|
In a healthy local economy:
Where are we coming from? From 1992 to 2002, the total
number of jobs in the City grew by just under 2,000, or 6.8%. Private sector
jobs grew by 9.5%. In some years, there were losses, but the overall trend was
upward. From 2003-06, total jobs grew by 1.9%, while private sector jobs
essentially were level.
Don’t we care just as much about the quality of jobs as about the number
of jobs? Yes. It might be better to have a lower rate of
increase, if more of the jobs were “livable” jobs. Unfortunately, right now
there is no good way to measure livable job growth.
How do we measure this? The
Vermont Department of
Employment & Training reports the average annual employment in the City on an
annual basis.
Where are we coming from? As of April 2004, the taxable
listed value of commercial real estate in the City was $369,943,700. The taxable
listed value of industrial real estate was $17,790,800. The taxable value of
business equipment and machinery was $127,992,100. The City also receives
Payments in Lieu of Taxes (PILOT) from nonprofits (such as Fletcher Allen Health
Care and the University of Vermont) which are exempt from paying property taxes;
in FY03, the City received a total of $3,286,426 in PILOT.
In 2005, the City undertook a reappraisal. Post-reappraisal, the
taxable listed value of commercial real estate was $624,085,294;
industrial real estate was $43,629,400; and business equipment and
machinery was $125,174,620. Pre- and post-reappraisal values are not
comparable. The chart below shows changes in value post-reappraisal;
overall, values in the past two years have essentially been static.
The reappraisal showed that overall, residential property values
had increased more significantly than nonresidential values,
resulting in an overall value and tax burden shift from commercial
property to residential homes and commercial apartments. PILOT
payments actually decreased as a result of reappraisal; in FY2006,
the city received only $2,774,372. PILOT payments in PY2007 did rise
to $3,143,435.
Why is this important? Property taxes are a main source of
revenue for municipal services and for public education. (Burlington depends
less on property taxes than most other Vermont municipalities, but more than
most comparably-sized cities in the rest of the country.) A healthy
nonresidential tax base not only reflects a healthy local economy, but also
spreads the property tax burden between businesses and homeowners.
How do we measure this? Information on taxable values
comes from the
Grand
List, maintained by the City Assessor’s Office. Information on PILOT
comes from the Clerk Treasurer's Office.
Where are we coming from? With the completion of
renovations to the downtown mall space in the Burlington Town Center, the
downtown retail vacancy rate rebounded. As of June 2007, the downtown retail
vacancy rate was 4.0% and the downtown office vacancy rate was also 4.0%. Both
vacancy rates downtown are running lower than suburban commercial vacancy rates.
The downtown share of retail sales has suffered from competition from
suburban big box stores. . In 2006, Burlington’s updated share of county gross
receipts was 19.6%. (Gross receipts numbers are not verified, and may contain
some inaccuracies. However, we are using gross receipts rather than taxable
retail receipts because a change in state policy making clothing purchases under
$110 exempt from sales tax means that taxable sales don’t accurately measure the
strength of retailing, especially in the City.) The City’s 2006 updated share of
county rooms, meals and alcohol taxes was 30.0%.
How do we measure this? The Allen & Brooks Report
describes retail and office vacancy rates every six months. The
Vermont Tax Department reports retail
sales tax collections and rooms, meals and alcohol tax collections annually, and
then updates those numbers.
Where are we coming from? As of 2000, Burlington had a
much higher percentage of residents (53.5%) who work in the town where they live
than any other Chittenden County town. However, that percentage had declined by 5%
from 1990. We’d like to see that number move upward over the next ten years.
Why is this important? Living and working in the same
community is one measure of “smart growth” or, on the flip side, “sprawl.”
How do we measure this? The
Census reports this information every ten
years.
Where are we coming from? As of 2000, the median family
income for Burlington was $46,012. (At the median figure, half of
the families have less income and half have more.) For Vermont, the median family
income was $48,625.
Why is median income lower in the City? The geographic
concentration of basic human services and affordable housing within Burlington,
coupled with inadequate mass transit, forces individuals and families with
limited resources to locate within the City - so that as some residents move up
the economic ladder, new demands will likely continually arise. We may never
reach the state median, but we’d like to close the gap.
How do we measure this? The
Census reports this
information every ten years.
Page last updated
April 04, 2008
|
