Sales and Use Tax Collection Report December 2018 Issued January 10, 2019

Transcription

1 Financial Services Sales Tax Division 215 N. Mason Street 2 nd Floor PO Box 580Fort Collins, CO fax fcgov.com Sales and Use Tax Collection Report December 2018 Issued January 10, 2019 This report reflects Sales and Use Tax collected in December for economic activity that occurred in November. Please note the sales and use tax collected in December is predominately from November sales but also includes delinquent collections from prior periods. DECEMBER SUMMARY OVER PRIOR YEAR Month Year to Date Net Sales Tax Collected: 2.6% 3.6% Net Use Tax Collected: 73.6% -4.4% Net Sales and Use Tax Collected: 13.5% 2.2% Year to date, sales and use tax collections excluding rebates are up 2.2% and total $138.4M. DECEMBER SUMMARY OVER BUDGET Month Year to Date Net Sales Tax Collected: 1.5% 1.3% Net Use Tax Collected: 57.4% 2.1% Net Sales and Use Tax Collected: 10.8% 1.4% Year to date, the City has collected 1.4% more sales and use tax revenue, totaling $1.9M over budget. Figure 1. Budget to - Sales and Use Tax Collected After Rebates $16 $14 $12 $10 $8 $6 $4 Sales Tax Sales Tax Budget Use Tax Use Tax Budget $2.0 $2.9 $2.4 $1.9 $1.5 $1.5 $1.9 $12.1 $10.4 $9.7 $10.2 $10.1 $11.8 $9.0 $9.6 $8.0 $9.4 $10.2 $9.6 $9.4 $10.2 $10.2 $9.3 $8.6 $9.4 $9.5 $9.4 $9.4 $8.3 $8.9 $8.0 $2 $- 1

2 Figure 2. Sales and Use Tax Collected 2017 December 2018 % Change 2017 Year to Date 2018 % Change SALES TAX COLLECTIONS Grocery, Convenience, Liquor $1,211,617 $1,231, % $15,129,157 $15,633, % Restaurants, Caterers and Bars 1,377,309 1,403, % 17,220,460 18,085, % General Merchandise 923, , % 10,243,979 10,692, % Vehicle Sales, Parts and Repairs 729, , % 9,065,703 9,097, % Building Materials, Garden Equipment & Supplies 702, , % 9,289,659 9,880, % Sporting, Hobby, Book, Music 393, , % 5,270,752 5,132, % Broadcasting and Telecommunications 379, , % 4,671,149 5,033, % Electronics and Appliances 584, , % 5,863,758 5,200, % Miscellaneous Retailers 730, , % 7,734,364 8,336, % Utilities 371, , % 4,779,543 4,816, % Clothing and Accessories 322, , % 4,048,689 4,187, % Pharmacy, Salon and Laundry 373, , % 4,487,607 5,064, % Other 272, , % 2,890,939 2,663, % Rental and Leasing Services 186, , % 2,603,867 2,505, % Furniture and Home Furnishings 237, , % 2,621,853 2,683, % Wholesale Trade 130, , % 1,610,670 2,129, % Lodging 136, , % 2,169,194 2,723, % Manufacturing 155, , % 2,411,959 2,435, % TOTAL SALES TAX 9,216,826 9,452, % 112,113, ,302, % Less Mall Sales Tax Remittance* % (205,255) (339,423) 65.4% NET SALES TAX 9,216,826 9,452, % 111,908, ,962, % USE TAX COLLECTIONS Building Permits 640,664 1,747, % 8,841,967 8,004, % Car Tax 485, , % 6,423,814 6,506, % Return Tax 553, , % 8,379,663 7,940, % TOTAL USE TAX 1,679,365 2,897, % 23,645,444 22,451, % Less Economic Rebates (10,177) % (159,145) % NET USE TAX 1,669,188 2,897, % 23,486,299 22,451, % SALES & USE TAX COLLECTIONS Total Sales & Use Tax 10,896,191 12,350, % 135,758, ,753, % Less Mall Sales Tax Remittance* % (205,255) (339,423) 65.4% Less Economic Rebates (10,177) % (159,145) % NET SALES & USE TAX 10,886,014 12,350, % 135,394, ,413, % SALES & USE TAX DISTRIBUTION Streets and Transportation (.25%) 656, , % 8,194,428 8,351, % Community Capital Improvement Program (.25%) 656, , % 8,194,428 8,351, % Natural Areas (.25%) 656, , % 8,194,428 8,351, % Keep Fort Collins Great (.85%) 2,208,768 2,513, % 27,443,103 28,126, % General Fund (2.25%) 6,716,510 7,586, % 83,732,359 85,570, % Less Mall Sales Tax Remittance* % (205,255) (339,423) 65.4% Less General Fund Economic Rebates (10,177) % (159,145) % NET SALES & USE TAX $10,886,014 $12,350, % $135,394,346 $138,413, % * Per the Mall Redevelopment Agreement, a portion of the sales tax generated at the Mall is remitted monthly to support the Metro District Debt Service December Sales Tax Collected. In December 2018, sales tax collected in Fort Collins increased 2.6% compared to December Sales tax collected totaled $9.5M compared to $9.2M in December Use Tax Collected. The total use tax collected in December was $2.9M, an increase of 73.6% compared to last December. Net Sales and Use Tax Collected. Total tax collected of $12.4M was 13.5% higher than December

