Silt finances doing better than expected in 2013
Post Independent Staff
SILT — Based strictly on collections of proceeds from this town’s sales and use taxes so far in 2013, revenues are up from last year at this time, both in terms of the month of July and for the year, according to town documents and officials.
Officials at Town Hall on Tuesday were unsure whether the uptick in receipts is due to new businesses coming to town, such as the Dollar General store, or to other factors.
Town Administrator Pamela Woods, who also is the treasurer, was not in the office on Tuesday.
But according to a report submitted in late August to the town Board of Trustees, revenues from Silt’s sales taxes so far in 2013 amounted to nearly $231,000 as of the end of July. Combined with collections of approximately $70,000 in revenues from the town’s use taxes, Silt has gathered a combined total of slightly more than $300,000.
Taken together, according to town documents, collections of Silt’s sales and use tax proceeds as of July now stand at roughly 85 percent of the amount of sales and use tax revenue budgeted for all of 2013, which is approximately $355,000,
Other forms of taxes also contribute to the town’s annual revenue, including property taxes.
Property tax receipts currently stand at $251,760 for the year so far, or roughly 89 percent of the projected property tax income of $282,848 for the entire year.
The total tax income for the year, including franchise taxes, specific ownership taxes and a share of Garfield County’s sales taxes, is projected to be $950,898 in the 2013 budget. Tax revenues make up roughly 53 percent of the town’s total general fund income and expenditures for the year.
In total, the town has budgeted revenues and expenditures of approximately $4.8 million for the year, including all funds and debt.
The operating fund, or general fund, is budgeted for $1.8 million in revenues and roughly the same in expenditures, which cover its 24 full-time employees as well as a part-timer and nominally paid elected and appointed officials, and all town operations and activities, according to the budget.
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Current Basalt officials say the town government has violated the Colorado Taxpayers’ Bill of Right by increasing the property tax mill levy over the prior years 10 times since the mid-2000s. Two former mayors contend the mill levy could be adjusted in any given year as long as it didn’t exceed the mill levy in 1994. It’s a $2 million question.