Vail: Town financially stable
Vail, CO Colorado
VAIL, Colorado ” Vail Town Manager Stan Zemler’s anxiety level about the town’s financial situation is about a seven out of 10.
As town staff gets ready to unveil the 2009 budget, Zelmer said the Vail has felt some trickle down effects from the dismal national economic situation, but that the town is financially stable.
“I’ve got some anxiety, but I don’t think there’s a reason to panic,” Zelmer said.
The town’s 2009 budget has been projected relatively flat. It includes no new full-time employees, and had to account for higher interest rates on bond payments on the Timber Ridge property, Zelmer said.
But despite the national economy slowing, Zelmer said the town has plenty of reserve money and is having a record year for sales tax revenue. At a time when many residents across the country are spending less, Vail’s August sales tax revenue jumped 12 percent over the previous year, said Zelmer. Sales tax is the town’s largest source of revenue.
However, Zelmer said he expects little to no sales tax growth in 2009.
“We’ve made some pretty conservative projections,” he said. “We’d rather be surprised on the upside.”
Zelmer said he thought the town’s “product” helped deflect some potential economic issues.
“You can put this in bold: snow,” he said. “We had really good snow last winter, that helps tremendously. I think we have a huge number of repeat customers.”
Zelmer said town staff will bring an initial version of the 2009 budget to the Town Council on Tuesday.
“You worry about the economic effects and disposable income,” Zelmer said. “But one winter of crappy snow and you’re having a bad year.”
Staff Writer Chris Outcalt can be reached at 970-748-2931 or email@example.com.
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