Basalt sales tax steady as she goes
BASALT ” Sales tax collections remained strong for Basalt going into the critical summer months, according to the latest report available from the town government.
Sales tax revenues collected by the town in August were up 7.33 percent over last year, the report showed. August tax collections reflect sales in June. Basalt’s economy is heavily dependent on summer fishing on the Fryingpan and Roaring Fork rivers as well as occupancy at the Roaring Fork golf club.
For the town’s fiscal year-to-date, sales tax collections are 5 percent ahead of the same period last year. The town reaped $2.4 million in the eight month period from November 2007 through June. That compares to $2.29 million in fiscal 2007.
Four of the five biggest sectors of the town’s economy logged higher sales through June compared to 2007. However, the lag time in collecting and reporting sales taxes doesn’t reflect the tough economic times later in the summer and in recent weeks.
The Aspen Times reported last week that Basalt officials have pared expectations for greater sales tax collections for fiscal 2009.
Retail food establishments, buoyed by City Market, are the biggest revenue generator for Basalt. So far this year, retail food businesses have paid $911,891 in sales taxes compared to $840,295 at the same point last year, the town’s report showed. That is an increase of 8.5 percent.
Sales of building materials was down 2.5 percent, reflecting the dropping activity in the building industry. Sales tax revenues amounted to $236,432 from November through June last year compared to $230,435 this year, the report showed.
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