HomeMy WebLinkAbout11. January Revenue Updates TOWN OF VAIL
REVENUE UPDATE
January 2, 2018
Sales Tax
Upon receipt of all sales tax returns, November collections are estimated to be
$927,403 down 6.3% from last year and down 6.9% compared to budget. Year to
date collections of $21,741,914 are down 0.8% from prior year and up 0.5% from
budget. Inflation as measured by the consumer price index was up 2.2% for
November.
Real Estate Transfer Tax (RETT)
RETT collections through December 26 total $6,165,393 down 9.9% from this
time last year due to the sale of the Four Seasons during December 2016. The
annual 2017 RETT budget totals $5.85 million.
Construction Use Tax
Use Tax collections through December 26 total $1,764,810 down 1.5%
compared to collections of $1,791,542 from this time last year. The annual
budget totals $1,545,000.
Parking Revenue
Season to date:
Pass sales from November through December 26 total $1,014,405, up 24.4%
from prior winter season.
Daily sales from the parking structures from November through December 25
total approximately $347,824, down 49.2% from the prior winter season as a
result of the low snow fall in early season.
Together, daily and pass sales from November through December 26 total
$1,362,229, down 9.2% from the prior winter season.
Summary
Across all funds, year-to-date total revenue of $54.2 million is flat with the
amended budget and down 3.0% from prior year. The majority of the difference is
related to decreased daily parking sales, lower housing fee-in-lieu collections,
and the real estate transfer tax received for the sale of the Four Seasons in
December 2016.
- 1 -