The town collected a record-high sales tax for the month of December 2013 with a total of $484,762, Town Finance Director Dean Moyer said during the town board’s meeting Jan. 27.
The report included the following highlights:
» December 2013 year-to-date gross sales tax increased 12.18 percent over December 2012.
» Construction use tax through December is 4.34 percent behind 2012.
» Year-to-date total revenue through December exceeded expenditures by roughly $8 million, due to capital project postponements and higher than expected revenue collection.
» Single Family Residential (SFR) building permits total 357 through the end of December. This is down from the December 2012 number of 437.
» In the three-year span of 2011-13, the town issued 1,038 single-family home permits.
» Issued 27 new business licenses in December, 20 of which were new retail sales tax licenses.
The town budgeted $5.5 million in sales tax for 2013, making its average monthly collection requirement $458,000.
“We surpassed that mark by $26,762,” Moyer said. “We have had only one month this year when we have not reached our monthly budget collection.”
The town collected $6.6 million in sales tax for 2013. The 2014 budget places sales tax collections at $6 million, which will make the town’s monthly collection requirement $500,000 for 2014.
“We had six months of 2013 where we collected less than $500,000 in a month, Moyer said. “We also had four months where we collected considerably more than $500,000. As shown on the next page, we ended 2012 just short of $6 million in collections. I think that we will reach our budgeted sales tax collections by the end of 2014.”
Moyer said the town’s sales tax base is led by groceries and utilities and said some of the sales tax increase can be attributed to an overall increase in prices and cost of living.