Report: Steamboat's September sales tax revenues show increase

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— City of Steamboat Springs sales, use and accommodations tax collections increased nearly 3 percent in September compared with the same month in 2009, according to preliminary figures released Monday by the city.

Kim Weber, the city’s revenue supervisor, said July is the only other month this year that the city’s tax collections increased from 2009.

Steamboat collected just more than $1.21 million in sales taxes in September, up from $1.18 million in September 2009. The increased collections bring the year-to-date total to nearly $12.4 million. That’s down 2.3 percent from the $12.7 million in sales taxes collected through September 2009.

“We were hoping that we would continue to see increases through the rest of the year,” Weber said. “We have budgeted over a 10 percent decrease from last year. To see that we’re only down the 2.29 percent, we were encouraged to see that.”

The preliminary September figures are subject to change when full collections are in, Weber said. She said the final report should be completed by the middle of the month.

Weber said the city was surprised to see sales tax collections increase in the mountain-combined area by about 45 percent and in lodging and amenities by nearly 12 percent.

Outside of the Labor Day holiday weekend, September isn’t a great tourism month for Steamboat, Weber said. But she said those increased numbers point to more visitors in September than during the same month in 2009.

Other categories that incr­eased from September 2009 were utilities, restaurants and miscellaneous retail. Liquor stores saw the largest decline, at 2.2 percent.

Despite the second increase in sales tax collections in the past three months, Weber said she expects collections for the rest of the year to remain flat.

“I don’t believe we’ll see a large increase or any increase for the rest of the year,” she said. “The 3 percent increase (in September) was encouraging to see.”

Comments

Scott Ford 3 years, 9 months ago

Yampa Valley Partners does a quarterly economic forecast newsletter that came pretty close to forecasting this number 120 days ago. In looking back at the newsletter released in July - it predicated that Gross Retail Sales for Routt County for September 2010 would be up 4.9% with a 50% confidence factor that the actual results would be within 2.7%+/- range of that number. Looks to me they hit their mark within this confidence range when one considers that there is a difference between taxable retail sales in Steamboat Springs and Gross Retail Sales county wide. (Steamboat Springs Taxable Retail Sales is a Subset of Gross County Retail sales.)

Yampa Valley Partners uses a process that indexes National Gross Retail sales and Gross Retail Sales for both Moffat and Routt counties obtained from the Colorado Department of Revenue. This index covers over 10 years of monthly data and subsequently calculates a predictive correlation. The assertion is that folks in Moffat and Routt counties behave in similar and predictable ways to the rest of the nation. This simply means that predictions for retail sales developed by the Department of Commerce and reported by the Census Bureau can be applied locally with some degree of assurance that the forecast will be within a range of confidence.

Yampa Valley Partners is forecasting the following for Gross Retail Sales in Routt County compared to last year: October +2.8% November +2.2% December +1.3%

Forecasting Gross Retail Sales is just one of the economic indicators that is closely followed by Yampa Valley Partners. A copy of the most recent quarter economic forecast newsletter can be downloaded from their website: http://www.yampavalleypartners.com/economicnewsletter

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