Grand Junction’s October Tax Revenue Report shows no sign of a slowdown with sales tax collections, with the city receiving nearly $1 million more in sales, lodging and use taxes in October than its budget anticipated.
The city received $6,392,889 in October, including $5,383,212 in sales tax, $178,618 in use tax and $831,059 in sales tax from Mesa County.
That’s compared to an anticipated $5,465,976 in predicted tax revenue in the city’s 2021 budget, and $5,426,386 collected in October 2020.
The sales tax numbers from October reflect sales made in September.
To date, the city has collected $57,453,760 in sales and use tax revenue, including $48,585,896 in sales tax, $961,686 in use tax and $7,906,178 in sales tax remitted from the county.
The collections so far are nearly $8 million more than the city budget predicted, and nearly $10 million more than the city collected in 2020 to date.
The budget predicted collections to date of $49,866,701, and in 2020 the city had collected $47,495,923 to date.
Grand Junction Area
Chamber of Commerce CEO Diane Schwenke said the chamber’s members are reporting an uptick in sales this year, particularly in the hospitality sector.
Businesses such as restaurants and hotels have had a strong 2021, Schwenke said, particularly since midsummer.
“That’s welcome news after the uncertainty that was 2020,” Schwenke said.
Inflation could also be a factor.
“Another thing to take into consideration is everything just costs more,” Schwenke said.
Heading into the holiday season, which can make or break some businesses, Schwenke said local businesses could be at an advantage because they may not be as affected by supply chain issues, and the pandemic has caused people to try and support the small businesses in their communities.
“We’ve been urging people to shop locally and, for the most part, I think they’ve done that,” Schwenke said.
Schwenke said businesses expect the trend to continue in the near-term, but there are some concerns about the long-term state of the economy.
“In the immediate future, they’re very hopeful and thankful,” Schwenke said.
"continued" - Google News
November 25, 2021 at 02:15PM
https://ift.tt/3CLjVJz
October sales tax report shows continued growth | Western Colorado | gjsentinel.com - The Grand Junction Daily Sentinel
"continued" - Google News
https://ift.tt/2WiTaZN
https://ift.tt/2YquBwx
Bagikan Berita Ini
0 Response to "October sales tax report shows continued growth | Western Colorado | gjsentinel.com - The Grand Junction Daily Sentinel"
Post a Comment