City of Arvada Sales Tax Revenue Report September 2012 Taxes Receipted October 2012 Overview
This month the sales tax report appears quite different. With the adoption of the 2013 Budget and the 10-year plan, we have changed budget assumptions from the original budget. Through September, our sales tax estimates were $41.641 million for 2012. However, to make the appropriations necessary for the future, we increased our assumptions to $43.346 million for 2012. Thus, the remainder of the year, we will begin to analyze collections against this new total.
$5,000,000
Monthly Collections
$4,500,000 $4,000,000 $3,500,000 $3,000,000 $2,500,000 $2,000,000
2010
$1,500,000
2011
$1,000,000
2012 2012 Revised Bdget
$500,000
In that light the 2012 receipts are now $0.74% – or $237,000 – above our 2012 Jan Feb Mar Apr May June Jly Aug Sept Oct Nov Dec revised estimate. To date, a total of $32.038 million has been collected for all Funds compared to the budget of $31.801 million expected. Of course, the entire total is allocated to three Funds: General Fund and the two Police Tax Increment Funds. Approximately $204,100 of this total will be allocated to the General Fund. As the graph above illustrates, 2012 September collections (gray bar) are nearly equal to the 2012 Revised Estimate (orange line). The actual collections exceeded our new Revised Estimate in April, June, July, August and now September. The remainder of the months have been exceeding close to the revised estimate. (See Page 4) Another important perspective is to compare it to 2011. The graph above demonstrates our collections are exceeding 2010 and 2011 total collections. Through September of 2012 the total collections of $32.08 million are 5.78% higher than the total collections of $30.286 million for the same time period in 2011. Collections from public utilities and cable TV did impact the sales tax collections, at 13.72% lower in September of 2012 than 2011. (See Page 5) This area is reviewed in some detail in the source of sales taxes. This source comprises approximately 9.5% of the total sales tax revenue; thus, variations in cost or use can impact the City’s total revenue collections in noticable ways. As the remaining portions of the report demonstrate, the general retail portions of our base continue to do well. Again, we have changed the comparative sections of this report to reflect the revised revenue estimates in these three areas. Use tax collections in all three categories continue the same trend as illustrated all year. General Use Tax receipts are significantly lower than our Revised Budget – $551,418 short of the total with three months of collections remaining. We will not achieve the revised budget of $1.448 million. This was lowered during the budget process by $100,000 as Page 7 illustrates.
Total Receipts Through October $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $General 2012 Rev Budget
Auto YTD 2012
Auto Use tax estimates were revised upward to $5.097 million. As of September, a total of $4.149 – or 81.40% –of the revised budget assumption has been collected. We are trending somewhat above the revised estimate and expect to exceed our revised estimate.
Building YTD 2011
Building Use tax receipts reflect actually ten months of receipts, as the City collects them with the issuance of a building permit. As illustrated on Page 7 the original estimate of $1.557 million was increased to $2.283 million. As of October 31, a total of $2.255 – or 98.78% – of budget has been collected. We will be able to exceed this revised estimate, but we do not expect it to be a significant amount above the $2.283 million estimate.
1