Silverthorne tax collections up in May | SummitDaily.com
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Silverthorne tax collections up in May

Janice Kurbjun
Summit Daily News

Silverthorne’s sales tax collections in May were higher than the year prior by roughly 5.75 percent, a dramatic increase compared to the first part of 2011.

The increased percentage represents about $25,000 more coming into the town’s accounts. April’s revenue was down 4.42 percent compared to 2010, and January and March were slightly below last year’s collections.

The town is currently at 98 percent of its budgeted revenue for 2011, down from more than 100 percent in February. This year’s budget represents a 3 percent expected increase in revenue collections over 2010.

To date, however, Silverthorne’s sales tax revenue is mostly consistent with last year. By May 2010, the town had collected $2,860,922. So far in 2011, it’s received approximately $4,000, or 0.14 percent, more.

The Outlets at Silverthorne again represent the majority of May’s sales tax revenue (nearly 32 percent) as well as the greatest increase in revenue over the year prior at 16 percent. The outlets brought in roughly $20,000 more in May 2011 over May 2012. The automotive and consumer retail categories were also higher, at 13.7 percent and 5.9 percent, respectively.

Meanwhile, building retail, food and liquor, lodging and service categories reported losses in May 2011 compared to May 2010.

Year-to-date, though, the outlets are performing lower than at the same time in 2010 – they were down more than 3 percent as of May.

Lodging tax collections were down for the first time this year, dropping only a slight 0.9 percent. Year-to-date, lodging tax collections are up 7.7 percent.


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