Thursday, January 3, 2013
Steamboat Springs November sales tax collections for the city of Steamboat Springs fell by 1.7 percent compared with November 2011, according to preliminary figures released Wednesday afternoon. If the decrease holds true by the time the city issues November’s final tax revenue report later in January, it would mark just the third month in 2012 in which sales tax revenue slipped from the previous year.
The city collected $1.03 million in sales taxes in November, down from $1.05 million in November 2011. Through November, 2012 sales tax revenue totals $15.33 million, up 1.9 percent from the $15.05 million collected through the first 11 months of 2011. The city budgeted for a 7.2 percent decrease in sales tax collections in 2012.
Building-use tax collections, which are dedicated to the city’s capital fund, totaled only $15,497 in November, down from the $37,128 collected in November 2011. Building-use tax collections for the year are down 37.5 percent, from $814,967 through the first 11 months of 2011 to $509,367 in the same time period in 2012. Despite the decrease, city officials say they remain on track to meet or exceed 2012's revenue projection for building-use tax collections.
When combining 2012 year-to-date sales tax and building-use tax collections, revenue is down slightly from 2011. Those two revenue sources accounted for $15,862,609 through November 2011 and $15,842,821 through November 2012, a difference of $19,788.
Other tax revenue streams reflected in the city’s monthly report include:
• Accommodations tax revenue assessed on nightly lodging rentals. That revenue decreased nearly 14 percent in November, from $10,284 in November 2011 to $8,851 in November 2012.
• Local Marketing District air service sales tax, a 0.25 percent general sales tax approved by voters in November 2011 to help fund incoming airline passenger seats at Yampa Valley Regional Airport in Hayden. The tax collected $66,331 in November, bringing the year-to-date total to $906,371.
The city of Steamboat Springs relies on sales taxes as its primary source of revenue for funding city government. There is no city property tax assessed here.
Preliminary November 2012 tax report