COLORADO SPRINGS, COLO. -- The 2 percent General Fund sales and use tax revenue is used for municipal operations of Colorado Springs for purposes such as police, fire, park maintenance and street repair.
"Our policy has been, particularly with the mayor in place, to be very conservative with our sales and use tax forecast," says Chief Financial Officer of Colorado Springs, Kara Skinner. "Because we feel it's better to have money in the bank and then yes we feel secure, we have funds and now we can allocate those funds for use, than to be optimistic about your sales and use tax forecast and then possibly not be realized. Then your in the position of having to cut back programs."
So far, the reported tax revenue for Colorado Springs is at its highest since 2007. Industries with the largest month over month dollar increase include 'Building Materials' (up 29.66%), 'Auto Dealer' (up 17.21%), and 'Miscellaneous Retail' (up 15.47%).
"The numbers would reflect that people are feeling more confident about their position, possibly their job and their income for the next year," says Skinner. "Maybe their spending more than they have in the past."
You can view the entire report at www.springsgov.com/reports
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