Finance Committee Agenda and Packet 2012 10 15

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CITY COUNCIL COMMUNICATION GENDA ITEM ___ A SUBJECT: SALES TAX REPORTS FOR THE MONTH ENDED AUGUST 31, 2012 DATE:OCTOBER 15, 2012 PRESENTED BY: PENNEY BOLTE, FINANCE DEPARTMENT SUMMARY: Attached are the monthly revenue reports for sales tax, lodging tax, auto use tax, consumer use tax and building use tax for the month ending August 31, 2012. Also included are monthly and quarterly reports on sales tax revenue by area and by industry. The total for all revenues ending August 2012 is up 16% YTD over 2011. The month of August 2012 ended with sales tax revenue up 6.4% over that of August 2011. YTD revenue through August 2012 is 7.8% above the same period for 2011 and is currently 2.3% above budget. Sales tax revenue for the top 50 vendors increased 2.8% for the month of August 2012, and is 3.2% above 2011 YTD. Gains YTD include Hotels (14.2%), Home Improvement (10.3%), Grocery (6.8%) and Restaurants (6.1%). The declining sectors YTD include Technology (-36.2%), General Merchandise (-4.6%) and Telecom/Utilities (-4.2%). Lodging tax revenue for August 2012 increased 13.9% over August 2011 with YTD revenues 13.6% above 2011 and 5.1% above budget. Auto use tax revenue for August 2012 increased 1.4% from August 2011 with YTD revenues 3% above 2011 and ending just slightly below budget by 0.1%. Building use tax revenue for August 2012 decreased 31.3% from August 2011 with YTD revenues 57.9% above 2011 and 42.2% above budget. Consumer use tax revenue for August 2012 increased 616.9% over August 2011 with YTD revenues 260% above budget. CITY COUNCIL COMMUNICATION 16