Market loss was ‘justified,’ Minturn manager says
MINTURN, Colorado ” Last summer’s Minturn Market lost about $39,500, but that number doesn’t include an estimated $20,000 to $25,000 that the market generated in sales tax revenue from vendors.
It’s appropriate for the town to invest that amount of money in the summer-long market series, which brings thousands of people to Minturn, said Town Manager Gary Suiter.
“I think it’s justified,” Suiter said. “A lot of governments subsidize events to bring people into town.”
There’s even more benefits from the people who stick around and patronize Minturn’s restaurants and shops, he added.
Suiter said the market plans to break even this summer ” and that’s not including the sales tax that the market would generate.
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A shortened scheduled ” 11 events instead of 13 ” and a competitive bidding process have decreased costs, Suiter said. Longtime local Randy Milhoan was recently awarded a $38,500 contract to run the market this summer.
Last year, a local company was awarded a $50,000 contract to run the market, Suiter said.
In 2007, when town staff ” not contract labor ” was used to run the market, it lost $19,028. In 2006, again using town staff for labor, the market made $4,864. Those figures do not include sales tax generated by the market.
In comparison, Vail provides some funding for the Vail Farmers Market, which runs for 15 weeks in the summer. Vail’s Commission on Special Event is providing $56,000 to the Vail Farmers Market this year, while the town of Vail is providing another $5,850 in cash and $4,500 in in-kind donations. Last year, the town saw $26,012 in sales tax and $6,375 in license fees from the market. Those revenues do not include taxes from stores that already have regular business licenses in the town.
The first Minturn Market is slated for June 27. The markets take place every Saturday.
Staff Writer Edward Stoner can be reached at 970-748-2929 or email@example.com.