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Sales Tax Revenue: Castle Rock’s Bread and Butter

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Source: http://www.crgov.com/DocumentCenter/View/7532
Source: http://www.crgov.com/DocumentCenter/View/7532
Source: http://www.crgov.com/DocumentCenter/View/7532

As we all know, Castle Rock is going through a ‘growth spurt’ of sorts. And though the population has measured a 20 percent increase since 2010, it looks like Town council has agreed not to raise taxes for next year in order to maintain services for Castle Rock residents. That fact is largely due to a substantial portion of the Town’s revenue being generated by sales tax from the Outlet Mall, grocery stores and other local businesses. Approved this month, the Town ‘Base Budget’ also outlines funds to be dispersed for services and current projects scheduled for 2015 and 2016. This includes: the expansion of Philip S. Miller Park, the Legacy Water Project, the North Meadows Extension as well as other economic development plans. These are initiatives that, once completed, will serve to help Castle Rock maintain its productive infrastructure as it continues to grow.

Yep, the growth of our Town is inevitable and relies much on the life-blood of sales tax and ‘impact fees’ to keep it afloat. “Sales taxes provide approximately 66% of the Town’s General Fund revenues,” according to the 2013 Comprehensive Financial Report for Castle Rock. Sales taxes are also allocated to support ongoing services such as local police, fire, municipal court, and other general governmental services. That’s why some see the construction of the new ‘Promenade’ as so important to our Town’s economy.  The Promenade at Castle Rock would be the largest, single, master-planned, commercial-development in town. The plan will implement a mix of large retail, mid-level sized retail, specialty retail, restaurants and possibly entertainment and hotel facilities, with some multi-family residential construction. Once completed, it will likely resemble South Glenn Mall in Centennial and Cornerstar Mall in Aurora; projects already completed by ‘Promenade’ developers, Alberta Development Partners. However, it is uncertain how the mall opening could affect local shops downtown and their sales. Along with owners, we will wait patiently with our ‘fingers crossed’ in hopes that the charm of walking and shopping along Perry and Wilcox Streets will still bring people past the highway exit for the malls. Either way, it is certain that the wheels of the Town will keep turning and plans for the Promenade are underway after last month’s groundbreaking.

Please visit crgov.com for more information on things happening in Castle Rock.

(Source: crgov.com)

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