HomeMy WebLinkAbout121001 Revenue Highlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
September 27, 2012
Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$1,363,785 up 4.1% from August 2011 and up 17.6% compared to the amended
budget. Year to date of $14,582,556 is up $493,781 or 3.5% from last year at this
time and up 3.5% from budget. Inflation as measured by the consumer price
index was up 1.7 % for August. The annual budget for sales tax totals
$18,900,000.
Real Estate Transfer Tax (RETT)
RETT collections through September 27th total $3,518,190 up 17.0% from this
time last year, and nearing the annual budget of $3.8 million. Of current
collections, approximately 23.3% is from major redevelopment projects including
Arrabelle, Landmark, Lions Square Lodge North, Manor Vail, Mountain View,
One Willow Bridge, Ritz Carlton Residences, Solaris, and The Sebastian.
Collections not related to major redevelopment projects currently total
$2,698,682 up 72.4% from prior year.
Revenue from Construction Activity:
Use tax collections currently total $1,119,514 exceeding the amended annual
budget of $1.0 million. The increase in activity is due to both significant home
renovations as well as a few larger commercial renovation projects.
Construction Permit revenue totals $607,390 compared to the amended annual
budget of $625,000, and exceeding entire collections for 2011 of $526,043.
Plan Check Fees currently total $376,283, exceeding the amended annual
budget of $350,000 and exceeding entire collections for 2011 of $324,981.
Summary
Across all funds and revenue accounts through September 27, 2012, total
revenue of $36.6 million is up 6.7% year-to-date from the budget and down 3.1%
($1.2 million) from this time last year. The decrease from last year is due to
reductions in parking revenue ($550,000), property tax collections ($800,000) as
anticipated in the budget for 2012, and the streetscape lawsuit settlement
($577,000) in 2011. We have currently received 66% of total budgeted revenues
for the year.