Silverthorne sees double-digit losses in Sept. tax revenues
Summit County, CO Colorado
SILVERTHORNE – As of September, sales tax collection in Silverthorne has seen solid losses for 12 consecutive months.
“We finished out September down 19.6 percent, which puts it at 13.8 percent down year-to-date,” said financial director Donna Braun. “It’s just another bad month. We hope for improvement.”
Silverthorne’s sales tax collection stood at a single-digit loss in August, coming in at 7.4 percent down from August 2008, with 13 percent down year-to-date. The town was down 6.14 percent in July, and 19.5 percent in June.
According to Braun, the building industry in Silverthorne was down 35.4 percent for September, and 32 percent year-to-date.
“That’s no big surprise,” she said, adding that she hopes to see a little growth in the sector by next spring.
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On the upside, consumer retail was up 16 percent for September, and up 1.9 percent year-to-date. That’s because the town finished paying off its ESTIP (Enhanced Sales Tax Incentive Program) to Target for road work in March, Braun explained.
Lodging sales tax collection was down in Silverthorne by 11.7 percent for September, and 24 percent year-to-date.
Food and liquor was down 14 percent for September and 8 percent year-to-date.
“At this point we’re not going to alter the rest of the 2009 budget or change 2010,” Braun said. “Last year’s September was unusually high in comparison to the prior September. We feel we have gone a full 12 months of decreases, and we’re hoping to see things start to flatten out in October and continuing into 2010.”
Caitlin Row can be reached at (970) 668-4633 or at email@example.com.