Finance Committee Agenda and Packet 2020 02 18

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SUBJECT: SALES TAX REPORTS FOR THE MONTH ENDED DECEMBER 31, 2019 DATE: FEBRUARY 18, 2020 PAGE2OF3 include the closing of Kohl's in the Interchange area, and some missing tax returns for the McCaslin North area. The Quarterly Revenue by Area sales tax report through 4th quarter 2019 is a one - page snapshot for major areas in the City. The original sectors are combined into Western, Eastern, Northern, Central and Outside City areas. Most major sectors of the City recognized gains through 4th quarter 2019 except South Boulder Rd/Northern, which is down from 2018 due to the closure of Hobby Lobby mid- 2018, and McCaslin/Western, which has missing tax returns. Much of the increase reflected in Outside City sales tax revenue is attributed to technology and equipment purchases, and voluntary remittance by online/remote retailers. The monthly and quarterly sales tax revenue by industry reports represent the retail health of individual industry sectors of the City. These reports include all vendors remitting tax to the City. Like the Monthly Revenue by Area, the Monthly Revenue by Industry report for the month of December 2019 indicates flat revenue for the month with some industry sector gains and some industry sector declines. There were declines for Automotive, Building Materials, Wholesale, and General Merchandise. The largest gains for the month of December were in Communications & Utilities, Apparel, and Furniture. As with the Quarterly Revenue by Area report, the Quarterly Revenue by Industry sales tax report through 4th quarter 2019 represents industry sectors that have been grouped together and are color -coded. The Communication/Utilities, and All Other sector (which includes furniture, apparel and manufacturing), ended up for 4th quarter 2019. Due to the closure of Kohl's, General Merchandise has declined slightly. When 2019 sales tax revenue is analyzed by in -City and Outside City, in -City sales tax revenue ended flat, and outside City sales tax increased 17.1% for the year, with most of the increase reflected in Communications/Utilities and General Merchandise. The Restaurant Revenue graphs indicate sales tax revenue for Eating and Drinking establishments also ended the year flat to 2018. The McCaslin and Downtown areas were up slightly, and SBR/Hwy 42 and Louisville Plaza areas were down slightly. The Historical quarterly report excludes audit revenue and provides 4th quarter comparisons from 2012 to present. Also included in the Finance Committee packet for informational purposes, is an annual report representing how the Top 50 vendors finished for 2019, a summary of the 2019 FINANCE COMMITTEE COMMUNICATION 14