Glenwood Springs sales tax drops for 21st straight month
Post Independent Staff
Glenwood Springs, CO Colorado
GLENWOOD SPRINGS, Colorado – This is bad, m’kay.
Glenwood Springs sales tax revenues are still taking a beating through the first two months of 2010. The city has posted declines in sales tax revenues for the past 21 months. The last time the city saw an increase in sales tax revenues was June 2008.
According to a financial report released by Glenwood Springs Finance Director Michael Harman, January and February posted close to 10 percent drops each month, when compared to the same months in 2009. That puts the city already about 10 percent below 2009 for the year, which is not good news considering that the city ended 2009 down nearly 17 percent in revenues.
January posted a 9.5 percent drop in sales tax revenues totaling $937,370, down from $1,036,382 for January 2009. However, January 2009 was down, too, 11 percent from 2008.
February 2009 was down 14 percent from the same month in 2008, from $952,653 to $860,371. That is the lowest single-month total since May 2005 at $851,899. February 2010 is off nearly 24 percent from peak 2007 levels.
It’s not much prettier on the accommodations tax revenues side either.
Through February, the city has seen a 13.5 percent drop in accommodation revenues over the same two month period in 2009.
While February posted a 7 percent decline in accommodations taxes, January posted a huge 19 percent decline, year over year.
However, those numbers are slightly better than the 26 and 36 percent declines posted for January and February, respectively, in 2009.
The city ended 2009 27 percent down on accommodations tax revenues. August 2007 was the last month the city saw an increase in accommodations tax revenues, year over year, according to the report from the city’s finance department.
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