Basalt collected a record $6.66 million in sales tax revenues in 2019
Basalt’s sales tax revenue soared 9.4% in 2019 compared with the prior year, according to a preliminary report by the town government.
Basalt collected $6.67 million last year compared with $6.09 million in 2018, according to the report by finance director Christy Hamrick. She said some outstanding payments of sales taxes by businesses will likely boost last year’s figure slightly higher.
The $6.67 million is a record amount of salex tax revenue for the town. That’s a big boost for the town coffers because sales taxes supply more than 60% of annual revenue.
Sales tax revenue has increased every year except one for Basalt since 2012.
Retail food establishments — primarily Whole Foods and City Market — generated $2.34 million in revenue, up 3.5%. The grocery stores are the biggest contributor to Basalt’s economy.
General retail stores generated $1.36 million in sales tax revenue, up a robust 37.8%, while sporting goods retail was up 2.9% to a revenue of $224,792.
The restaurant industry had a sluggish 2019. Sales tax revenue by restaurants with bars were flat at $495,140 and restaurants without bars were down 12% to $119,856.
Retail liquor sales produced tax revenue of $261,574 for an increase of 2%.
Tax revenue from sales of building materials soared 26.7% to $458,204, the report showed.
Sales tax revenue from lodging was up a strong 21.2% to $198,318.
Automotive businesses also logged a solid year with an increase in sales revenue produced of 7.1% to $190,843.
Hamrick’s report said the actual sales tax revenue exceeded the budgeted amount by about 5.5%.
“The favorable variance compared to budget is mostly due to the change in online sales tax rules,” she wrote. State law now requires companies that are selling products online to collect sales tax revenue.
Support Local Journalism
Support Local Journalism
Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Basalt didn’t wait for the anticipated economic boom in the United States. It started booming last June and hasn’t let up.