Ketchum’s economy has not recovered to pre-recession levels, but this summer’s local-option tax receipts suggest that the city’s businesses enjoyed an economically healthier summer than they did last year.
Ketchum charges a 2 percent sales tax on lodging and by-the-glass liquor sales, and a 1 percent tax on retail sales and building materials. Because the tax is imposed on the city’s main business categories, it’s seen as one way to gauge the health of the local economy. This fiscal year, the city’s local-option-tax receipts have posted gains for eleven months in a row.
August receipts, representing transactions conducted in July, were up 16.4 percent, or $29,547, over the same month last year.
Ketchum collected $209,676 in LOT receipts this August. Before the recession, in 2006 and 2007, it collected $226,395 and $235,020, respectively, in August receipts. In August 2009, the city collected only $171,386.
The largest category, retail receipts, showed an increase this August of 9.28 percent, or $11,321, over last year. The only month this year to see a dip in retail receipts was January, which showed a decrease of 1.01 percent, or $1,645, compared to the same month last year. Retail receipts are up 8.1 percent so far for the fiscal year, which began Oct. 1.
Building materials receipts saw a hefty increase of 34.6 percent, or $6,277, over last August. They are up 9.89 percent so far for the fiscal year.
August receipts, representing transactions conducted in July, were up 16.4 percent.
Liquor receipts also demonstrated elevated sales, showing a large increase of 21.14 percent, or $3,960, over last August. They are up 5.14 percent so far for the fiscal year.
Room receipts, a category that has seen its ups and downs this year, showed a huge increase of 35.28 percent, or $4,955, over last August. However, they were down 31.2 percent in October, 17.62 percent in November, 39.97 percent in December, 16.81 percent in January, 8.82 percent in May and 5.68 percent in July compared to the same months last year. Room receipts saw an increase of 19.31 percent in February, 0.95 percent in March, 48.71 percent in April and 42.68 percent in June. Total room receipts are up 3.88 percent so far for the fiscal year.
Condominium receipts, another category that’s been all over the board this year, saw a sharp rise of 42.07 percent, or $3,034, over last August. However, these receipts were down 4.33 percent in October, 16.92 percent in November, 44.48 percent in December, 6.21 percent in February, 72.00 percent in May, 66.94 percent in June and 21.92 percent in July compared to the same months last year. They were up 37.34 percent in January, 15.16 percent in March and 9.05 percent in April. Total condominium receipts are up 5.11 percent so far for the fiscal year.
In all categories combined, receipts are up 7.66 percent, or $109,248, so far this fiscal year over the same period last year.
Brennan Rego: firstname.lastname@example.org