Executive Summary - Memorandum Template
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1
2Memorandum
Financial Services Department
Date:
June 5, 2009
To:
Mayor and Council
From:
Jerry L. Hart, Financial Services Manager (350-8505)
Subject:
Tax Revenue Statistical Report – May 2009
Attached is the Executive Summary of the Tax Revenue Statistical Report for May 2009
covering sales activity (through March) reported to our Tax and License Division in May.
Executive Summary of the
The graph to the right
( 0 0 0 )
depicts fiscal year-to-date
$80
$73,595
(May) General Fund
$71,712
$70
$66,688
$65,310
historical privilege tax
revenue growth from FY
$57,884
$60
$55,131
$55,349
$53,502 $52,364
1999-00 through FY 2008-
$50,019
$50
09. Tax revenue collected
for 2008-09 is down 8.9%
$40
from the same period in the
$30
prior fiscal year, reflecting
General Fund
$20
further deterioration in
Year-to-Date Revenue Growth
revenues. In terms of
$10
actual dollars received
$0
($65.3 million), we are $6.4
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
million behind last fiscal
year ($71.7 million).
April
The retail category historically represents approximately 55% of total privilege tax collections.
When compared to the prior year (May 2008), year-to-date retail sales tax revenues decreased
by 13.0%. This represents a continuation of the rate of decline seen in the prior month. The
year-to-date retail revenue growth is shown in the graph below.
( 0 0 0 )
Leading the decline is the
$70
automotive sector, which
$61,857
$59,114
$58,156
$60
declined 37.4% from last
$51,572
year and is at a level last
$50,568
$50
$47,158
$45,665
$45,374 $44,809
seen in FY 96-97.
$43,631
$40
Also of concern is
$30
contracting sales taxes,
Retail Sales Tax
which have declined 14.9%
Year-to-Date Revenue Growth
$20
compared to last year.
$10
Financial Services staff will
$0
continue to monitor these
99-00 00-01 01-02 02-03 03-04 04-05 05-06 06-07 07-08 08-09
and other revenue trends
April
with the objective of
revisiting the forecast of
Sales Tax as necessary in light of the current economic downturn and broader budget balancing
plans.
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