) Bradley Burns (1%) Sales tax from the Bradley Burns levy is allocated back to the jurisdiction where the sale was negotiated. An alternate “use tax” is levied if the retailer fails to collect the tax or if tracing the “point of sale” is impractical. Use tax is collected primarily on contractor installation sales, lease payments, private vehicle transactions and out-of-state purchases. Once the purchase is made the “use tax” is then divided among jurisdictions in the county to where the merchandise is shipped or used. County Mental Health/Welfare (0.50%) Public Safety Augmentation Fund (0.50%) Transaction Taxes (1.0%) General fund monies are used for many purposes, which included one-time expenditures that fund Capital Improvement Projects. Capital Improvement Projects include street and building improvements. Every purchase made in Temple City contributes to the General Fund reserves securing our financial stability. Help support the City by shopping in Temple City stores!! |
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Top 25 Producers Listed Alphabetically Albertsons |