Finance Committee Agenda and Packet 2022 09 19 - Cancelled

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City Council Finance Committee Meeting Minutes 08/22/22 Page 3 of 6 Mayor Pro Tern Maloney stated that he liked the way this information was reformatted. Emily Hogan refined these reports in 2020. Maloney asked what is our expectations regarding retail vacancies? Maloney stated that the City needs to address growth beyond the current 18% projection, and asked to make it an action item for City Council. A question was raised on the Facilities Maintenance sub -program regarding BTU percentage change and was it changing at a negative rate compounding 20% per year. Kurt Kower stated he would look into the matter. 8. SALES TAX REPORTS FOR THE MONTH AND QUARTER ENDED JUNE 30, 2022 (page 52) Jeanette Longoria, Tax Manager referred to page 55 of the packet. She stated that at the end of June, 2022, sales tax revenue is trending 15.3% above YTD 2021, and consumer use tax is trending 35.8% above YTD 2021. She noted that sales tax revenue increased 7.5%, lodging tax increased 11.4%. However, overall budget this year is down by 22%. Mayor Pro Tern Maloney asked is this due to the 560 homes and many vehicles that were lost in the fire? That people cannot register to their old address. Longoria stated that they have to pay where they live at the new address, therefore we do not get the revenue in Louisville. Longoria stated that Building use tax was up by 317%, but YTD revenue decreased 58.4% compared to 2021. Overall, building used tax revenue is 11.4% below budget. Total used tax increased 73.9% from June, 2021, and YTD revenue is 33.5% above YTD 2021. Consumer used tax is 47.3% above budget. Councilmember Deb Fahey asked if some of this was due to smoke damage cleanup and/or repair. Director Watson stated that some of the increase could be due to the CTC as they are getting large amounts of equipment. Longoria stated that we can't track what individuals do to mitigate these areas. Longoria referred to page 60-62 of the packet regarding monthly and year-to-date sales tax revenue by industry report which represents the retail health of individual industry. All industry sectors all up except Grocery. Longoria further stated that some of lost revenue may come from people overstocking during the pandemic as well as the closing of a S. Boulder store. Mayor Pro Tern Maloney stated that once restrictions were lifted from COVID people went out to eat more so restaurant revenue increased. Longoria stated that inside -City sales tax revenue has increased by 6.6% while outside -City sales tax has increased 29.4% compared to same period in 2021. Outside - City vendors contributed the most for the 57% total increase. Restaurant revenue reflect continued improvement with exception of the Louisville Plaza, McCaslin and Interchange areas, missing reports most like due to fire damage and closures. 9. DISCUSSION ON SALES & USE TAX LICENSING (page 72) Tax Manager Longoria reviewed the Sales and Use Tax Licensing new law SB 22-032, Simplify Local Sales Use Tax Administration and the SUTS system. As of July 1, 2023, this bill prohibits local taxing jurisdictions from requiring a retailer to apply separately to