Silt revenue surge fueled by new businesses
May 11, 2014
SILT — Thanks to a number of new businesses in the town over the past few years, the town's sales tax revenues are currently 67 percent higher year-to-date in 2014 over 2012.
Town Administrator Pamela Woods presented the figures for the first quarter of the year to the Silt Town Board at the May 5 board meeting.
"Revenues are more than $305,000 over expenses for the first quarter of 2014," Woods said. "That's excellent."
The first quarter of 2014 (January-March) saw $163,644 in sales tax revenues over $151,790 in 2013 — a 7.8 percent increase. Compared to sales tax revenues of $97,414 in 2012, it's a 67 percent jump.
"Part of it is that the economy has come back a little bit," said Mayor Rick Aluise. "And Silt has seen a number of new businesses, including the Dollar General store, which has been huge in boosting our sales tax. Everything is starting to kick back and people are getting used to going to the Dollar General Store.
"People are sticking around town and buying things from other stores," Aluise continued. "Which is great because leakage is always a problem in any community."
Along with the Dollar General store, other new businesses in the last two years include the Tan Your Hide salon, Cowboy Joe's & The BBQ Bandits and the Silt Cafe & Grill.
A new Subway restaurant is also slated to be built in town this summer.
Woods also credits the good financial shape of the town to prudent fiscal management by the town's department heads.
"Everyone is keeping an eye on their budgets," Woods said.
Only two funds had expenses over revenues — the general fund at $29,158 and the park impact fun at $636.
But overall, the town is in good financial shape right now.
"The rising water is floating everyone's boat," Aluise summed up.