Tyson Smith, Regional Economist
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Monday, April 27, 2015
San Juan County Economic Update
Tyson Smith, Regional Economist
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
Thursday, December 6, 2012
County Proposes Hold-the-line Budget for 2013
The Grand County Council has approved a tentative 2013 budget that does not increase property taxes or add new employees.
The council voted 4-0 on Monday, Nov. 26, for a tentative $20 million operating budget – roughly the same amount as the current year, said Grand County Clerk and Auditor Diana Carroll.
The only growth in next year’s proposed budget is an additional $760,384 anticipated from the Transient Room Tax, which is scheduled to increase from 3 percent to 4.25 percent starting Jan. 1, 2013.
Council members decided Monday to add $55,274 to the Moab Area Travel Council budget and $50,000 to trail maintenance from that TRT revenue. To make up for those additions, they reduced the amount that law enforcement will receive by $905,332.
Besides holding the line against a property tax increase next year, the proposed budget does not call for a cost-of-living increase for county employees. Carroll said some workers who had been receiving lower salaries than their counterparts elsewhere in the state will receive a small boost in salary – an action the council previously approved.
The new budget would also not contain funding for a Grand County Sheriff’s Office communications director. The office sought that position, saying a reduction in overtime would pay for the position.
One noteworthy item in the proposed budget involves funding for the Grand County Road Department, Carroll said. About $126,000 was taken from the general fund this year to pay for a road grader, and that cost will be made up through a reduced roads budget next year, under the 2013 budget plan. Moab Times-Independent
The council voted 4-0 on Monday, Nov. 26, for a tentative $20 million operating budget – roughly the same amount as the current year, said Grand County Clerk and Auditor Diana Carroll.
The only growth in next year’s proposed budget is an additional $760,384 anticipated from the Transient Room Tax, which is scheduled to increase from 3 percent to 4.25 percent starting Jan. 1, 2013.
Council members decided Monday to add $55,274 to the Moab Area Travel Council budget and $50,000 to trail maintenance from that TRT revenue. To make up for those additions, they reduced the amount that law enforcement will receive by $905,332.
Besides holding the line against a property tax increase next year, the proposed budget does not call for a cost-of-living increase for county employees. Carroll said some workers who had been receiving lower salaries than their counterparts elsewhere in the state will receive a small boost in salary – an action the council previously approved.
The new budget would also not contain funding for a Grand County Sheriff’s Office communications director. The office sought that position, saying a reduction in overtime would pay for the position.
One noteworthy item in the proposed budget involves funding for the Grand County Road Department, Carroll said. About $126,000 was taken from the general fund this year to pay for a road grader, and that cost will be made up through a reduced roads budget next year, under the 2013 budget plan. Moab Times-Independent
Monday, July 30, 2012
Protect Utah’s outdoors economy
World class recreational opportunities are found throughout Utah, Colorado and Wyoming, a region that boasts one of the most successful recreation economies in the country, thanks to several national parks and iconic landscapes such as the San Rafael Swell, the Dirty Devil River and Desolation Canyon.
For decades these fantastic natural areas, which include world-famous paddling, rock climbing, mountain biking, canyoneering and hiking, have reliably attracted tourists to our hometown of Moab.
These unique recreation opportunities also attract permanent residents, resulting in an increased tax base for our town that has helped fund a new hospital, pool, library and school in the last five years alone. Our community depends on these regional recreational assets to protect our local economy and quality of life.
A recent Outdoor Industry Association study shows that as the national economy slumped, the outdoor recreation industry grew, driving $646 billion in annual spending and supporting 6.1 million domestic jobs. Salt Lake Tribune
Wednesday, July 11, 2012
Health Care Board sets tax, reviews year-to-date report
The San Juan Health District Board welcomed a new member, Guy Denton, to represent the Blanding area, at their June 28 board meeting. Denton said, “Health care has been an important part of my life the last 15 years and I am glad to be able to be involved. “
The Board unanimously voted to continue the county trend of “revenue neutral” by adopting a tax rate lower than the certified tax rate. The previous year’s rate for the health district was .000972 and the new approved rate is .000946.
Chief Financial Officer Lyman Duncan reported that overall patient days at San Juan Hospital dropped to 94 in May, which is the lowest for the year. He also reported that for the year, 2012 has 207 more bed days as compared to last year. San Juan Record
The Board unanimously voted to continue the county trend of “revenue neutral” by adopting a tax rate lower than the certified tax rate. The previous year’s rate for the health district was .000972 and the new approved rate is .000946.
