SHERIDAN — City of Sheridan’s Sales and Use Tax continues trending upward, showing growth from fiscal year 2018 and staying above the state average.
City Treasurer Karen Burtis said December 2019’s taxes were up almost $20,000 from fiscal year 2018, or about 5.4%. Year to date, Sales and Use Tax is up just more than $137,000, or 4.6%.
“Just as a reminder, we budgeted 2.5%, so we’re doing better, and if we continue this trend of 4.6%, 4.5%, we should see an overall increase of over $192,000 in Sales and Use Tax over last year’s actuals, and that would be an increase of about $73,000 over and above what we actually budgeted this year,” Burtis said. “So that would be additional revenue should this trend continue.”
Despite the high months to end the 2019 calendar year for the city of Sheridan, months following December in the fiscal year historically decrease, and the city can expect to see numbers decline in January and February.
The internet tax continues to skyrocket past last year’s numbers, up 188% from FY18’s December totals and year to date up 182%.
As a state, the combined municipalities Sales and Use Tax revenues are up on average 4.3% for December, placing Sheridan above average.
Buffalo suffered a 19.9% loss compared to 2018, as well as Green River and Rock Springs, who suffered 15.5% and 15.4% losses, respectively. Douglas and Laramie saw the most growth in the tax, jumping up 31.7% and 20.6%, respectively, from FY18 to FY19.