The city of Colorado Springs raised $ 20,167,536 in sales and use tax revenue in August, according to the latest report from senior budget analyst Sarah Freier.
The city’s combined 2% sales and use tax revenue continued to increase, increasing 22.36% from August 2020 and 29.12% for the year to date.
Sales tax collections have increased 24.4% for the month and 29.92% for the year to date.
The collections in August mainly reflect the commercial activity of the previous month. The proceeds finance the day-to-day operations of the city.
Sales tax collections from business service companies posted the largest monthly percentage increase compared to the same month last year, growing 132.52%. Hotel and motel collections increased 104.93 percent.
The industries with the largest monthly percentage decline were medical marijuana, down 31.52 percent, and auto repair and leasing, down 5.8 percent.
Collections of the 2 percent tourist tax and the 1 percent car rental tax also increased in August.
For the month, combined LART tax collections have increased 102.81 percent and 109.83 percent for the year to date.
On the other hand, tenant tax revenue increased 102.14% for the month and 112.84% for the year to date. Car rental tax collections increased 112.75 percent for the month and 80.10 percent for the year.
Collections of the 0.1% tax on trails, open spaces and parks amounted to $ 1,008,377 in August and increased 29.12% for the year to date.