Final report shows 2.4 percent increase in October sales tax revenue
December 15, 2011
Steamboat Springs — Steamboat Springs sales tax collections in October increased 2.4 percent compared with the same month last year, according to the final sales tax report released Thursday by the city.
October collections were $991,021, up from $967,676 in October 2010, according to the report. The final figure increased less than $5,000, or 0.4 percent, from the preliminary report released Dec. 1.
October's totals brought year-to-date collections to $13,934,052, compared with $13,395,395 through the same month in 2010. That's a more than 4 percent increase.
Kim Weber, the city's budget and tax manager, said October sales tax collections are between 2005 and 2006 levels before the local real estate boom, but not where the city was at its peak in 2008.
"We're seeing increases in sales taxes every month, which is great, but we're still not where we were a couple of years ago," she said. "I think we're living in a new norm. I don't expect that we'll return to our previous rates anytime soon."
The city budgeted a 10 percent decline in sales tax revenues this year from 2010 but has projected that collections will remain flat for the rest of the year. The city has budgeted sales tax revenues to decline 5 percent in 2012 from this year.
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).
Only the restaurant category and downtown and base area locations saw sales tax collection decreases in October compared with October 2010.
The report also includes building-use and accommodations taxes, both of which continued year-over-year increases in October.
The increase in sales tax collections in October was the sixth consecutive month and the seventh time this year that collections exceeded those from the same month in 2010.
— To reach Jack Weinstein, call 970-871-4203 or email jweinstein@SteamboatToday.com