Wednesday, August 19, 2009

Ketchum LOT down $51,000 in June

Tax revenues nearly $500K short of city’s expectations

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By JON DUVAL
Express Staff Writer

Ketchum local option tax receipts fell by just over $51,300 in June compared to the same month last year.

The 31 percent decrease for the month brings the total for the first 10 months of the 2008-09 fiscal year to $1.21 million, or $390,730 less than for the same period last year.

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 to offset the impact of tourism on city services and infrastructure.

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For the third month in a row, building materials saw the greatest proportional drop, bringing in about $21,000—54 percent less than in June 2008.

Retail receipts also saw a significant decrease, falling from about $92,500 to about $68,150 in a year-over-year comparison.

The lone bright spot came in the form of liquor sales, which brought in nearly 7 percent more in LOT revenue this June than last. Still, with just under $15,000 in receipts, this category provided too little to keep the LOT ahead of last year.

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To date, Ketchum's LOT revenue is approximately $463,900 less than what was budgeted by the city at the beginning of the fiscal year.

Jon Duval: jduval@mtexpress.com