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Finance Committee Agenda and Packet 2015 03 16
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Finance Committee Agenda and Packet 2015 03 16
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FCPKT 2015 03 16
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112 City of <br />Louisville <br />COLORADO • SINCE 1878 <br />CITY COUNCIL COMMUNICATION <br />AGENDA ITEM <br />SUBJECT: SALES TAX REPORTS FOR THE MONTH ENDED JANUARY 31, <br />2015 <br />DATE: MARCH 16, 2015 <br />PRESENTED BY: PENNEY BOLTE, FINANCE DEPARTMENT <br />SUMMARY: <br />Attached are the monthly revenue reports for sales tax, lodging tax, auto use tax, <br />consumer use tax, and building use tax for the month ending January 31, 2015. Also <br />included are monthly reports on sales tax revenue by area and by industry. <br />The total revenue for the taxes contained in these reports for period ending January <br />2015 is up 2.2% YTD over 2014. <br />Sales tax revenue for the month of January 2015 ended with revenue up 17.3% over <br />January 2014. Please note that the City received a large one -time sales tax payment <br />from a technology vendor, and several missing payments from December 2014, that <br />have inflated the sales reported for the January filing period. Excluding the payments, <br />the monthly sales tax increase would have been approximately 6 %. <br />Sales tax revenue for the top 50 vendors increased 3% for the month of January 2015. <br />Gains for the month include General Merchandise (1.3 %), Grocery (17.2 %), Hotels <br />(9.2 %), and Restaurants (7.9 %). The declining sectors for January include <br />Telecom /Utilities (- 13.5 %), and Home Improvement (- 4.4 %). The decline in the <br />Telecom /Utilities sector is attributable to typical timing differences in filing periods from <br />year to year, the City - allowed utility tax deductions by restaurants, and to a warmer <br />January than for the previous year. <br />Lodging tax revenue for the month of January 2015 increased 9.8% from January 2014. <br />Auto use tax revenue for January 2015 decreased 24.6% from January 2014. <br />Building use tax revenue for January 2015 increased 61.3% from January 2014. <br />Consumer use tax revenue for January 2015 decreased 38.7% from January 2014. <br />CITY COUNCIL COMMUNICATION <br />9 <br />
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