HomeMy WebLinkAbout120603 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
May 2 9 , 2012
Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$1 ,15 2 ,764 down 3 .3 % from last year and down 0 .2 % compared to budget. The
ski season (November – April) are estimated to be up 3.9% from the prior ski
season. The 2011/12 ski season had the largest sales tax collection ever. Year
to date collections of $10,162,480 are up 2 .3% from last year and up 9 .87 % from
budget. Inflation as measured by the consumer price index was up 2 .3 % for
April .
Real Estate Transfer Tax (RETT)
RETT collections through May 30 th total $2,179,487 up 1 .6 % from this time last
year . Of current collections, a pproximately 1 6 % i s from major redevelopment
projects including Arrabelle, Four Seasons, Lan dmark, Manor Vail, Mountain
View, Ritz Carlton Residences, Solaris, and The Sebastian . Collections not
related to major redevelopment projects currently total $1,826 ,713 , up 71 % from
prior year.
Use Tax
Use tax collections currently total $608,659, exc eeding the annual budget of
$515,000. The increase in activity is due to both significant home renovations as
well as a few larger commercial renovation projects.
Summary
Across all funds and revenue accounts through May 29 , 201 2 , total revenue of
$2 6 .2 million is up 1.4 % year -to -date from budget and down 1.3% from this time
last year. We have currently received 50 % of total budgeted revenues for the
year.