Albuquerque-Bernalillo County Government Center on Civic Plaza. (Jim Thompson/Albuquerque Journal)
ALBUQUERQUE, N.M. The financial fallout from the Balloon Fiesta cancellation has officially landed in the city of Albuquerque’s books, but pinpointing it is a tricky proposition.
Newly released numbers show that the city’s total gross receipts tax revenue for October was $1.77 million, or 4.4%, less than the same month in 2019.
Direct year-to-year comparisons are difficult, due to significant variations between 2019 and 2020. That includes both COVID-19 and changes in how much revenue the state is sharing with the city.
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But Albuquerque’s city economist is estimating that losing the 2020 Albuquerque International Balloon Fiesta accounted for about $1.5 million of October’s gross receipts tax decline.