Friday, February 8, 2013

Ketchum LOT up

Hotel tax receipts climb nearly 49 percent

    Ketchum’s January local-option tax receipts, which reflect purchases made in December, suggest the city’s businesses saw slightly more activity this holiday season 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 city imposes the LOT on its main business categories, the tax is seen as one way to gauge the health of the local economy.
     Ketchum collected nearly $249,000 in LOT receipts this January, compared to about $224,000 last January—an increase of $24,717, or 11 percent.
     In the lodging category, hotel and motel room receipts were up nearly 49 percent and condominium receipts were up about 19 percent, totaling about $5,555 and just under $17,000, respectively. Liquor receipts were up 5 percent, totaling about $22,750, and building material receipts were up almost 6 percent, totaling about $24,000. Lastly, “other retail receipts” were up nearly 11 percent, totaling just over $178,000.
    Total LOT receipts reflecting transactions made in the first quarter of fiscal 2013 (October, November and December) were up 5.6 percent, or just over $23,700, compared to the first quarter of the previous fiscal year. All in all, the city has collected about $440,400 in LOT receipts for purchases made in the first quarter of this fiscal year.
    At a City Council meeting Monday, Mayor Randy Hall said this year’s holiday LOT receipts are the highest they’ve been since 2008.
    “It’s bound to be a relief for all the entrepreneurs and business owners in town,” he said.

Brennan Rego:

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