December sales tax reports from Breckenridge, Frisco, Dillon and Silverthorne present insights into business developments in every town for each the month of December, which is usually a busy time of yr for Summit County, in addition to 2020 as an entire.
Regardless of COVID-19 restrictions that had been powerful on companies, Dillon, Silverthorne and Frisco reported barely increased complete sales tax revenues in 2020 in comparison with 2019, whereas Breckenridge noticed a decline. Nevertheless, in December, solely Silverthorne and Frisco reported a rise in year-over-year sales tax revenue.
In Dillon, sales tax revenue was down about 1% in December 2020 in comparison with December 2019. Nevertheless, the town completed the yr barely up in sales tax revenue with a rise of about 0.2% in comparison with 2019, because of a worthwhile summer season and early fall.
For some months, the town noticed important increases or decreases in year-over-year sales tax revenue, together with a notable 27% decline in March and a 17% enhance in October. Whereas there have been giant declines in revenue in March, when the COVID-19 shutdown closed companies, and November, when the county went into stage crimson, there was a gentle enhance in year-over-year sales tax revenue from July via October.
Dillon’s lodging tax revenue elevated dramatically on the finish of the yr, together with a 213% enhance in November and a 73% enhance in December. The yr ended with a 9% year-to-date enhance in lodging tax revenue.
In accordance with Silverthorne’s preliminary sales tax report, December sales tax revenue was up 9% yr over yr. Whereas town Finance Director Laura Kennedy mentioned that metrics will not be closing as a result of late filings and year-end changes, the report estimated a 3% complete enhance in sales tax revenue in 2020 in comparison with 2019.
“Regardless of the quite a few shutdowns and public well being restrictions that decreased capability for eating places, accommodations/brief time period leases, and retailers; the town’s sales tax revenues had been barely increased than 2019,” Kennedy wrote in a memo to the Silverthorne Town Council. “Sales tax is the first revenue stream for the town of Silverthorne and thus these surprising optimistic revenue outcomes had been a pleasing shock.”
Kennedy famous in her memo that another town revenue streams decreased greater than anticipated as a result of period of COVID-19 restrictions, and extra prices had been incurred from town grants, paid employees furloughs, additional sanitation provides and distant work provides. Nevertheless, facility prices had been beneath funds, and there have been revenue increases from growth and actual property associated charges, in addition to the town’s $409,000 CARES Act reimbursement.
Silverthorne’s business sectors had been cut up, with 4 sectors displaying a decline in year-over-year sales tax revenue in December and 4 displaying a rise. Retail was the driving pressure of elevated sales tax revenue, with constructing retail, client retail and on-line retail all displaying year-over-year increases. Lodging sales tax revenue was down, however barely, with a decline of lower than 1%. The Shops at Silverthorne, which reported a decline in sales tax revenue for each month of 2020, confirmed the very best price of decline of the eight classes in December, with an 18% lower.
In Frisco, the whole year-to-date sales tax revenue in 2020 elevated by 2.5% in comparison with 2019. In December, revenue elevated by 2% yr over yr. The humanities and crafts and workplace business sectors noticed main increases in revenue, rising 443% and 189% respectively. Nevertheless, the humanities and crafts growth solely amounted to about $8,000 in sales tax revenue in 2020.
The restaurant sector in Frisco, which noticed a year-over-year lower of 24% in December, introduced in over $121,000 in sales tax revenue. Different Frisco business sectors that confirmed revenue declines in December had been clothes, accommodations and inns, recreation, retail, utility and trip leases.
Breckenridge reported a decline of about 11% in sales tax revenue in December 2020 in comparison with December 2019. 4 of Breckenridge’s six business sector classes confirmed year-over-year sales tax revenue declines in December, together with eating places and bars, which noticed a 37% decline; and short-term lodging, which noticed an 11% decline. Other than weedtail sales — leisure and medical marijuana — which was up 23% in December, solely grocery and liquor sales confirmed a rise — up 4%.
“For the yr, web taxable sales are presently behind 2019 by 7.44%,” Breckenridge’s monetary report learn. “The weedtail sector skilled the very best progress (in 2020) with 12.95% over 2019.”
Whereas sales tax revenue was down, Breckenridge’s December actual property switch tax revenue was up 30% yr over yr. The town completed the yr with actual property switch tax revenue up 16% in 2020 in comparison with 2019.