Moffat County Economic Trends: Taxes
February 15, 2018
Editor’s Note: Once per month, the Craig Press will provide a summary of trends impacting our local economy. We will work to bring the most accurate and timely employment statistics, tax reports and relevant economic data available at the time of publication. As we develop this new feature, we welcome your ideas and suggestions about the local economic information you want to read. Send tips and suggestions to firstname.lastname@example.org or business reporter Sasha Nelson by emailing her at email@example.com.
City sales tax collected in December 2017
The city of Craig received more than $323,000 from the 2.25 percent sales tax levied against more than $14.3 million in sales recorded for December 2017. This number was down slightly, 0.4 percent, from December of 2016.
This city also received more than $123,400 from its portion (.375 percent) of the 2-percent countywide sales tax collected.
This data represents the most recent data available.
Note from City Finance Director Bruce Nelson: The monthly amount of sales tax received reflect prior months collections due to delinquent filings and don't reflect those that have not yet filed. Therefore, the amount and percentage change between the current and prior year total represent only the amount and percentages collected so far. It is only an estimate of the increase or decrease in sales activities.
Moffat countywide sales taxes collected in December 2017
The 2-percent county sales tax is shared with the city of Craig, which receives .375 percent.
Based on data provided by the city of Craig, Moffat County collected a little more than $329,000 in taxes from an approximate $16.46 million in sales. This was higher than the same month in 2016, when a little more than $314,500 in taxes were collected from an approximate $15.72 million in sales.
Moffat County Finance Director Mindy Curtis was unavailable to confirm countywide sales tax data.
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Currently, sales taxes are collected by the Colorado Department of Revenue and distributed to the city and county two months later.
“The Department of Revenue is currently experiencing a system problem that prevents the retail sales reports from being produced. We are working to resolve the issue as soon as possible. We apologize for any inconvenience it may cause,” the department’s website reported on Thursday.
Sales tax figures for the city of Craig and Moffat County for all of 2017 and for January 2018 should be available in March.
National data indicate that retail sales in January were up by 5.4 percent over last year.
"These numbers reinforce a positive start to 2018 that reflects ongoing consumer optimism brought about by solid economic fundamentals," National Retail Federation Chief Economist Jack Kleinhenz said. "Consumer spending continues to grow at a steady pace and is showing year-over-year increases across almost all retail sectors. Employment has increased, labor markets are tightening and wage growth is on the rise. Stock market headlines are a concern for some shoppers, but households have the wherewithal to spend, and the tax cuts consumers are now seeing in their paychecks will bring an added boost."
The results come as NRF is forecasting that 2018 retail sales will grow between 3.8 percent and 4.4 percent over 2017.
NRF's numbers are based on data from the U.S. Census Bureau.
Contact Sasha Nelson at 970-875-1794 or snelson@CraigDailyPress.com.