Chief Financial Officer Lyman Duncan reported that overall patient days at San Juan Hospital dropped to 94 in May, which is the lowest for the year. He also reported that for the year, 2012 has 207 more bed days as compared to last year. San Juan Record
Thursday, June 14, 2012
San Juan County takes close look at tax rates
San Juan County taxpayers may find some relief in their tax bill according to preliminary discussions of San Juan County Commissioners regarding the recently released state certified tax rate.
County Clerk Norman Johnson presented the certified tax rate to the San Juan County Commission at their June 11 meeting.
Johnson said that with increased valuation and new growth in the county, the certified tax rate has dropped by two percent from the previous year. If it is accepted by the commission, it will bring approximately $275,000 in additional revenue to the county due to new growth. San Juan Record
County Clerk Norman Johnson presented the certified tax rate to the San Juan County Commission at their June 11 meeting.
Johnson said that with increased valuation and new growth in the county, the certified tax rate has dropped by two percent from the previous year. If it is accepted by the commission, it will bring approximately $275,000 in additional revenue to the county due to new growth. San Juan Record
Thursday, May 10, 2012
TRT increase narrowly appoved by county council
Despite weeks of debate by the Grand County Council and a number of letters objecting to a proposed increase to the transient room tax in Grand County, council members passed the measure by a 4-3 vote this week. The TRT rate – taxes charged for motel and other lodging rentals – will increase from 3 percent to 4.25 percent.
Council members Chris Baird, Chris Conrad, Audrey Graham, and Pat Holyoak all voted to approve the increase after hearing further discussion on the issue from Baird during the meeting. Council members Jim Nyland, Ken Ballantyne, and Gene Ciarus opposed the increase.
Baird, who spearheaded the proposal to increase the TRT, again stressed his belief that the increase would be beneficial to the county. Baird had previously said the higher tax rate would add $728,000 to the county’s revenue. He also said it would help relieve the burden on local property owners, who currently pay most of the cost for county services for area residents and the 2 million visitors to the county each year. Grand County only has 5 percent of land that is taxable to create revenue for the county’s general fund. Moab Times-Independent
Council members Chris Baird, Chris Conrad, Audrey Graham, and Pat Holyoak all voted to approve the increase after hearing further discussion on the issue from Baird during the meeting. Council members Jim Nyland, Ken Ballantyne, and Gene Ciarus opposed the increase.
Baird, who spearheaded the proposal to increase the TRT, again stressed his belief that the increase would be beneficial to the county. Baird had previously said the higher tax rate would add $728,000 to the county’s revenue. He also said it would help relieve the burden on local property owners, who currently pay most of the cost for county services for area residents and the 2 million visitors to the county each year. Grand County only has 5 percent of land that is taxable to create revenue for the county’s general fund. Moab Times-Independent
Friday, April 20, 2012
Local business owners urge county to leave TRT rates unchanged
Two local businessmen spoke out against a proposed increase in Grand County’s transient room tax, saying a higher tax would negatively impact their tourist-based businesses. During the April 17 public hearing regarding a Grand County Council motion to increase the TRT from 3 percent to the maximum allowed 4.25 percent, Doug Sorenson and Brian Merrill asked the council to explore other avenues to raise additional revenue for the county.
Increasing the tax would generate an estimated $728,000 in extra funds, according to council member Chris Baird.
In a presentation to the council, Baird said the TRT increase is necessary in order for the county to successfully manage its budget without increasing property taxes during tough economic times. Baird noted that more than two million visitors come to Moab each year and use county services during their stay. However, those services are paid for through revenue created by the TRT and property taxes in the county, placing much of the burden on local taxpayers.
Increasing the tax would generate an estimated $728,000 in extra funds, according to council member Chris Baird.
In a presentation to the council, Baird said the TRT increase is necessary in order for the county to successfully manage its budget without increasing property taxes during tough economic times. Baird noted that more than two million visitors come to Moab each year and use county services during their stay. However, those services are paid for through revenue created by the TRT and property taxes in the county, placing much of the burden on local taxpayers.
“Over the years, we’ve worked very hard to cut the budget every year to make sure that in times like this during the recession we are not imposing a property tax increase on our property owners,” Baird said. “I’ve also watched a variety of our fund balances decrease… We are now at the point where a couple of those, which are pretty important, will be depleted by the end of this year.”
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