Wednesday, January 16, 2008

Ketchum LOT down over 5 percent

Condo receipts see greatest decline from previous year

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By JON DUVAL
Express Staff Writer

Ketchum City Clerk and Treasurer Sandra Cady reported on Thursday, Jan. 10, that the city's local option tax receipts declined by 5.68 percent in 2007 when compared to the previous year.

Total local option tax revenue in 2007 amounted to approximately $2.05 million, composed of receipts from liquor, building materials, condominiums, rooms and retail sales. In 2006, this figure came in at $2.17 million.

The city of Ketchum imposes as 2 percent sales tax on lodging and liquor by the glass, and a 1 percent tax on items in the other categories.

Leading the year-over-year decline in terms of percentage was condominium-rental receipts, which dropped by 8 percent in 2007.

However, when matched up with the city's fiscal year, which runs from October through September, the difference decreased to a mere 2.8 percent decline.

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For the first quarter of the 2008 fiscal year, which includes the months of October through Dec.ember, the city is running $43,960 over budget.

The money goes to the city's general fund, helping to pay for public transit, land acquisition and public services, such as police, fire and ambulance.

The taxes are charged as part of a state-approved program to help small resort cities offset the public costs of hosting large numbers of visitors.