Finance Committee Agenda and Packet 2012 01 17

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COUNCIL COMMUNICATION TO: FROM: MAYOR AND CITY COUNCIL MALCOLM FLEMING CITY MANAGER DATE: JANUARY 17, 2012 SUBJECT: SALES TAX REPORT FOR THE MONTH ENDED NOVEMBER 30, 2011 ORIGINATING DEPARTMENT: CITY MANAGER'S OFFICE SUMMARY: Attached are the revenue reports for sales tax, lodging tax, auto use, building use tax and consumer use tax for the month ending November 30, 2011. The total for all revenues is up 11.3% YTD over 2010. This increase includes the new consumer use tax. Total revenue is up 8.3% YTD excluding the consumer use tax. City sales tax revenue for November 2011 ended up 13.3% from November 2010 and is 2.9% above 2010 YTD revenue. Sales tax revenue is currently 3% above budget YTD. The top 50 vendors for 2011 ended the month of November up 8.8% from November 2010 largely due to increases in the Technology sector. YTD revenue for the top 50 vendors is up 0.9% YTD when compared to 2010. YTD declines by sector include Telecom /Utilities (- 4.8 %), Home Improvement ( -0.6 %) and General Merchandise (- 0.8 %). YTD gains are holding in all other sectors; Grocery is up (3.6 %), Hotels are up (8.6 %), Restaurants are up (3.3 %), and Technology is up (0.6 %). Analysis of all taxpayers for all areas and sectors indicate an increase for November 2011 of 12.7% above November 2010. The largest increase by area was in Outside City purchases and by sector, was Finance /Leasing which corresponds with the large spike in the Technology sector of the top 50 and also indicates increased sales tax being received from outside vendors for in -City purchases (due to the consumer use tax). Lodging tax revenue for November 2011 was up 20.7% above November 2010 and is 23% above budget YTD. Auto use tax revenue for November 2011 ended 32.9% above November 2010 and is 7% above budget YTD. LLSUBJECT NOVEMBER 2011 SALES TAX REPORT AGENDA ITEM 13