July sales tax revenues increase in Steamboat
City officials project no growth for rest of year
September 16, 2011
Steamboat Springs — City of Steamboat Springs year-to-date sales tax figures continue to increase as monthly figures exceed the corresponding months from 2010.
The final July sales tax figures show a 3.74 percent increase compared with July 2010, according to the report released Thursday. That follows collections that increased by 7.5 percent in June and nearly 2 percent in May.
Year-to-date collections now are 3.28 percent higher than 2010.
Steamboat collected more than $1.52 million in July, up from $1.46 million in July 2010. Year-to-date collections are $10.2 million, up from nearly $9.9 million at this time last year.
Finance Director Deb Hinsvark said the city projects sales taxes to be flat for the rest of the year. She said if they meet last year's numbers each month for the rest of 2011, the city still would see a year-over-year increase of about 1.75 percent.
The city budgeted sales tax revenues to decrease 10 percent this year. The Steamboat Springs City Council has directed Hinsvark to budget a 5 percent decrease for 2012.
She will present the 2012 budget to the City Council during hearings scheduled for Oct. 4.
The July report indicated that only utilities declined in July, by 3.31 percent, from July 2010. All other revenue categories showed modest increases — less than 6 percent — from last year.
The city separates sales tax collections by category (miscellaneous retail, lodging and amenities, sporting goods, utilities, restaurants and liquor stores) and location (town, mountain area, U.S. Highway 40 corridor, regional and west Steamboat).
The report also includes information about building use and accommodations taxes in July.
Building-use taxes decreased nearly 39 percent in July from the previous year, but year-to-date collections still are up by more than 42 percent from July 2010. Accommodations taxes increased nearly 1 percent in July from July 2010, keeping year-to-date collections positive at more than 8 percent higher than last year.
— To reach Jack Weinstein, call 970-871-4203 or email jweinstein@SteamboatToday.com