Finance Committee Agenda and Packet 2015 03 16

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112 City of Louisville COLORADO • SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM SUBJECT: SALES TAX REPORTS FOR THE MONTH ENDED JANUARY 31, 2015 DATE: MARCH 16, 2015 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 January 31, 2015. Also included are monthly reports on sales tax revenue by area and by industry. The total revenue for the taxes contained in these reports for period ending January 2015 is up 2.2% YTD over 2014. Sales tax revenue for the month of January 2015 ended with revenue up 17.3% over January 2014. Please note that the City received a large one -time sales tax payment from a technology vendor, and several missing payments from December 2014, that have inflated the sales reported for the January filing period. Excluding the payments, the monthly sales tax increase would have been approximately 6 %. Sales tax revenue for the top 50 vendors increased 3% for the month of January 2015. Gains for the month include General Merchandise (1.3 %), Grocery (17.2 %), Hotels (9.2 %), and Restaurants (7.9 %). The declining sectors for January include Telecom /Utilities (- 13.5 %), and Home Improvement (- 4.4 %). The decline in the Telecom /Utilities sector is attributable to typical timing differences in filing periods from year to year, the City - allowed utility tax deductions by restaurants, and to a warmer January than for the previous year. Lodging tax revenue for the month of January 2015 increased 9.8% from January 2014. Auto use tax revenue for January 2015 decreased 24.6% from January 2014. Building use tax revenue for January 2015 increased 61.3% from January 2014. Consumer use tax revenue for January 2015 decreased 38.7% from January 2014. CITY COUNCIL COMMUNICATION 9