3 Figure 3. Budget to - Sales Tax Collected % Year to Date % Over/(Under) Over/(Under) Year to Date Annual Over/(Under) Month Budget Budget Budget Budget Annual Budget January $ 12,052,066 11,782,121 $ 269, % $ 12,052,066 $ 11,782, % February 8,632,767 8,312, , % 20,684,833 20,094, % March 7,960,623 8,015,049 (54,426) -0.7% 28,645,456 28,109, % April 9,552,190 9,389, , % 38,197,646 37,498, % May 9,003,489 8,942,502 60, % 47,201,135 46,441, % June 9,610,964 9,377, , % 56,812,099 55,819, % July 10,379,725 10,167, , % 67,191,824 65,986, % August 9,654,776 9,446, , % 76,846,600 75,433, % September 10,181,629 10,156,212 25, % 87,028,229 85,589, % October 10,070,070 10,247,814 (177,744) -1.7% 97,098,299 95,837, % November 9,411,558 9,354,707 56, % 106,509, ,191, % December 9,452,834 9,308, , % 115,962, ,500, % Net Collections 115,962, ,500,700 1,461, % YTD Rebates 339, ,423 - Total Collections $ 116,302,114 $ 114,500,700 $ 1,801, % $ 114,500,700 Figure 4. Budget to Use Tax Collected % Year to Date % Over/(Under) Over/(Under) Year to Date Annual Over/(Under) Month Budget Budget Budget Budget Annual Budget January $ 1,955,504 $ 1,832,598 $ 122, % $ 1,955,504 $ 1,832, % February 1,688,330 1,832,598 (144,268) -7.9% 3,643,834 3,665, % March 1,874,037 1,832,598 41, % 5,517,871 5,497, % April 1,469,936 1,832,598 (362,662) -19.8% 6,987,807 7,330, % May 1,665,697 1,832,598 (166,901) -9.1% 8,653,504 9,162, % June 1,861,284 1,832,598 28, % 10,514,788 10,995, % July 1,688,422 1,832,598 (144,176) -7.9% 12,203,210 12,828, % August 1,716,015 1,832,598 (116,583) -6.4% 13,919,225 14,660, % September 1,520,675 1,832,598 (311,923) -17.0% 15,439,900 16,493, % October 2,435,752 1,832, , % 17,875,652 18,325, % November 1,677,531 1,832,598 (155,067) -8.5% 19,553,183 20,158, % December 2,897,876 1,841,422 1,056, % 22,451,059 22,000, % Net Collections 22,451,059 22,000, , % YTD Rebates Total Collections $ 22,451,059 $ 22,000,000 $ 451, % $ 22,000,000 Figure 5. Budget to Sales and Use Tax Distribution Over/(Under) % Budget Budget Over/(Under) Fund Dec YTD Dec YTD Dec YTD Budget Streets and Transportation (.25%) 8,351,840 8,157, , % Community Capital Improvement Program (.25%) 8,351,840 8,157, , % Natural Areas and Parks (.25%) Keep Fort Collins Great (.85%) General Fund (2.25%) (net of rebates) General Fund Economic Rebates Total Collections 8,351,840 8,157, , % 28,126,683 27,735, , % 85,231,547 84,293, , % 339, , % $ 138,753,173 $ 136,500,700 $ 2,252,473 December Sales Tax Budget to. In December 2018, sales tax collected in Fort Collins was $144K more than budget. Year to date, sales tax collected in the City was $1.5M more than budget. December Use Tax Budget to Excluding Rebates. In December 2018, use tax collected in Fort Collins was $1.1M more than budget. Year to date, use tax collected in the City was $451K more than budget. 3

