Wednesday, October 1, 2014

July LOT receipts hit record level

Nearly $875,000 collected for air service

Express Staff Writer

    If July sales receipts are an indicator, some Ketchum businesses raked in solid profits toward summer’s end. General retail and liquor-by-the-drink receipts from local-option taxes saw some of the biggest returns compared with 2013 equivalents.
    Ketchum residents voted in a new 1 percent LOT last year to subsidize commercial air service into Friedman Memorial Airport. The additional tax was added to liquor-by-the-drink and room/condominium taxes (raising the taxes from 2 to 3 percent) and building materials and retails sales (raising the taxes from 1 to 2 percent).
    The 1 percent LOT increase, for which collection began in January, saw its highest numbers yet, almost clearing $200,000 in July. The second-best numbers to date were collected in April at just under $130,000. For the first seven months of 2014, Ketchum has collected nearly $875,000 from the new tax, which is passed on to support and market commercial flights.

Liquor-by-the-drink in Ketchum was a big seller in July—the second-highest month for fiscal year 2013-2014.

    There was $26,000 more in Ketchum’s coffers this July garnered from miscellaneous retail receipts than the July prior. It was the second-highest month of the 2013-2014 fiscal year, at just over $156,000. December 2013 saw the highest returns at $182,000. The new 1 percent LOT provided $155,000 for air service from the miscellaneous retail category this July, the highest return since the tax was enacted.
    Room and condominium receipts were slightly down compared with July 2013 numbers, but largely up from June 2014’s collected amount. Sales tax for room receipts for Ketchum came in at just over $18,000 last month and condominium receipts at $9,500. The 1 percent LOT pulled in over $9,000 from room receipts and almost $4,800 from condo receipts.
    Liquor-by-the-drink in Ketchum was a big seller in July—the second-highest month for fiscal year 2013-2014 and over $2,000 more than July 2013, collecting over $25,500. The 1 percent LOT for Air garnered $12,800—a more than $2,300 increase from the month with the second-highest 1 percent liquor receipts, March 2014.
    Sales tax receipts for building materials was the only category that didn’t see its highest numbers this July for the 1 percent LOT. The $17,000 collected made July the second-highest month for the 1 percent LOT after April’s numbers of nearly $29,000.
    September’s LOT receipts will be the last of the 2013-2014 fiscal year. The new fiscal year begins Oct. 1.    

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