Silverthorne sees sales tax revenue inch up
The Town of Silverthorne saw another uptick – although slight – in its sales tax revenue in November – welcome news for the town’s finance director.
Revenue for the month was $590,795, up more than 1 percent from $582,957 in 2009 – and is higher than the 2006 November total of $579,331. In 2007 and 2008, revenue exceeded $600,000.
Donna Braun, Silverthorne’s finance director, said November’s numbers were welcome news – the prior three months saw decreases compared to 2009.
Year-to-date collected sales tax trend upward for the year overall, as total sales tax is at $6,628,791, or .58 percent higher than last year, with one month left to go. That’s compared to negative growth in November 2008 and 2009 (-13 and -3 percent, respectively) after a strong year in 2007 – when November sales tax revenue jumped more than 20 percent over the year prior.
Braun said she expects December – the highest producing sales tax revenue month – to also see increases over 2009 due to heavy snows and a boost in consumer confidence.
“Even with these increases we expect to see 2010 sales tax revenues to finish approximately .75 percent up from 2009,” Braun said. “We had budgeted 2010 sales tax revenues to increase by 2 percent.”
The Town of Silverthorne collected more than its budgeted amount for November, but year-to-date sales tax collections lag behind budgeted values by about 2 percent.
“The economic recovery is taking more time than most expected,” Braun said. “Fortunately, we spent less than budgeted in 2010, so even if we didn’t meet budget expectations for sales tax revenues, the expenditure savings will have us finish 2010 within budget.”
• The food and liquor category had the second-highest November dollar increase, $4,226 or 5.5 percent. Year-to-date, the category is down 1.67 percent.
• Lodging tax collections are up almost 30 percent this year over last, but the bump doesn’t make up for the 2009 drop of 14.5 percent and the 2008 drop of 34.8 percent. That’s compared to lodging tax in 2007, which was up almost 65 percent. It was the third-highest November dollar increase, at $2,695 or 24 percent over November 2009.
• Sales taxes at the Outlets at Silverthorne increased $19,653, or almost 11 percent, compared to November 2009. Year-to-date, collections are up about 2 percent.
• Taxes in the services category were down 10 percent over November of last year, but year-to-date, they’re up 3 percent.
• The building retail category is down about 22 percent both for the month and year-to-date.
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