Tourism revenues grow in first quarter

By Carlie Kollath | Daily Journal

TUPELO – The Tupelo Convention and Visitors Bureau ended its fiscal first quarter on a high note, posting nearly a 9 percent growth in tourism sales tax revenues.
The Tupelo CVB board on Monday reported collections of $845,362 for August, September and October. The figure grew 8.67 percent from the $777,949 brought in for the first quarter of fiscal year 2010.
The revenues come from a 2 percent tax on hotels, motels and restaurants in Tupelo.
The current year’s collections were boosted by a 27.1 percent jump in September. Chairman Neal McCoy cited the Toyota plant ramp-up as a driver for the increase, especially in the hotel industry.
For the October figures, which are recorded in December, revenues dipped 0.1 percent.
The CVB ended fiscal year 2010 with an annual growth of 5.8 percent.
City Clerk Kim Hanna said at Monday’s board meeting the CVB is on target with revenues and is under budget on expenses. The CVB ended the quarter with a $2,591,830 fund balance. The fund is comprised primarily of cash in a money market account.

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