HomeMy WebLinkAbout04. 190205 Revenue Updates1
TOWN OF VAIL
REVENUE UPDATE
February 5, 2019
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$4,149,440 up 12.3% from last year and up 15.4% compared to budget. Year to
date collections of $27,920,200 are up 9.1% from prior year and up 7.2% from
budget. Inflation as measured by the consumer price index was up 1.9% for
December. The annual budget totals $26.0 million.
2019 budget totals $27.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $7,649,013 up 21.2% from the prior
year. Sales from the Lion have boosted RETT revenue so far this year. Without
those sales, RETT is up 11.8% from prior year. The 2018 amended budget totals
$6,430,000 and the 2019 budget totals $6,300,000.
During 2018 there were a total of 10 properties sold over $10 million, 32
properties sold between $5 and $10 million and 38 properties sold between $2.5
and $5 million. These properties accounted for 66% of the total RETT collections.
January collections total $236,583.
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.
January collections total $48,480.
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. The increase is largely due to the Vail Health project.
2
Parking Revenue
Season to date:
Pass sales from November through January 27th total $1,561,107 up $437,799
or 39.0% 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 January 27th total
approximately $2,200,114, up $816,983, or 59.1% from the prior winter season
as a result of the heavy snow fall compared to a lack luster season in the prior
year. Compared to the same time period in 2017, daily sales are up $381,329, or
21.0%.
Summary
Across all funds, year-to-date total revenue of $68.5 million is up 5.9% from
amended budget and up 9.8% from prior year. The majority of the increase from
budget is related to sales tax collections and construction fees.