Finance Committee Agenda and Packet 2021 05 17

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SUBJECT: SALES TAX REPORTS FOR THE MONTH & QUARTER ENDED MARCH 31, 2021 DATE: MAY 17, 2021 PAGE 2 OF 3 Consumer use tax revenue for March 2021 increased 22.5% from March 2020, but YTD revenue is currently 1.5% below YTD 2020. Consumer use tax is 26.4% above budget. The monthly and year-to-date sales tax revenue by area reports represent the YTD retail health of various quadrants of the City. These reports include all vendors remitting tax to the City. The Monthly Revenue by Area sales tax report for March 2021 indicates increases for Outside City, Hwy 42 South, CTC, Hwy 42 North, and Centennial Valley. The Interchange, Louisville Plaza, McCaslin North, Downtown, and South Suburban areas all decreased for the month. South Boulder Rd and Pine Street areas remained consistent to March 2020. The increase for Outside City is in the technology (computer hardware & software) and general merchandise sectors. The Quarterly Revenue by Area sales tax report through first quarter 2021 is a one -page snapshot for major areas in the City. The original (13) sectors have been combined into (5) major areas, McCaslin/Western, CTC/Eastern, South Boulder Rd/Northern, Downtown/Central and Outside City. Through Q-1, CTC/Eastern and Downtown/Central areas have increased compared to Q-1 2020. Outside City area remains fairly consistent with Q-1 2020, while South Boulder Rd/Northern and McCaslin/Western areas declined. The CTC/Eastern area reflects an increase compared to 2020 due to Q-1 2021 manufacturing sales. The second Quarterly Revenue by Area sales tax report through Q-1 2021 provides a more granular look at individual areas of the City. Areas that have increased compared to Q-1 2020 are CTC, Hwy 42 South, and Interchange. Areas that have decreased compared to Q-1 2020 are Louisville Plaza, McCaslin North, and Downtown, due mainly to the grocery and restaurant sectors. The monthly and year-to-date 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. The Monthly Revenue by Industry report for March 2021 indicates gains for the industries General Merchandise, Manufacturing, Building Materials/Construction and Food/Beverage. The industries Grocery, Communications/Utilities, and Services, all declined for the month of March 2021. FINANCE COMMITTEE COMMUNICATION 11