Sales tax collections are still up over 2011
By Benjamin Graham, Jackson Hole, Wyo.
Date: November 13, 2012
Strong sales tax revenue has bolstered the town’s income for the fiscal year and pushed totals well ahead of budget.
Collections from September, distributed in November, totaled more than $1.2 million, according to the town finance department. That represents a 10.5 percent increase from the same month last year.
With the added revenue, Jackson is $380,000 ahead of its sales tax budget since July, the first month of the town’s fiscal year. The totals also put the town 14 percent ahead of the same time last year.
Money from sales tax accounts for two-thirds of the town’s general fund, which is used to pay for daily operations such as the police department and public works.
The town budgeted before the start of the fiscal year that it would bring in $9.6 million from the tax in 2012-13. Last year, the town pulled in $9.3 million.
The strong showing for September comes after a summer of better-than-expected collections.
From June to August, the town brought in $3.7 million, $422,000 more than last summer.
But the increase also makes up for a relatively slow October. Last month, the town received $1.6 million as its share of state sales tax distributions, a 7 percent decrease from last year.
Sales tax money goes to the state and then is redistributed to the town and county. Sales tax collections are divided by population. Under the current formula, the county receives 55 percent of what’s collected in Teton County, and the town of Jackson gets 45 percent.