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HomeMy WebLinkAbout05. Revenue Updates, July 2017 - 1 - TOWN OF VAIL REVENUE UPDATE July 11, 2017 Sales Tax Upon receipt of all sales tax returns, May collections are estimated to be $598,155 down 8.6% from last year and down 10.9% compared to budget. Year to date collections of $12,938,305 are down 3.8% from prior year and down 0.2% from budget. Inflation as measured by the consumer price index was up 1.9% for May. The annual sales tax budget has been amended to $25.5 million, updated to reflect the current shortfall. Real Estate Transfer Tax (RETT) RETT collections through June 30 total $3,186,630 up 47.4% from this time last year. The annual 2017 RETT budget totals $5.85 million. Construction Use Tax Use Tax collections through June 30 total $970,736 down 22% compared to collections of $1,125,174 from this time last year. The annual budget totals $1,545,000. Summary Across all funds, year-to-date total revenue of $30.2 million is down 0.7% from the amended budget and down 1.4% from prior year. These variances are the result of decreases in sales tax and construction fees.