Steamboat Springs City of Steamboat Springs sales tax revenues increased 6 percent in May, according to a preliminary report released Monday afternoon.
The city collected $925,511 in sales taxes in May, up from $872,257 in May 2011. That’s an increase of 6.11 percent. May’s collections represent the most collected during that month since 2008, when May brought in $1.08 million to city coffers.
The May 2012 numbers push the city’s year-to-date collections to $7.48 million, up about 1 percent ($70,000) from the $7.41 million collected through the first five months of 2011. The city had budgeted for a 5 percent decrease in overall sales tax revenues this year.
The city classifies its sales tax revenue sources into six general categories: miscellaneous retail; lodging and amenities; sporting goods; utilities; restaurants; and liquor stores. The category with the largest dollar volume jump from May 2011 to May 2012 was miscellaneous retail, which grew by $47,000, or 9.25 percent, from $506,462 to $553,3329. The utilities category experienced the largest dollar volume drop in May, falling from $131,300 in 2011 to $116,965 this year.
May’s growth in sales tax revenue was somewhat offset by the decrease in building use tax revenue. That revenue stream fell from $139,032 in May 2011 to $77,956 this year. Year-to-date building use tax revenues are down 40 percent.
The city’s accommodations tax assessed on nightly lodging properties was more stable in May, experiencing a decrease of 1.4 percent, or $143, from May 2011 revenues. The city’s new local marketing district air service tax collected $116,757 in May, bringing the year-to-date total to $416,281.
May’s actual numbers could adjust slightly when the city issues its final revenue report in two weeks. The city of Steamboat Springs does not collect a property tax, making sales tax collections its single largest stream of revenue.
2012 preliminary May sales tax revenues