HomeMy WebLinkAbout07. Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
February 7, 2017
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$3,840,884 down 1.2% from last year and down 3.9% compared to budget. Year
to date collections of $25,763,209 are up 2.5% from the prior year and up 0.7%
from budget. Inflation as measured by the consumer price index was up 2.1% for
December. The annual budget totals $25.6 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31, 2016 total $6,801,765 down 2.4% from
2015 and up 4.6% from budget. 2015 annual collections totaled $6,965,617, a
record year since the peak in 2008. The annual 2016 RETT budget totals $6.5
million, a decrease of 6.7% from prior year collections. During 2016 there were a
total of 7 properties sold for over $10 million, 8 properties sold between $5 and
$10 million and 38 properties sold between $2.5 and $5 million. These properties
account for 61% of the total collections year to date
January collections currently total $550,724.
Construction Use Tax
Use Tax collections through December 31 total $1,791,351 down 19.7%
compared to $2,229,809 from this time last year. The annual budget totals
$1,545,000.
January collections currently total $21,120.
Ski Lift Tax
Lift Tax collections for 2016 was a record year, exceeding $5.0 million for the first
time. Collections through December 31 total $5,032,970 up $5.7% from 2015 and
up 6.5% from budget.
Parking Revenue
Season to date:
Pass sales from November through January 31 total $903,710 up 0.3% from
prior winter season.
Daily sales from the parking structures from November through January 17 total
approximately $1,414,373, down 6.5% from the prior winter season.
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Summary
Across all funds, year-to-date total revenue of $62.4 million is up 4.0% from the
amended budget and down 2.3% from prior year. While sales tax collections for
2016 are up 2.5% YTD from prior year, overall 2016 revenue appears down from
2015 due to the $1.9M in housing fee-in-lieu (majority of which was received from
Vail Valley Medical Center) in 2015. Excluding housing fee-in-lieu from 2015 and
2016 revenue collections, 2016 year-to-date revenue is flat with 2015.