Truckee Town Council receives financial update
Truckee Town Council heard presentations and took action on a number of items during a roughly 5-hour session on Tuesday.
Staff presented a quarterly financial update regarding property tax collections, sales tax, and transient occupancy tax.
For the 2020-21 fiscal year, the town is projecting property tax revenues to be at $12.7 million, marking an increase of 5.4% from last year. The town’s sales tax revenue, which is its second largest source of revenue, is up 0.9%, for the quarter ending June 30. The increase in sales tax revenue, according to staff, is due to the Wayfair Decision, which is a new state law that says that businesses that don’t have a brick and mortar location have to collect sales tax. Staff’s report, however, showed substantial losses in restaurant, hotel, and fuel service station tax revenue due to the outbreak of COVID-19.
The town’s third largest source of revenue is transient occupancy tax. During the first quarter of the year — ending Sept. 30 — the town collected $1.6 million in revenue. For the quarter, the transient occupancy tax collections are up 15% compared to the same time period last year.
Town council also took action to approve additions to the town-wide fee schedule associated with its short-term rental program. New fee proposals include an annual registration fee of $300 per property for short-term rentals, and an annual fire fee of $100.
Council also authorized the town manager to execute a cost share agreement with the Truckee Donner Land Trust for design and construction related to the Truckee Springs River Front Open Space and Trail System Project. As part of the item, council also authorized the town manager to enter into a contract for design of a pedestrian bridge in the amount of $204,202.
Justin Scacco is a reporter for the Sierra Sun. Contact him at firstname.lastname@example.org or 530-550-2643.
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