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Lcityor <br />Louisville <br />COLORADO • SINCE 1878 <br />FINANCE COMMITTEE <br />COMMUNICATION <br />ITEM 3 <br />SUBJECT: REVENUE AND SALES TAX REPORTS - DECEMBER 2024 <br />DATE: FEBRUARY 20, 2025 <br />PRESENTED BY: TRAVIS ANDERSON, REVENUE AND TAX MANAGER, JESS <br />ZEAS, SALES TAX ACCOUNTANT/AUDITOR, MELISSA LUNDGREN CPA, CFE, <br />SALES TAX ACCOUNTANT/AUDITOR II <br />SUMMARY: <br />Sales and Use Tax Collection Report — December 2024 <br />Sales Tax: Increase YoY (December 2024 vs December 2023) by 7.2% for a total amount <br />collected of $2,768,856. IN -city businesses collected $1,097,190 in sales tax, a decrease <br />of $76,800 or 6.5%. Businesses located outside of the city collected $1,671,666, an <br />increase of $261,710 or 18.6%. <br />YTD Cumulative Performance: Year-to-date, sales tax revenue is below budget by 3.4% <br />($816,932). However, compared to the same period in 2023, sales tax revenue has <br />increased by 8.8%, $1,877,587, contributing to a year -over -year growth for all taxes <br />combined of 12.6%. When comparing all taxes combined with the 2024 budget projection, <br />we are 5.2%, $1,614,126 above budget. This is largely due to the reinstatement of our <br />audit program and the focus put upon ensuring businesses are in compliance from our <br />sales tax team in 2024. <br />Consumer Use Tax: Consumer use tax collections for December 2024 amounted to <br />$360,824, reflecting purchases made outside of Louisville, brought into the city for the <br />use of businesses. <br />Audit: Audit collections for December 2024 totaled $153,661, bringing our year-to-date <br />total to $869,487. <br />Bag Tax: Q4,2024 Bag tax collected was $27,184, when compared to the previous <br />quarter, Q3, 2024 which was $24,996, resulting in no notable change. <br />Bag Tax Compliance: Compliance has remained relatively steady in Q3 2024 when <br />compared to Q4 2024. <br />RECOMMENDATION: <br />Receive and file. <br />FINANCE COMMITTEE COMMUNICATION0 <br />