HomeMy WebLinkAbout14. 161004 Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
October 4, 2016
Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$1,805,798 up 6.1% from last year and up 2.6% compared to budget. Year to
date collections of $18,582,662 are up 2.2% from prior year and up 0.4% from
budget. Inflation as measured by the consumer price index was up 1.1% for
August. The annual budget totals $25.6 million.
Real Estate Transfer Tax (RETT)
RETT collections through September 26 total $3,817,790 down 16.1% from this
time last year. 2015 annual collections totaled $6,965,617, a record year since
the peak in 2008. The annual 2016 RETT budget currently totals $6.5 million, a
decrease of 6.7% from prior year collections.
Construction Use Tax
Use Tax collections through September 26 total $1,510,272 down 27.8% from
this time last year. The annual budget totals $1,545,000.
Summary
Across all funds, year-to-date total revenue of $44.8 million is up 4.5% from the
amended budget and down 1.2% from prior year. 2016 budget to actual
variances are related to an increase in parking revenue received in 2016. Year-
to-date parking revenue is up 17.2% compared to budget and up 12.3% from
prior year. 2016 actual variances from 2015 relates to housing fee-in-lieu. In
2015 housing fee-in-lieu collections totaled $1.9M with the majority of that
received from the Vail Valley Medical Center for reconstruction.