Finance Committee Agenda and Packet 2010 11 15

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COUNCIL COMMUNICATION TO: MAYOR AND CITY COUNCIL FROM: MALCOLM FLEMING CITY MANAGER DATE: NOVEMBER 15, 2010 SUBJECT: SALES TAX REPORT FOR THE MONTH ENDED SEPTEMBER 30, 2010 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 September 30, 2010. Also included are the quarter -end reports on sales tax revenue by area, by industry, restaurant revenue by area, and the historical revenue report. For the month of September 2010, sales tax revenue ended 1.1% below September 2009 and is 2.2% below 2009 YTD. Sales tax revenues YTD are currently 8.4% above budget estimates. The top 50 vendors increased 6.69% for the month of September and are currently 6% above 2009 revenue YTD. Increases are being seen across all sectors; General Merchandise (4.73 %), Grocery (10.64 %), Home Improvement (1.39 %), Hotels (5.33 %), Restaurants (4.7 %) and Telecom /Utilities (7.59 %). The revenue by area report is a quarterly snapshot of the retail health of various quadrants of the City. This report includes all vendors remitting tax to the City. Revenue increased for Downtown, Pine Street Plaza, Louisville Plaza, CTC, McCaslin North, and Other areas. Revenue declined for South Boulder Road, Centennial Valley, Residential, Highway 42 North, Highway 42 South, South Suburban and the Interchange. One -time activity in 2009 is affecting Centennial Valley for 2010, CTC and South Suburban areas. The declines for the Interchange and South Boulder Road will continue for the year with the loss of Sam's Club and Safeway. The Revenue by industry report reflects the retail health of individual industry sectors. This report includes all vendors remitting tax to the City. is SUBJECT September 2010 Sales Tax Report AGENDA ITEM A A V V