Steamboat Springs sales tax collections are up, again
December 1, 2011
Steamboat Springs — For the sixth consecutive month, Steamboat Springs sales tax collections increased from the same month in 2010, according to a preliminary report from the city.
Steamboat sales tax revenues increased 2 percent in October from the same month last year. The city collected $986,992, up from $967,676 in October 2010.
Deputy City Manager Deb Hinsvark, who also serves as the city's finance director, said because October occurs during mud season, the revenue increase from October 2010 is minimal. But she added that the city was pleased with the continuing positive trend.
October's sales tax revenues bring year-to-date collections to $13,924,253, up from $13,395,410 at the same point in 2010. That amounts to a 3.95 percent increase.
The city budgeted a 10 percent decline in sales tax revenues this year from 2010. Steamboat has used some of the additional revenue from collections to pay for supplemental budget requests to address unforeseen expenditures related to last year's snowfall and subsequent high runoff. The city also used the funding for maintenance to city facilities and supported other requests, such as funding for the Bike Town USA initiative.
The city has budgeted sales tax revenues to remain flat for the rest of the year. Steamboat budgeted a 5 percent decline in 2012 from 2011 collections.
The city 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).
There were modest increases in all categories except lodging and amenities and restaurants, and in all areas except town and the base area.
The increase in sales tax collections in October was the seventh time this year collections exceeded those from the same month in 2010.
To reach Jack Weinstein, call 970-871-4203 or email jweinstein@SteamboatToday.com