4 Figure 6. December Collections* $14 $12 $10 $8 $6 $4 $2.9 $2.2 $1.5 $1.6 $8.2 $8.8 $9.0 $9.2 $9.5 Use Tax Sales Tax $2 *Total collections after rebates. Figure 7. Year to Date Collections* $160 $140 $120 $100 $80 $60 $40 $20 $29.2 $26.8 $23.5 $22.5 $27.8 $99.8 $104.7 $109.3 $111.9 $116.0 Use Tax Sales Tax *Total collections after rebates. 4

5 Figure 8. Net Taxable December Sales Year to Date % % $ in Change Change SALES TAX Grocery, Convenience, Liquor $42.5 $ % $532.4 $ % Restaurants, Caterers and Bars % % General Merchandise % % Vehicle Sales, Parts and Repairs % % Building Materials, Garden Equipment & Supplies % % Sporting, Hobby, Book, Music % % Broadcasting and Telecommunications % % Electronics and Appliances % % Miscellaneous Retailers % % Utilities % % Clothing and Accessories % % Pharmacy, Salon and Laundry % % Other % % Rental and Leasing Services % % Furniture and Home Furnishings % % Wholesale Trade % % Lodging % % Manufacturing % % NET TAXABLE SUBJECT TO SALES TAX % 3, , % USE TAX Building Permits % % Car Tax % % Return Tax % % NET TAXABLE SUBJECT TO USE TAX % % TOTAL NET TAXABLE SUBJECT TO SALES & USE TAX $298.8 $ % $3,711.0 $3, % Figure 9. Local Retail Compared to National Retail Retail Sales Category % Change from November 2017 United States % Change from November 2017 Fort Collins Grocery, Convenience, Liquor Restaurants, Caterers & Bars General Merchandise Vehicle Sales, Parts & Repairs Building Materials, Garden Equipment & Supplies Clothing & Accessories Furniture & Home Furnishings Total At the national level, November 2018 retail sales (as reported on December 14, 2018) increased by 4.2% compared to an increase in Fort Collins sales of 2.1%. November 2018 sales are the basis for the City s December 2018 sales tax collections and net taxable amounts (which are included in this report). 5

6 Figure 10. December - Net Taxable Sales Subject to Sales Tax $300 $250 $200 $150 $100 $226 $233 $249 $255 $261 $50 Figure 11. Year to Date - Net Taxable Sales Subject to Sales Tax $3,000 $2,500 $2,000 $1,500 $2,762 $2,884 $3,002 $3,097 $3,225 $1,000 $500 6

7 Figure 12. Metro District Reporting 2,500 Mall Area Sales Tax (in Thousands) 10% 2,000 8% $1,778 6% 1,500 $1,486 $1,254 $1,111 $1,290 $1,048 4% 1,000 $910 $909 $709 $642 $783 2% 500 $158 $111 $333 $236 $522 $368 $500 0% - May April 2013 May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr -2% Core Base Dedicated Base Core YTD Dedicated YTD YTD % Change Over Prior Year The City s sales tax rate of 3.85% can be broken into two pieces: 2.25% comprises the Core Base rate and supports general fund activities 1.6% comprises the Dedicated Base and goes to four specific funds to support activities defined in the ballot language for that dedicated tax. The Foothills Mall agreement outlines a base year of May 2012 to April 2013 to determine the core base sales tax (2.25%) received at M. Anything remitted to the City above that core base amount will be returned to the Metro District to support debt service. No tax is remitted to the Metro District until the base of M is reached. The chart above tracks both Core and Dedicated tax receipts for the period of May to April. As of December 31, 2018, the year to date core amount collected is $1.5M resulting in no tax being due to the Metro District. Sales Tax in the City s Downtown Area. The sales tax collected in December for the downtown area increased 13.7% from the same period in Lodging Tax Collections. The City collected $115K in lodging tax in December This was an increase of 24.2% from December Sales Tax Licenses. There were 12,565 active sales tax licenses at the end of December. 7