Granby to collect highest ever annual sales tax revenue this year
The year looks to be the highest ever sales tax year for Granby, with October’s being the highest of 2019 and of all time for the town.
Granby’s yearly reporting starts in December and November has not yet been reported for 2019, but already the town has collected more in sales tax revenue this year than it ever has before.
The total sales tax for 2018 was $3,076,505. For 2019, with one more month yet to report, sales tax is half a million more than last year’s total at $3,549,941.
October saw $427,446 as the highest monthly sales tax revenue collected for the town, with August and July’s also exceeding $400,000. In 2018, July was the highest sales tax month but only reached $340,021.
Construction related and utility sales tax are much higher than last year, as are the electronic and online sales tax. Retail, leasing, lodging and restaurants continue to do well and the largest category of sales tax — liquor, fuel, convenience stores and groceries — looks like it will also total more than last year.
Sales tax has grown every year in Granby, but especially in the past few with sales tax revenue reaching $3 million for the first time in 2018. For comparison, ten years ago total sales tax was less than $1.8 million.
Year to date, 2019 sales tax is at 108% of the budget. Sales tax revenue accounts for 65.5% of total general fund operating revenues for the town.
This growth is expected to continue, with the town budgeting for a sales tax revenue to increase by 7.5% next year.
Use tax as of October is $511,147, slightly below 2018 total use tax revenue, but this will likely change once final numbers are reported. The highest use tax reported since 2004 was $913,672 in 2007.
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