Silverthorne: Summer sales tax exceeds expectations
Summit Daily News
Silverthorne’s sales tax collections in July were up 3 percent over the year prior, but the increase was far less than June’s bump of 11 percent over the same month in 2010.
Overall, though, this summer’s sales tax collections far exceeded the winter’s negative growth. May, June and July were all in the positive, compared to the same month in 2010. Meanwhile, February was the only winter month in 2011 to bring more to the town’s coffers – and that was a mere .61 percent.
The town collected $22,400 more than it did last July, at the end of the summer. June 2011’s income was about $70,000 more than the year before.
To date, collections are exceeding those of last year at 2.3 percent growth. It’s a pattern that’s been evident since sales tax revenue for the town plummeted more than 12 percent for the year in 2008-09.
The trend is the same for collections as of July. By mid-year in 2009, sales revenue had dropped almost 14 percent. The same time in 2010 saw collections up 1.64 percent over the year prior, and this year it’s at the 2.3 percent marker.
Despite the positive trends, though, sales tax collections in Silverthorne are still well below 2007 and 2008 levels by more than $500,000.
The positive trend means Silverthorne has clawed its way closer to its budgeted collections, anticipated to be 2 percent above 2010. Currently, the budget sits at 99.96 percent of budgeted amounts at $4.3 million.
Lodging taxes weren’t as high as June’s either. With positive growth of 5 percent above last year’s values at the same time, it was well below June’s growth of 18.8 percent.
When divided into earning categories for the town, the Outlets at Silverthorne category was the majority of the pie at nearly 41 percent.
However, the outlets grew just 2 percent, or about $6,000, over the year prior. Two of the outlet villages’ taxes were down with one village keeping revenue in the positive.
The automotive category grew the most over the previous year at 19.34 percent. Building retail saw negative growth with a drop of 5 percent over the year prior. In revenue collected to date, the building retail category is the only one in the negative.
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