Steamboat Springs’ year-to-date sales tax revenue is up nearly 23% after July figures were released
While lodging tax revenue was down in July, total sales tax revenue was 5.94% higher than last year.
The city raised $3.3 million last July, up from $3.1 million in July 2021.
Year-to-date sales tax revenue is 22.72% higher than last year, or approximately $23.7 million, compared to $19.3 million collected in the same period last year.
Construction and home improvement continue to support the city’s sales tax revenue, as collections are nearly 47% higher in this category compared to last year.
The utility sales tax category saw a 16% increase in revenue year-over-year, consistent with most other months of the prior year.
Sales tax revenue from accommodation and amenities decreased by almost 7%, while sales tax revenue from various retail businesses increased by almost 7%.
The restaurant category, which includes bars, generated about 1.5% less revenue in July compared to a year ago, while sales tax collections from liquor stores rose nearly by 6%.
The sporting goods category grew about 3.5%, while grocery stores and other food sellers generated just over 1% more revenue than in July 2021.
Breaking down sales tax revenue by area, the out-of-town sales tax category saw an increase in collections of nearly 81%, which the city says is attributed to an increase in the number of vendors in the construction and miscellaneous retail sectors engaged in business in Steamboat’s jurisdiction.
The marijuana category continues to underperform compared to 2021, with tax revenues down about 22% in July. June of this year saw a similar decline of 17%. The marijuana category represents a small percentage of the city’s sales tax revenue, and July collections of $44,912 represent just over 1% of total sales tax revenue in July.
Sue Davies, the city’s budget and tax officer, said the decline in marijuana tax revenue is likely due to the opening of new dispensaries in Hayden and Craig, as well as lower wholesale prices for marijuana statewide.
Building use tax revenue totaled $232,020 in July, down 64% from a year ago, while net building use tax collections year-to-date 2022 are 38% higher than 2021. Building use tax collections vary significantly from month to month. , as revenues are based on the number of building permits issued by the city, use tax reconciliations completed, and the size and number of developments in the city.
Davies said July’s low use tax collections were just a matter of timing, and the annual numbers better reflect building use tax trends.
The city’s lodging tax revenue is down 9.37% from July 2021, but year-to-date lodging tax collection is 39.2% higher than July 2021. the same period last year.
The city received $136,182 from the lodging tax in July, bringing the year-to-date total to more than $1.3 million.
Lodging tax revenue is primarily used for local trail projects such as the westward expansion of the Central Yampa River Trail, while a small amount is spent each year on marketing funded projects. through the lodging tax and capital improvements to the Haymaker Golf Course. .
July occupancy rates, which measure the percentage of accommodation available in town, fell 32.5% in July compared to 2021. Last year was a particularly busy summer for Steamboat lodges, as International travel was still restricted and the lifting of pandemic-era lockdowns brought large numbers of visitors to Steamboat, particularly from the front range.
While occupancy has fallen significantly, visitors paid more for accommodation in 2022, which is why July accommodation tax collections saw only a moderate decline.
To reach Spencer Powell, call 970-871-4229 or email him at [email protected]