February Sales Tax Collections Increase 7.1%

Collections of the City of Salida’s 3% sales tax for the month of February totaled $337,226. This represents an increase of $22,392, or 7.1%, from February 2016. Year-to-date collections totaled $687,536, which was $41,253 or 6.4% greater than the same period a year ago. Seasonally, February is the slowest month for sales tax collections.

The February 2016 sales tax collected by businesses engaged in retail trade, which comprises approximately two-thirds of Salida’s total sales tax, increased 6.5%. The next largest industry group is restaurants, with nearly one-sixth of the total revenue; sales tax reported by this group of businesses decreased 1.0% in February 2016. Sales tax collected by hotels, motels and vacation rentals increased 37.1% in February 2016 compared to February 2015 when a number of lodgers did not file tax reports on time and where therefore excluded from the monthly collections report. As a percentage of total collections, the lodging industry only accounts for about 5%; however, this group is also an indicator for the level of tourism that brings spending in other sectors, as well.

Please review the full Sales Tax Trend Report for further details. In addition to data about sales tax, the most important revenue source for general government operations, it includes total revenues and expenditures, cash balances and financing obligations of the general fund. The report can be accessed at a “quick link” on the home page or through the financial documents page.

Salida’s share of the Chaffee County tax for February was $106,373, an increase of $8,172 or 8.3%. Year-to-date collections totaled $220,354, which was $17,550 or 8.7% greater than the same period a year ago.

The website includes other financial reports in compliance with requirements of the Colorado Revised Statutes and many additional reports above and beyond the statutory requirements.