Silt sales taxes slumped in November, up for 2013
January 14, 2014
SILT — Sales tax receipts for the town slumped somewhat in November 2013, but the year-to-date totals for 2013 are far ahead of the level of sales tax revenues at this time in 2012, according to information presented to the Board of Trustees on Monday night.
The sales tax figures for November have fluctuated widely over the past three years, according to figures presented by Town Administrator Pamela Woods, who also serves as the town's treasurer.
This year's November receipts, according to the monthly report, came in at approximately $53,400, compared to November 2012 revenues of roughly $54,200. But the receipts for November 2011, the report revealed, came to only $38,700, indicating that the town's sales tax proceeds have risen markedly in the past two years.
The town will not report out the sales tax receipts for December 2013, and for the year overall, until next month due to a lag in processing the proceeds through the state before they are returned to the town.
According to Woods' financial report, the town has collected nearly $574,000 in sale tax receipts for January through November 2013, well over the $393,000 collected during the same period for 2012. For all of 2012, in fact, the town collected $443,000, or more than $100,000 less than in 2013 through November. The receipts for the last two years have increased even more when compared to the $382,000 or so collected in 2011.
Much of the credit for increased sales tax figures is given to the addition of the Dollar General store and other businesses to the town's retail community.
Recommended Stories For You
On the expense side of the ledger, the town has spent more than $264,000 more than it has taken in for the year so far. For an example, the town has spent $667,423 out of the town's beautification fund for ongoing improvements to Highway 6, although that fund took in only about $26,000 in revenues so far for 2013.
Woods said Tuesday, however that the town has recently received a $665,400 payment from Garfield County, primarily to be used in the town's beautification fund, which would more than erase the negative balance that was showing in the November report.
In other action, the Board of Trustees deferred a discussion about a proposed transportation impact fee until a future meeting, Woods said.