2011 sales tax collections in Steamboat Springs exceed 2010 totals
February 1, 2012
Steamboat Springs — Steamboat Springs' 2011 sales tax collections exceeded those collected in 2010 by 4.3 percent, according to a preliminary December report released Wednesday by the city.
Collections last year exceeded $17.3 million, more than $700,000 beyond 2010 collections and significantly higher than the 2011 forecast. The city budgeted sales tax revenue to decrease 10 percent last year.
Sales tax collections in December 2011 exceeded those in December 2010 by 3.2 percent. It was the eighth consecutive month and ninth time in 2011 that sales tax collections exceeded those from the corresponding month in 2010.
"We are on an upward trend, but it's a very, very slow upward trend," Finance Director Kim Weber said. "I don't expect to see any large increases, but I'm hoping not to see any decreases. But we're prepared for it if we do."
The city budgeted sales tax revenue to decrease 5 percent in 2012 from the 2011 projection of just more than $17 million.
Steamboat separates sales tax collections by category (miscellaneous retail, lodging and amenities, sporting goods, utilities, restaurants and liquor stores) and location (downtown, base area, U.S. Highway 40 corridor, regional and west Steamboat).
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Collections in all but one category and every area increased in December from December 2010, according to the report.
The report also includes building-use taxes, which were refunded by more than $365,000 in December.
Weber said that was the result of a building-use tax refund issued to developers of One Steamboat Place. She said contractors pay the 4.5 percent tax on half of the total project valuation. If the estimate is too high, Weber said, the city issues a refund.
Weber added that Steamboat collected nearly $450,000 in building-use taxes in 2011 after not budgeting to collect any because it expected the One Steamboat Place refund.
To reach Jack Weinstein, call 970-871-4203 or email jweinstein@SteamboatToday.com