Wednesday, September 22, 2021

Midpoint in the Year Sales Tax Revenue Roars In

The seven-county Denver metropolitan area economy continues to rapidly expand as measured by sales tax revenue growth, which year-to-date is up 18 percent over collections for the first six months in 2020. It is very good news for RTD and other sales tax-dependent governments, especially the hundreds of organizations who receive benefits from the Scientific and Cultural Facilities District (SCFD). At the end of last year, metropolitan tax revenue was off by about 3 percent due to the shutdown. But the recession was short and the recovery started by summer’s end, so projections of a 10 percent loss was not realized. 

If the current increase is sustained in the second half of the year, the SCFD (one-tenth of a cent sales tax) could add more than $10 million in revenue, jumping at years-end from $64 million in 2020 to a record $74 million this year.

See: Regional Sales Tax Revenue Continues to Grow as Economy Surges

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