Wednesday, March 12, 2008

Ketchum LOT dips in January

Boom in condo receipts can?t stop drop

Express Staff Writer

Despite seeing an increase in condominium receipts of almost 40 percent, Ketchum's local option tax receipts in January came in more than $9,000 short compared to the same month last year.

Ketchum City Clerk Sandra Cady reported that LOT revenue for January was $166,916. That brings the total for the first five months of the fiscal year, which began in September, to $864,232, down 4.3 percent from the same period in the 2006-2007 fiscal year.

The city imposes as 2 percent sales tax on lodging and liquor by the glass, and a 1 percent tax on building materials and retail sales. 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.

Both building materials and liquor receipts saw significant declines from last year's receipts, dropping by 16.7 percent and 13.7 percent respectively.

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.

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