Silverthorne sales tax revenues continue to rise despite slow year at the Outlets
December 9, 2013
The town of Silverthorne released its September tax revenue data, which show a slight dip in sales tax revenue compared with September 2012.
Sales tax dipped 2.29 percent, or $17,929, in September compared with the same time last year, according to the report. It was only the second time this year monthly sales tax revenues did not exceed 2012 numbers. The other instance occurred in April when sales tax revenue dropped 8.25 percent compared with April 2012.
Silverthorne officials track seven sales tax subcategories, including revenues generated by automobile, building retail, consumer retail, the Outlets at Silverthorne, food and liquor, lodging and service industry sales.
Revenues generated by the Outlets, usually one of the town’s perennial powerhouses, dropped 14.86 percent, or $40,696, in September. Year to date, sales taxes generated by the Outlets are down 5.35 percent, or $118,458.
“I think weather really has something to do with the Outlets being down so far this year,” said town of Silverthorne finance director Donna Braun. “Nobody ever says that, but we had a lot of rain in the late summer and the fall, there was flooding on the Front Range and the fall color change came late as well.”
Despite September’s drop and a slow revenue year at the Outlets, 2013 year-to-date sales tax revenues are exceeding 2012 year-to-date figures by 6.67 percent, or $404,137. Much of the increased revenue is due to a sharp increase in sales in the building retail category, Braun said.
Sales tax revenue from retail building supply sales increased in September by 22.44 percent, or $28,563. Year to date, Silverthorne has collected $960,388 in building retail sales taxes, up a whopping 63.1 percent, or $371,565, compared with last year.
“Building continues to be up,” Braun said. “I think that’s indicative of building permits also being up and Lowes being here for over a year now, but it’s also really reflective of the industry itself, especially for September.
“I guess if you can’t be outside to enjoy the weather, you might as well take on some home projects.”