Finance Committee Agenda and Packet 2009 08 17

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COUNCIL COMMUNICATION TO: MAYOR AND CITY COUNCIL FROM: MALCOLM FLEMING CITY MANAGER DATE: AUGUST 17, 2009 SUBJECT: SALES TAX REPORT FOR THE MONTH ENDED JUNE 30, 2009 ORIGINATING DEPARTMENT: CITY MANAGER'S OFFICE SUMMARY: Attached are the monthly revenue reports for sales tax, lodging tax, auto use tax, and building use tax for the month ending June 30, 2009. Also included are the quarter -end reports on sales tax revenue by area, by industry and the 7-year historical report. For the month of June 2009, total sales tax revenue ended 3.9% below June 2008 and 3.6% below 2008 YTD. Total sales tax revenues YTD are currently 9.3% below budget estimates. Sales tax revenue for June 2009 less the Historic Preservation Tax (HPT) is 7.3% below June 2008, 7% below 2008 YTD and 9.5% below budget estimates YTD. The top 50 vendors declined 2.88% for the month and are down 6.29% YTD. Hotels were down 22% and Telecom/Utilities were down 15.9%. Home Improvements and General Merchandise declined 6.68% and 7.81% respectively with a 5% gain for Grocery and flat revenue for Restaurants. The revenue by area report is a quarterly snapshot of the retail health of various sections of the City and does not include audit revenue. Gains were seen in Pine Street, Centennial Valley, Residential, Louisville Plaza, Highway 42 South, CTC and McCaslin North areas; while there were declines for Downtown, South Boulder Road, and the Interchange and double-digit declines for South Suburban, Highway 42 North and Other areas. The revenue by industry report is generally consistent with the top 50 vendor report but includes all vendors remitting tax to the City. Again, these comparisons do not include audit revenue. Gains were seen in Agriculture, Manufacturing, Grocery, Apparel, its SUBJECT JUNE 2009 SALES TAX REPORT AGENDA ITEM 6