The Town of Estes Park has issued its June 2024 sales tax report, which reports sales tax collections for the month and year-to-date and discloses comparative information for similar periods last year.
Sales tax collections for June were 4.85% higher than in June 2023, but year to date total sales tax collections are down 3.58% from 2023 levels, or $334,640.
Year-to-date approximately $7.2 million of sales tax was collected for the General Fund and the 1A supplemental sales tax generated approximately $1.8 million for the various funds established by 1A (Emergency Response Fund, Community Center Fund, Trails Fund, and Streets Fund).
By category, lodging generated the largest portion of sales tax collections (37% for the month and 29% year-to-date) with restaurants close behind (24% for the month and 22% year-to-date). Retail and groceries make up most of the remaining sales tax collections, with construction, utilities, professional and recreation categories making up a smaller proportion of sales tax collections.
Two industry sectors showed monthly declines in sales tax collections, automotive (-41.68%) and construction (-9.39%). Most industry sectors, however, showed modest increases as compared to June 2023, including restaurants (+9.86%), groceries (+8.73%) and lodging (+5.48%), while professional services saw a large percentage monthly increase (+38.49%).
June sales taxes are remitted to the State in July and received by the Town of Estes Park early in August 2024.
The report contains significant details on the allocation of funds to the various capital funds established by 1A. Further information concerning the report can be found at https://drive.google.com/file/d/1SUXqe6drANCR6Zm0F_m_exlH67dZOkY4/view.