Summer sales tax revenue got off to a hot start in June with an 8.73 percent increase from the year before.
Events such as Ride the Rockies and the Colorado Municipal League, which brought thousands of visitors to town, contributed to the increase in sales-tax revenue, City Finance Director Don Taylor said. Ride the Rockies brought 2,000 riders plus support crew and participants to Steamboat for three days and two nights.
The month also saw the Bicycle Tour of Colorado, the Great Race and Triple Crown events bringing visitors to Steamboat. Another new event was a 24-hour bike race at the Steamboat Ski Area.
Lodging saw one of the biggest increases in sales-tax revenue with a 17.4 percent increase from the year before. Liquor stores also did well in June with a close to 20 percent increase.
June, which historically is the third highest revenue-generating month of the summer, brought in $1,065,377. The year before, June brought in $979,859.
"It is certainly a bounce back from the bad Junes we had for the last couple of years," Taylor said.
The month's increase also brought the year-to-date sales-tax total to $7.6 million, a 5.65 percent increase from this time last year.
The city has returned to the steady climb in sales-tax revenues it saw before the recession two years ago, Taylor said.
"It's back more toward normal," Taylor said.
For this June, the mountain area and overall region saw the largest increases in sales tax, increasing more than 20 percent each. The west of Steamboat area, which lost the Curve Market grocery store this spring, took a hit in sales-tax revenue, decreasing by 20.28 percent.
The accommodation tax also did well, with a 14 percent increase in June compared with the year before.
Compared to other mountain communities, Steamboat had one of the highest increases in sales tax. Winter Park, Aspen, Vail and Glenwood saw decreasing numbers from the June before, while Breckenridge and Snowmass increased.
Revenue generated from the building-use tax also continues to be up from 2003. June saw a 34.93 percent increase in building use tax from the year before, generating $232,455. Last year, June was the second highest revenue-producing month with $172,276 collected.
The building use tax is up by 84.23 percent for the year to date, with $627,776 collected this year.
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