Town sees most sales tax collections of any May on record
June 28, 2014
The town of Windsor saw another record-breaking month for sales tax collections in May, collecting the most gross sales tax on record for the single month.
The town collected $528,293 in sales tax in May, the most it has collected in any month of May, Town Finance Director Dean Moyer told the Windsor Town Board during a financial report June 23.
Year-to-date collections through May of this year have increased about $66,000, or 22.9 percent, from the year-to-date collections at this time last year, Moyer said, adding that the town's year-to-date revenues this year exceed year-to-date expenditures by about $1.5 million.
The town issued 33 new business licenses during the month, 16 of which were sales tax vendors, Moyer said.
Construction so far this year has been lagging behind last year, but is beginning to pick up the pace, Moyer said. Year-to-date construction use tax collections is at $616,233, or 35.2 percent of the budgeted construction use tax revenue for the year. Single-family residential building permits total 104 through May, down almost 49 percent from the 197 filed by this time last year.
By May, Moyer said the town would like to see tax collections at or above 42 percent of the budgeted amount for the year. He said the town was able to meet that goal this month in two out of its three tax categories. Sales tax revenues are about 58 percent of the budgeted total for the year and property tax revenues are at 61 percent, while construction use tax is at 35 percent.
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The town has budgeted a total of $6 million in sales tax for the year, making the town's average monthly collection goal about $500,000, Moyer said. He said the town has met that goal in four out of the five months of the year so far, and if it continues to collect the $621,765 it has averaged per month this year, the town will collect between $7.5 million and $8 million.
"Great work," Mayor John Vazquez said. "I look forward to moving into the budget cycle."