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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.