The city of Colorado Springs released its sales-and-use tax report for October — and the news remains positive for the city’s coffers.
The 2 percent sales and use tax generated more than $12.5 million, while the 0.4 percent public safety tax drew $2.5 million. The 0.1 percent trails, open space and parks tax generated $682,196.
The sales-and-use tax combined was up 8.27 percent for the month and up 4.88 percent year-to-date. The sales tax alone increased 7.24 percent for the month and 5.08 percent year-to-date, while the use tax increased 24.4 percent for the month and was up nearly 2 percent year-to-date.
The 2 percent lodgers tax generated $414,420 and 1 percent auto rental tax brought in more than $40,000.
Combined, the LART tax was up 13.8 percent for the month and increased 13.8 percent year-to-date. The lodger’s tax saw an increase of 15.51 percent in October and was up 14.85 percent year-to-date. The auto rental tax decreased 1.38 percent for the month but still remained in the black at 4 percent year-to-date.
The industries with the largest month over month tax revenue increase were medical marijuana at 48.05 percent, grocery stores at 17.05 percent and the hotels/motels industry, which saw an increase of 14.59 percent. The building materials industry saw a month-over-month financial gain of $165,099, restaurants increased revenues by $151,949 and auto dealerships saw an increase of $106,015.
Industries with the largest month-over-month sales tax revenue decrease were commercial machines at 12.03 percent and utilities at 3.75 percent. The commercial machines industry lost slightly more than $32,000 in October, while the utilities industry lost $12,166.
Total sales and use tax revenues so far this year equal $122.2 million, up more than $25.5 million compared to 2011.
Retail industry sales tax revenues increased over the same time last year in auto sales; auto repairs and leases; building materials; business services; clothing stores; department and discount stores; furniture, electronic and appliance stores; grocery stores; hotels/motels; medical marijuana; miscellaneous retail and restaurants.