|STEADY GROWTH INDICATED|
LOT PROGRAM CONTINUES TO GROW 11-6-13 LMS
End of fiscal year statistics are showing the Local Option Tax program is slowly but surely gaining more revenue every year.
LOT Commission Chairman and City Councilman Jim Bockelman told the November 6 meeting of the Salmon City Council that the fund balance for the start of fiscal year 2014 is $34,519.
Figures show 2013 outperformed 2012 by $5,103 and exceeded 2011 by $10,651. The voter approved program began in January 2010, having missed the first three months of the fiscal year. Comparing LOTís nine months of operation in 2010 with the same nine months of 2011 show 2011 surpassed 2010 by $2,792.
Bockelman reported LOT funded 26 requests in 2013 for a total of $100,474. Of those funds the swimming pool received $9,807 and Special Events received $56,698. A total of $6,576 went to City Promotions/Development and Visitor Information and $3,850 was awarded to Economic Growth and Advertising. Recreational opportunities received $23,500. The cost of administrating the tax amounted to $42 with no expenditures for advertising or legal work.
Bockelman said that based on a conservative estimate of $85,000 in revenue for 2014 plus the $34,500 fund balance; there should be at least $119,500 of funding available in 2014.
Financial statistics for the 2013 Local Option Tax revenues and expenditures were presented to the October 29 LOT Commission meeting by City Finance Director Amy Fealko.
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