HomeMy WebLinkAbout01A. 181106 Revenue Updates - 1 -
TOWN OF VAIL REVENUE UPDATE November 6, 2018 Sales Tax Upon receipt of all sales tax returns, September collections are estimated to be $1,516,769 up 9.5% from last year and up 7.8% compared to budget. Year to date collections of $21,316,585 are up 6.8% from prior year and up 4.0% from
budget. Inflation as measured by the consumer price index was up 2.3% for September. The annual budget totals $26.0 million. Real Estate Transfer Tax (RETT)
RETT collections through October 30 total $5,996,631 up 14.8% from this time last year. Sales from the Lion have boosted RETT revenue so far this year. Without those sales, RETT is up 3.5% from prior year. The annual 2018 RETT budget totals $6.1 million.
Construction Use Tax Use Tax collections through October 30 total $3,843,615 compared to $1,664,202 from this time last year. The majority of the increase in Use Tax collections is related to the next phase of the Vail Health remodel. The annual
budget totals $1,975,900. Construction Permits and Plan Check Fees Revenue from construction activity of $2.5 million is up $1.1 million year to date,
up 85% from the prior year. Summary Across all funds, year-to-date total revenue of $55.0 million is up 11.4% from
amended budget and up 11.9% from prior year. The majority of the increase from budget is related to sales tax collections and construction fees.