Moffat County Economic Trends — Countywide sales taxes up from February
CRAIG — In March, Moffat County collected more than $211,000 in sales taxes from an estimated $16.4 million in gross sales. Sales tax collection was up by more than $20,000 from February.
The 2-percent county sales tax is shared with the city of Craig and the town of Dinosaur, which receive .75 percent from sales within their jurisdictions. The county receives 1.25 percent.
From the total countywide sales tax collected in March, the city received a little more than $176,000, the town of Dinosaur a little more than $2,700, and Moffat County a little more than $31,000.
In April, Moffat County collected more than $214,000 in taxes from an estimated $16.7 million in estimated gross sales. Sales tax collection was up by about $3,000 from March.
Sales tax collection in April was lower by more than $13,000 than the same month in 2017. Following the trend, gross sales were also down by almost $600,000 compared to April of 2017.
In April, the city of Craig received more than $177,000 in sales taxes, the town of Dinosaur a little less than $4,300, and the county a little more than $33,000.
Sales tax collection received a boost in May, rising to more than $576,000, an increase of more than $340,000, or 1.45 percent, from 2017. The increase was attributed to an increase in gross sales of $46.5 million, $28.6 million higher than the same month in 2017.
According to Moffat County Finance Director Mindy Curtis, this was the result of an occasional sale tax resulting from the sale of business assets. “It was a one-time boost in revenue,” she said.
The city of Craig received most of the windfall, adding more than $354,000 in sales tax revenue. The town of Dinosaur received a little more than $2,700 and Moffat County a little more than $35,700.
Sales tax fell in June to about $254,700 estimated gross sales of more than $19.6 million. However, June sales tax revenue was the second-highest to date, and estimated gross sales were also up from 2017, when gross sales were about $18.9 million.
Much of the increase in sales were attributed to stronger-than-normal sales in Dinosaur, where gross sales increased from about $280,000 in May to more than $870,000 in June.“The state system does not break sales out by business type, so we are unable to drill down into the source of the increase at this time,” Curtis said.
The city of Craig reaped more than $199,000, and Dinosaur gained more than $10,500. The county collected a little more than $45,000.
In July, more than $256,000 in sales tax was collected from more than $19.4 million in estimated gross sales, down slightly from June but up by a little less than $26,000 from the same month in 2017.
Of the taxes collected, the city of Craig earned a little more than $197,000, the town of Dinosaur a little more than $3,000, and the county a little more than $55,852.
The county portion of sales tax revenue represented an increase of more than $32,000 from 2017. It was the second time in 2018 the county portion increased from the prior year. In January 2018, county sales tax revenue rose 8.89 percent from the same month in 2017.
Compared with July, sales tax revenue dipped slightly lower in August, with a little less than $252,000 collected from more than $19.5 million in gross sales. Sales were performing well in Dinosaur, at more than $690,000, an increase of more than $438,000 from July and more than $441,000 from the same month in 2017.
From the total county collected sale tax revenue, the city of Craig received a little more than $201,000, Dinosaur a little more than $8,300, and the county a little less than $42,000.
Moffat County sales tax is collected by the state and received by each entity two months after collection. Estimated gross sales are based on the assumption that all reporting taxpayers are reporting on or before the due date.
Next week’s trends report will look at the amount of lodging tax collected by the county to support tourism and economic development initiatives.
Twenty years ago, as a sophomore at University of Colorado Denver, Nathan Brough wrote an economics paper on hemp’s potential to grow the nation’s gross domestic product.