May final sales tax figures creep up; year-to-date total down slightly
July 17, 2012
Steamboat Springs — The city of Steamboat Springs' final May sales tax report shows a revenue increase of 6.85 percent compared with May 2011. May's total pushed year-to-date sales tax revenues to $7.5 million, or 1.2 percent ahead of 2011's pace.
However, when building-use tax and accommodations tax receipts are considered, the city's year-to-date tax revenue actually is less than what was collected through the first five months of 2011.
The city released May's final tax report Monday afternoon. The report shows the city collected $931,975 in sales taxes that month, up from $872,257 in May 2011. Year-over-year growth was seen in the miscellaneous retail, sporting goods, restaurants, and liquor store categories. Collections essentially were flat in the lodging and amenities category, and collections were down in the utilities category.
When evaluated by area of the city, sales tax collections experienced the strongest growth in west Steamboat, where revenue increased nearly 20 percent from May 2011.
Downtown saw growth of 7.6 percent, and sales tax revenues generated in the U.S. Highway 40 corridor grew by just more than 9 percent. Sales tax collections essentially were flat in the mountain area.
The positive news in overall sales tax growth was dampened by the losses in building-use tax and accommodations tax collections. For May, building-use tax collections were just $77,956, down from $139,032 in May 2011. Year-to-date building-use tax revenues are down nearly $100,000 from last year.
The city's accommodations tax, which is assessed on nightly lodging rentals, collected $10,114 in May, down just slightly from the $10,257 collected in May 2011. Year-to-date accommodations tax collections are down $16,000, or 4.4 percent.
When put together, city revenues from its sales tax, building-use tax and accommodations tax total $7,990,582 through the first five months of 2012. Revenues from those three taxes totaled $8,016,368 through the same period last year, a difference of 0.3 percent.
May 2011 slightly outperformed May 2012 — $1,021,546 versus $1,020,045 — when revenues from all three taxes are considered.