Steamboat Springs sales tax revenue inches up in October

Advertisement

— City of Steamboat Springs sales tax revenue in October increased 2.1 percent year over year, matching 2012’s year-to-date percentage increase in collections compared with 2011. The preliminary tax report was released Monday by the city, and the numbers are subject to change after full collections are received.

The city collected $1.03 million in sales tax revenue in October, up from $1.01 million in October 2011. Year-to-date collections through October stand at $14.3 million, up from $14 million in 2011.

By category, percentage growth was strongest in October in the sporting goods retail sector, which increased 17.4 percent from October 2011. Miscellaneous retail (4 percent), lodging and amenities (8 percent) and liquor stores (0.5 percent) also experienced year-over-year growth. Restaurants generated 7.8 percent fewer tax revenues in October 2012 than October 2011, and utilities were off 3.2 percent.

By geographic area, sales tax revenue was essentially flat in downtown and the U.S. Highway 40 corridor. Mountain businesses generated 24.5 percent in sales tax revenue growth compared with October 2011 while west Steamboat businesses produced 6.3 percent more in sales tax revenue.

In other tax revenue areas for the city:

  • Building-use tax collections decreased 15 percent from October 2011 to October 2012. Year-to-date building-use tax collections are down 36.5 percent.
  • Accommodations tax revenues ticked up 1.9 percent year over year, from $11,920 in October 2011 to $12,143 this October. Year-to-date collections are up 0.6 percent.
  • The city’s new air service tax to help fund airline guarantees for direct flights into Yampa Valley Regional Airport collected $64,091 in October, bringing the year-to-date total to $839,548.

City of Steamboat Springs government is primarily funded by sales tax revenues. There is no city property tax.

Preliminary October 2012 tax report

Comments

Use the comment form below to begin a discussion about this content.

Requires free registration

Posting comments requires a free account and verification.