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HomeMy WebLinkAbout05. 190108 Revenue Updates - 1 - TOWN OF VAIL REVENUE UPDATE January 8, 2019 Sales Tax Upon receipt of all sales tax returns, November collections are estimated to be $1,134,234 up 13.7% from last year and up 13.1% compared to budget. Year to date collections of $23,483,143 are up 7.2% from prior year and up 4.6% from budget. Inflation as measured by the consumer price index was up 2.2% for November. The annual budget totals $26.0 million. Real Estate Transfer Tax (RETT) RETT collections through December 31 total $7,533,515 up 19.3% from this time last year. Sales from the Lion have boosted RETT revenue so far this year. Without those sales, RETT is up 10.0% from prior year. The 2018 amended budget totals $6,430,000. Construction Use Tax Use Tax collections through December 31 total $3,689,130 compared to $1,740,754 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 and increased residential remodels. The 2018 amended budget totals $3,600,000. Construction Permits and Plan Check Fees Revenue from construction activity of $2.75 million is up $1.3 million year to date, 92.3% from the prior year. Parking Revenue Season to date: Pass sales from November through December 31 total $1,475,932 up $435,381 or 41.8% from prior winter season. The majority of the increase in pass sales was largely due to purchases by local businesses and increased interest in value passes. Daily sales from the parking structures from November through December 31 total approximately $1,211,346, up $702,128, or 137.9% from the prior winter season as a result of the heavy snow fall in early season compared to lack luster early season in the prior year. - 2 - Summary Across all funds, year-to-date total revenue of $62.3 million is up 5.1% from amended budget and up 9.2% from prior year. The majority of the increase from budget is related to sales tax collections and construction fees.