TUPELO – The Tupelo Convention and Visitors Bureau on Monday reported a 4.83 percent drop in October’s tourism tax revenues.
The CVB in December collected $247,131 in revenues for October, compared to $259,676 in October 2008.
The decrease comes after an 8.21 percent fall in September.
The revenues are derived from a 2 percent tax on hotels, motels and restaurants. The CVB, the tourism branch of the city, is responsible for using the money for tourism-related activities, such as sponsoring festivals, promoting area attractions to tourists and cultivating the city as a sporting destination.
Sales tax revenues for the CVB’s fiscal year currently are 3.2 percent below the previous fiscal year.
The CVB ended fiscal year 2009 with tourism tax revenues of $3,147,444, up 1.19 from the previous fiscal year.
As of Dec. 31, the CVB has a total fund balance of $2,057,433.
Carlie Kollath/NEMS Daily Journal