Retail Sales Growth of 11.6% Reported for November

Collections of city sales tax for the month of November totaled $361,364. This represents an increase of $37,500, or 11.6%, from November 2014. This is the largest amount revenue on record for the month of October. Year-to-date sales tax collections of $4,482,934 are $448,615, or 11.1%, greater than the same eleven month period in 2014.

Of the total City sales tax revenue collected in November, $196,341 (54.3%) is restricted for capital spending and $30,113 (8.3%) is restricted for maintenance, routine repair and upkeep of the City’s streets, sidewalks, curb, gutters, etc. in accordance with the results of the recent special election regarding Ordinance No. 2014-28. The unrestricted portion of the City sales tax available for general operations is $132,501 (36.7%), and $2,409 (0.7%) is restricted for economic development activities.

The November 2015 sales tax collected by businesses engaged in retail trade, which comprises approximately two-thirds of Salida’s total sales tax, increased 12.6%. Within the retail trade group of vendors, automotive related retail sales increased by 36.5% compared to November 2014. The next largest industry group is restaurants with nearly one-sixth of the total; sales tax reported by this group of businesses increased 3.5% in November. Sales tax collected by hotels, motels and vacation rentals increased 38.2% in November primarily due to delinquent filers in this group of businesses that caught up this month. As a percentage of total collections, the lodging industry only accounts for about 5%; however, this group is also an indicator for the level of tourism that brings spending in other sectors, as well.

Please review the full “Sales Tax Trend Report” for further details. In addition to data about sales tax, the most important revenue source for government operations, it includes total revenues and expenditures, cash balances and financing obligations of the general fund. The report can be accessed at a “quick link” on the home page or through the financial documents page.