Sales tax revenue continues to rise in the city of Colorado Springs, according to reports from Kara Skinner, finance officer.
The 2 percent general fund sales-and-use tax revenue is used for police, fire, street repairs and park maintenance. Additional taxes include a .62 percent road repair, maintenance and improvement tax, as well as a .4 percent public safety sales tax and a .1 percent sales tax for trails, open space and parks.
The 2 percent general fund sales tax is up 11.68 percent for January from the previous month and up 9.02 percent year-to-date. In January, the city brought in $16.5 million in sales and use taxes, $5.1 million for roads, $3.3 million for public safety and more than $827,000 for parks and open space.
The Lodgers and Automobile Tax – taxes collected from hotel stays and auto rentals — is up dramatically as well. The combine LART is up 31.9 percent from December and 15.6 percent year-to-date. The hotel tax collection was $274,479 for January and the automobile rental tax brought in $41,734.
The industries collecting the highest increases in sales tax collections: building materials, up 30.64 percent; hotel and motel, up 30.26 percent and business services, up 27.3 percent.
Industries that dropped in January: grocery stores were down 16.6 percent, utilities dropped 5.9 percent and department stores dropped 4.6 percent.
Net revenue for the city has climbed steadily since 2012, when total revenue year-to-date was more than $126 million. Last year, total revenue year-to-date is more than $160 million.