HomeMy WebLinkAbout111206 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
November 30, 2011
Sales Tax
Upon receipt of all sales tax returns, October collections are estimated to be
$609,393 up 2.5% from last year and 4.6% up compared to budget. Year to date
collections of $15.6 million are up 11.1% from prior year. The year to date and
full year budgets have been amended by $900,000 to reflect additional
collections earlier in the year. Year to date revenue is up 13.9% from the original
budget and up 6.8% from the amended budget. Inflation as measured by the
consumer price index was up 3.5% in October.
Use Tax
Use tax collections as of November 30, 2011 total $730,483 compared with
$1,071,153 at this time last year, down 32%. The annual budget of $500,000
assumed a decrease of 55%, and will be adjusted during the budget reading
tonight.
Real Estate Transfer Tax (RETT)
RETT collections through November 30 total $3,911,729 down 39% from this
time last year. Annual budgeted revenue of $4.7 million will be adjusted
downward by $400,000. Of current collections, approximately $1,596,718 or 41%
is from major redevelopment projects including Arrabelle, Four Seasons,
Landmark, Manor Vail, Mountain View, Ritz Carlton Residences, Solaris, and
The Sebastian. Collections not related to major redevelopment projects currently
total $2,315,011, down 4.0% from this time last year.
Summary
Across all funds, total revenue of $42.2 million is up 5.3% from budget and down
6.7% or approximately $2.1 million from this time last year, mainly due to a
decrease in RETT collections. We have currently received 84% of total budgeted
revenues for the year.