Finance Committee Agenda and Packet 2017 06 12

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SUBJECT: SALES TAX REPORTS FOR THE MONTH ENDED APRIL 30, 2017 DATE: JUNE 12, 2017 PAGE2OF2 • Again for the month of April 2017, there was an isolated sale by a manufacturer in the CTC area which resulted in a sales tax revenue spike for the area this month. • Lastly, while the McCaslin North area reflects a 25% decline for the area in April 2017 due to the ongoing adjustment of a previously miscoded vendor, the decline of revenue for the area is actually 6% when compared to April 2016 revenue. The Monthly Revenue by Industry report also reflects several variances for the month: • The first, is the isolated manufacturer sale previously discussed for the CTC area. This revenue spike is reflected in the Manufacturing sector of this month's industry report. • The other variances seen this month, for the Grocery and Other Retail industry sectors, are related. o As disclosed in the March quarterly revenue report to the Finance Committee, an isolated vendor had been previously miscoded to the Other Retail sector instead of to the Grocery sector for the previous four months. o The correction is seen in this month's reports and resulted in negative sales tax revenue for the Other Retail industry sector, and a large spike for the Grocery industry sector. o This is a one-time adjustment that was necessary to ensure that the remaining monthly and quarterly comparisons for 2017 will reflect accurate revenue for these sectors. Please keep in mind that next year's comparison for the month of April will be against these adjustments. • The actual sales tax revenue variances of these two sectors for the month of April 2017 are, an increase of 5.1% for the Other Retail industry sector, and an increase of 23.3% for the Grocery industry sector. FINANCE COMMITTEE COMMUNICATION 14