Silt seeing marked rise in sales tax collections
SILT — The town’s trustees were grinning and all but high-fiving one another at Monday night’s meeting, with the news that Silt’s sales tax revenues, with only 75 percent of the year elapsed, are already well ahead of the sales tax revenues for the entire previous year.
So far in 2013, according to Town Administrator Pamela Woods, the town has collected $465,182 in sales taxes from local businesses, compared to $304,666 collected to this date in 2012, and $274,926 in 2011.
Looked at another way, so far this year the town has collected more than $21,000 above the total amount in sales tax receipts collected last year, $443,653.
In a presentation to the trustees, Woods reported that sales taxes at this point are 12 percent higher than projections incorporated into the town’s budget, and that the use taxes (primarily on construction equipment and high-priced consumer goods bought out of town) are 15 percent higher than projections.
“We’ve had a very big building year, all in all,” she told the trustees.
“Just in nine months we’ve already exceeded last year’s total,” said Trustee Rick Aluise gleefully. “We’re already shattering everything that has gone before.”
Aluise predicted that, “If we have a good holiday season, we’ll bust $650 [thousand] easily.
In addition, Woods said, the town’s bank balance now stands at more than $4 million, more than $1 million higher than it was in September 2010.
And the trustees took a good portion of the credit for the improved financial picture, pointing to new businesses in town, including the Dollar General store, and the use of an urban renewal authority to entice businesses to locate in Silt.
“All the economic development efforts we’ve been putting in are bearing fruit,” said Aluise, while Trustee Bryan Fleming noted that the town has recently attracted two new restaurants to open up here.
“If this is indicative of where we’re headed, I think it’s going to be really good,” added Mayor Dave Moore. “I see Silt coming out and blossoming like a rose as it never has.”
Woods, taking advantage of the trustees’ good moods, asked for and got $70,000 of the unexpected and unbudgeted income to make improvements to town properties, programs and equipment, including at the Stoney Ridge Pavilion, the police department, the public works department and Town Hall.
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