November shopping pushes sales tax collections past 2007 levels

Filed under: Daily News,economy,Government,Hotels and Lodging,Small Business |

Colorado Springs residents started getting their holiday shopping on in November, pouring $10.2 million into city coffers with sales and use tax.

The City is reporting that sales and use tax collections in December, which represent sales activity in November, are up 14.1 percent over the same month last year. So far, that is the highest percentage increase of the year.

Further, the 2012 sales and use tax collections are 2.3 percent, or $2.6 million, above revenues of 2007  — which is considered a benchmark year before the 2008 financial crisis hit. The city has collected $115 million compared to 2011, when collections were $108 million and in 2007 when collections were $112 million.

In December residents bought furniture, appliances and electronics. Auto sales also were up.  But building materials was named the top industry with the largest month over month increase — 29 percent, or $252,216.

The Lodger’s and Auto Rental Tax also saw an increase in collections in December for November’s sales, up 2.7 percent over the previous year. And, medical marijuana was up 45 percent over last year, pumping in $98,000 to the city’s general fund in December and nearly $1 million in 2012, so far.