HomeMy WebLinkAbout02. December Revenue Updates TOWN OF VAIL
REVENUE UPDATE
December 4, 2018
Sales Tax
Upon receipt of all sales tax returns, October collections are estimated to be
$960,193 up 6.9% from last year and up 4.1% compared to budget. Year to date
collections of $22,332,122 are up 6.9% from prior year and up 4.1% from budget.
Inflation as measured by the consumer price index was up 2.5% for October. The
annual budget totals $26.0 million.
Real Estate Transfer Tax (RETT)
RETT collections through November 27 total $6,560,208 up 14.5% from this time
last year. Sales from the Lion have boosted RETT revenue so far this year.
Without those sales, RETT is up 4.2% from prior year. Staff is proposing to adjust
the annual budget to $6,430,000 during the 3rd supplemental.
Construction Use Tax
Use Tax collections through November 27 total $3,620,114 compared to
$1,753,782 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. Staff is proposing to adjust the annual budget to $3,600,000
during the 3rd supplemental.
Construction Permits and Plan Check Fees
Revenue from construction activity of $2.6 million is up $1.2 million year to date,
81% from the prior year.
Summary
Across all funds, year-to-date total revenue of $60.3 million is up 12.6% from
amended budget and up 9.7% from prior year. The majority of the increase from
budget is related to sales tax collections and construction fees.
- 1 -