Granby, Grand Lake tax receipts show growth
February 26, 2015
Last year was a banner year for communities in Grand County.
With the state economy showing strong signs of life, the tourism economy in Grand County experienced a similar uptick in revenues. Sales tax receipts were up in both Granby and Grand Lake in nearly every category. The increase in sales tax receipts in 2014 is an ongoing trend for the past several years for both communities.
The Town of Granby took in $2,210,223 in sales tax in 2014; up from $2,160,048 the town received in 2013. The 2014 figure represents the most the town has ever collected in annual sales tax revenue. The $2,210,223 is 105.6 percent of the total budget.
Grand Lake saw an increase of nearly $70,000 in sales tax revenues in 2014 over 2013 figures. In 2013 Grand Lake took in $980,860 while 2014 saw receipts of $1,047,655. Sales tax revenues in 2014 were 112.24 percent of the total annual budget for the Town.
Breaking it down
The Town of Granby breaks down their Sales Tax information into 10 categories. Three of those categories, General Fixed Retail, Restaurants & Bars, and Liquor/Fuel/Auto/Conv. Stores/Grocery, have experienced increases annually since 2010.
According to the annual Sales and Use Tax report prepared by Granby Finance Director Sharon Spurlin, total sales tax revenues have increased 21 percent, or $466,046, during the past five years.
The Liquor/Fuel/Auto/Conv. Stores/Grocery category represents 55 percent of the total sales tax receipts for Granby in 2014. The category has seen tax receipts increase by 24 percent during the past five years. Restaurants & Bars were the second largest category accounting for 14 percent of total tax revenues collected in 2014. General Fixed Retail made up 10 percent of all tax receipts in 2014.
There were four categories where Granby saw reductions in Sales Tax revenues in 2014 compared with 2013. Lodging/Nightly Rentals, Mobile/Events/Wholesale/Nondurable, Utilities/Phone/Communications, and Other Retail/Beauty/Unclassified all saw reductions in tax revenues in 2014.
Lodging/Nightly Rentals was down $5,043 in 2014. The Mobile/Events/Wholesale/Nondurable Sales Tax receipts were down $388 in 2014.
Overall though, Granby sales tax revenues increased by over $50,000 in 2014.
The Town of Grand Lake breaks its Sales Tax figures down into five different categories: Fixed Retail, Restaurants/Bars, Lodging, Miscellaneous, and Utilities. Grand Lake saw increased tax revenues in every category in 2014 except for Miscellaneous. The category that saw the single largest increase in 2014 was the Restaurants/Bars category where sale tax receipts went up by just over $40,000.
Lodging experienced a modest increase as well with tax revenues up nearly $18,000 over 2013 figures. Fixed Retail also saw a reasonable increase of $8,522. All three categories – Fixed Retail, Restaurants/Bars, and Lodging – have experienced annual increases in tax revenues since at least 2010. The Sales and Tax report provided for 2014 by Grand Lake lists data for 2010 through 2014.
The Miscellaneous category and the Utilities category were nearly stagnant in 2014. Tax revenues for the Miscellaneous category were down by $752 in 2014 while Utilities tax revenues went up by $652 on the year.
If current trends continue both communities should be looking to 2015 to be another record year.