Friday, December 19, 2008

Slack lives up to its name

Ketchum LOT falls sharply in October


By JON DUVAL
Express Staff Writer

Revenues from Ketchum's local-option tax for both September and October marked seven-year lows for the respective months.

Compared to September 2007, the tax receipts fell only 1.5 percent, while October's decline was a much more significant 24 percent, providing yet another signal that worried consumers are spending less in a troubled economy.

Ketchum imposes a 2 percent sales tax on lodging and by-the-glass liquor sales, and a 1 percent tax on retail sales and building materials, with the goal of offsetting the impacts of tourism on city services and infrastructure.

Receipts in all of these categories dropped precipitously in October, with liquor sales taking the biggest hit after a 41 percent year-over-year decrease. Both retail and condominium receipts fell by just over 30 percent, building material receipts by 21.6 percent and room receipts by nearly 10.6 percent.

That combined for an overall decrease of 24 percent compared to October 2007.

Without a doubt, a portion of this decrease can be attributed to the fire that destroyed Whiskey Jacques' in mid-September. From July 2007 through June 2008, Whiskey Jacques' was ranked number 10 in the state for the amount of liquor purchased from the Idaho State Liquor Dispensary. According to dispensary figures, during that time the bar stocked up with 8,541 bottles purchased for $169,619.

While September's figures were down by a total of 1.5 percent over the same month the previous year, liquor, retail and condominium receipts all experienced small increases.

Combined, these first two months of the fiscal year saw an overall drop of 12 percent over the same period one year ago. The total of $272,583 in receipts is $66,623 less than the city had anticipated in setting its budget for the 2008-09 fiscal year.




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