Wednesday, March 4, 2009

Ketchum LOT continues to drop

January receipts down 16 percent

Express Staff Writer

The city of Ketchum reported that local-option tax receipts for January are down 16 percent compared to January 2008. This brings total LOT revenue collected for the first five months of the fiscal year to $685,590, about 21 percent less than for the same period one year earlier.

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.

Liquor sales managed a 1.3 percent increase, the only positive year-over-year change in January. Building material receipts led the slide, decreasing by almost 32 percent from last January, with condo, lodging and retail receipts falling between 12 and 17 percent.

The total received in January was $36,823 less than budgeted at the beginning of the fiscal year, and more than $200,000 less than budgeted for the five months collected to date.

The sharp drop in LOT receipts, along with a decline in development revenues, has led the city to readjust its projected revenues downward by nearly $600,000. To bring the budget into balance, the city had made a number of adjustments, including elimination of four staff positions and a reduction of payments to local nonprofit organizations.

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