Revenue exceeds LTVA expectations |

Revenue exceeds LTVA expectations

Andy Bourelle

It was a good year for the Lake Tahoe Visitors Authority.

A financial report for the fiscal year 1998 indicated – compared to a typical year – more than $1 million of revenue was raised. It also showed an increase in South Shore transient occupancy tax, sales tax and average daily room rate.

“I’m thankful the economy has improved because of the efforts of the LTVA,” said Mike Weber, LTVA board member.

The LTVA raised $7,787,919.

LTVA had expected a 3 percent return on invested dollars for Douglas County and the city of South Lake Tahoe, which would have been $17 million for South Lake Tahoe and $12 million for Douglas County.

However, those expectations were exceeded: South Lake Tahoe had a 5 percent return with $27 million, and Douglas County had an 8 percent return with $24 million.

Based on a five-year average, TOT in South Lake Tahoe was $632,963 from October 1997 to June 1998, up 10 percent. Douglas County raised $594,643, an increase 16 percent.

Sales tax was up from last year: $814,269 for South Lake Tahoe and $11,963,615 for Douglas County.

The average daily rates were the highest they have been in three years: $62 in South Lake Tahoe and $88 in Douglas County.

The total economic impact of the LTVA was an increased revenue of $27 million in South Lake Tahoe and $24 million in Douglas County. The total – $51 million – was $21 million more than projected.

The $51 million resulted in a 7-1 return on the invested dollar.

“I think it’s very impressive,” said LTVA board member Don Miner.

Miner said LTVA would have liked more indicators than just sales tax, TOT and average daily rate. However, he said the report was a good indicator of a productive year.

“These are really good indicators,” he said. “They are all pretty key.”

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