Silverthorne officials aren’t sweating a sales-tax slip this fall
January 15, 2018
Silverthorne saw the first dip in its 2017 sales tax receipts this October, but town finance officials aren't worried.
Altogether, Silverthorne remains 4.38 percent ahead in a year-to-date comparison. However, looking at only October's figures, the most recent month for which they were available due to the holidays, the town was down 11 percent — or $99,245 total — in its sales tax receipts, compared to October 2016.
Silverthorne revenue administrator Kathy Marshall attributed the one-month decline to the town's building retail category, which was down $99,370 by itself — or about 31 percent — compared to October 2016.
Marshall said a large assessment received in October 2016 inflated the figures last year, and despite October's slide, building retail actually remains up 6.2 percent year-to-date in Silverthorne.
"The main reason is last year we collected quite a bit of money from (the assessment)," Marshall said. "It made us look down this year, but without that assessment, we would have been up a little bit."
Silverthorne's food and liquor category was also down $8,364, or about 7 percent. Marshall said that's likely due to a combination of McDonald's closing for a rebuild and Domino's moving from Silverthorne to Dillon in early 2017, "but some of the losses have been offset by new restaurants."
Recommended Stories For You
McDonald's off Interstate 70 in Silverthorne shut down at the beginning in August while its building was razed and rebuilt with a PlayPlace. The business reopened earlier this week, and Mashall said Silverthorne's overall financial health remains strong.
"It looks like things are up every month but this month," she said, adding that "it's been fun to report the sales taxes (this year), and it's been going that way for a while because last year was good, too."
While Silverthorne looks to catch up with November's sales tax figures, Dillon is reporting a 5.5 percent gain for November, compared to the same month in 2016, while Frisco was up 1.78 percent.
Dillon began its year with month-over-month losses every month January through June. The town was never down more than 3.3 percent in any given month, and since then has logged five consecutive months of growth.
With over $5.6 million in sales tax collections through 11 months in 2017, Dillon is almost $300,000 above where it was at the same time last year.
Meanwhile, Frisco's restaurants, vacation rentals, general retail, clothing, furnishings, home improvements, liquor, office and marijuana sectors all did more business this November than they did the same month last year, helping the town realize an almost 5 percent spike in its 2017 sales taxes year-to-date at $8.5 million through the first 11 months of this year.
In November, Frisco's vacation rentals had their second-best month of the year in terms of percentage growth, jumping 176 percent compared to November 2016. That month-over-month increase is second only to May, when vacation rentals were up more than six-fold.
Vacation rentals also saw the highest dollar increase out of all Frisco sectors in November, jumping more than $14,000 above the roughly $8,000 in sales taxes recorded in November 2016.
In Frisco, general retail was also up $11,417 — or 8.69 percent — compared to November 2016 with the second-highest dollar increase out of all Frisco sectors.
According to the latest financial report from Breckenridge, the town is approximately $3.3 million over 2017 budgeted revenues in its excise fund, which is largely a result of sales taxes exceeding the budgeted amount by $1.63 million and the prior year by $1.01 million.
Additionally, the town's real estate transfer tax stands at $1.56 million over budget and $1.02 million over 2016.
With more than $422 million in total taxable sales through the first nine months of 2017 and September's estimated taxable sales up 2.2 percent, Breckenridge is pacing about 3.37 percent ahead year-to-date.
Breckenridge's figures for October and November were also delayed due to the holidays, according to town staff, and will be made available soon.