The City of Cerritos' sales tax revenue grew by 12.3 percent for the third quarter of 2012 compared to the same quarter in 2011, according to a recent report by HdL Companies.
HdL Companies also reported that taxable sales for all of Los Angeles County increased by 5.8 percent, and sales tax revenues for the Southern California region as a whole rose by 6.7 percent.
HdL Companies attributed Cerritos' sales revenue tax increase to the Cerritos Auto Square's continued strong sales and leasing activity for new vehicles. Retail spending on women's and family apparel, sporting goods and on items purchased at department stores in Cerritos also increased. Higher sales at restaurants in Cerritos were also cited as contributing to the increase in revenue. A larger allocation from the countywide use tax pool also contributed to the increase.
“The City of Cerritos is dedicated to providing an environment where businesses can grow and succeed. We are proud that Cerritos retail centers such as the Cerritos Auto Square, Los Cerritos Center and Cerritos Towne Center draw customers from throughout the region," said Cerritos Mayor Jim Edwards said. "Sales tax revenues help fund such outstanding city services as community safety, the Cerritos Library, parks and recreation programs and the Cerritos Senior Center, so we are delighted by the improving local economy.”
Danny McKenna, the owner of McKenna Volkswagen Cerritos, moved his dealership to the city in 2009 and recently added 2,033 square feet to the showroom area. He also invested in remodeling the building and upgrading the landscaping.
“Cerritos gets it. The City of Cerritos works to make the Cerritos Auto Square better and stronger," McKenna said. "It's a joy to work with the City Council and staff. I'm really proud to be an owner in the Cerritos Auto Square.”
The HdL Companies forecast continued robust sales of new autos for the next few quarters as consumers replace older, less fuel efficient models and take advantage of record low interest rates.
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The HdL Companies based in Diamond Bar, Calif. are dedicated to helping cities, counties, redevelopment agencies, and special districts maximize revenues through allocation audits, financial and economic analysis, and provision of related software products. The companies serve over 335 local governments across the nation and North America.