Sales Tax through April 2020

The Buena Vista board of trustees have been concerned about what the economy in a town with a business community built around outdoor recreation would look like during a period of Stay at Home mandates.

They got their first look at the data when town treasurer Michelle Stoke presented sales tax remittance amounts for the month of April for the board’s meeting Tuesday.

The results aren’t all that bad, with BV taking in 6.62 % more in April 2020 than it did in the same month in 2019.

Measures promoting social isolation and limiting public gatherings were at their height throughout April, with only essential businesses allowed to open.

But Buena Vista recorded $228,453 in sales tax receipts that month, compared to 214,261.39 in April 2019.

Between 2018 and 2019, April grew by 9.7 %, and from 2017-2018, the month saw increases of 14.7 %.

This April’s returns are 2.52 % over the projected revenues for that month in the 2020 budget.

Thanks to a big year-to-year increase in January and almost summer-like revenues in February thanks primarily to the correction of an error in how sales tax is remitted to town from the state, sales tax returns for this year to date are 27.58 % higher than they were during the same 4-month period in 2019 and 22.68 % over the year-to-date budget.

In April, trustees approved a plan to strip down operations and expenses in anticipation of a revenue shortfall of 21.5 % over the entire year due to COVID-19.

Stoke said in her report on April sales tax returns that “staff is waiting to see how the next few months compare to 2019 before making recommendations regarding the budget thus far.”

In April, sales tax collections attributed to remote sellers comprised 21 % of the total remittances. In April of 2019, 11% of sales tax was attributed to remote sellers.

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