Executive Summary - Memorandum Template
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1
2Memorandum
Financial Services Department
Date:
November 6, 2009
To:
Mayor and Council
From:
Jerry L. Hart, Financial Services Manager (350-8505)
Subject:
Tax Revenue Statistical Report – October 2009
Attached is the Executive Summary of the Tax Revenue Statistical Report for October 2009 covering September sales
activity reported to our Tax and License Division in October.
Executive Summary of the
The graph to the right depicts October
(millions)
General Fund historical privilege tax revenue
$29
from FY 2000-01 through FY 2009-10. Tax
General Fund
$27,009
Year-to-Date Revenue Growth
revenue collected for 2009-10 is down 10.3%
$27
$26,269
from the same period in the prior fiscal year.
In terms of actual dollars received ($22
$24,491
$24,411
$25
million), we are $2.5 million behind last fiscal
year ($24.5 million).
$23
$21,963
$21,045
$20,906
$21
Last month’s report tracked negative revenue
$19,918
$19,841
$19,306
trends in all categories of business activity.
$19
This month continues that trend in all
categories with the exception of amusements,
$17
which was slightly positive. Retail, which
$15
historically represents 55% of total sales tax
collections, is 8.8% below last year’s
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10
collections through October 2009. The overall
October Collections
decline in retail sales tax revenues continues
to be lead by the automotive and
furniture/equipment/ electronics categories,
(millions)
$25
which were 17.2% and 27.4% below last year,
Retail Sales Tax
respectively.
Year-to-Date Revenue Growth
$22,865
$23
Outside the retail category, contracting tax
$21,599
revenues continue to show a steep drop from
$21,484
last year. This category, which in recent years
$21
has represented 10.7% of collections, is down
25.7% from last year and now represents
$18,737
9.0% of collections. Constrained availability of
$19
credit and regional over supply of commercial
$17,813
space continue to depress this category.
$17,092
$16,839
$17
$16,552
$16,230
$16,271
Based on year-to-date results, sales taxes will
not meet the budgeted forecast. As
$15
discussed in the budget work session with the
00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09 09-10
City Council and the recent employee forums,
the forecast for Sales Taxes will be adjusted
October Collections
downward in light of both poor near term
collections and uncertainty as to the timing and extent of regional economic recovery.
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Parent category: Business