Moffat County economic trends — revenue | CraigDailyPress.com

Moffat County economic trends — revenue

This graph shows sales taxes collected for the city of Craig in 2017, budget projections and actual taxes collected in the first two months of 2018.

City of Craig January sales tax

The city of Craig received a little more than $250,000 from the 2.25 percent sales tax levied against sales recorded in February. This amount was 7.24 percent higher than February 2017.

The new city sales tax rates will go into effect July 1, and the city of Craig will begin collecting sales tax at the new rate on that date. The city has begun to develop rules, regulations, policies and procedures for business licensing, reporting and collection of city sales tax.

Moffat County February sales taxes

Moffat County collected almost $191,000 in taxes from more than $14.7 million in gross sales. This was up by 1.36 percent for the same month in 2017, when a little more than $188,200 in taxes were collected from about $14 million in sales.

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The 2-percent county sales tax is shared with the city of Craig and the town of Dinosaur. From the total countywide sales tax collected, the city will receive about $156,000, up 11.5 percent ($15,500) from the same month in the prior year. The town of Dinosaur will receive a little more than $2,400, up 19.75 percent ($400) from the same month in the prior year. The county will receive a little more than $32,000, down 29.26 percent (-$13,300) from the prior year.

Currently, sales taxes are collected by the Colorado Department of Revenue and distributed to the city and county two months later.

Moffat County Lodging Tax, first quarter

Moffat County Tourism Association receives 1.9 percent lodging tax due quarterly.

In the first quarter of 2018, a little more than $7,300 in tax has been collected so far. Though expected to increase, this number is down by 43.2 percent compared to the same period in 2017.

The average amount of tax collected in the first quarter between 2015 and 2018 is a little less than $16,800.

Local Marketing District Lodging Tax, February

Moffat County Local Marketing District receives 4 percent lodging tax, due on the same schedule as each business's sale tax. This number is reported monthly.

For February 2018, more than $15,900 in tax was collected, about 44 percent than the $11,000 collected in February 2017.

These figures do not include revenues from businesses that may have delayed filing or that file their business taxes less frequently.

The average amount of tax collected in February for the LMD between 2016 and 2018 is a little more than $13,100.

The Craig Press welcomes ideas and suggestions about the local economic information readers want. Send tips and suggestions to news@craigdailypress.com or business reporter Sasha Nelson at snelson@craigdailypress.com.