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Home My WebLink About121204 Revenue Highlights - 1 - TOWN OF VAIL REVENUE HIGHLIGHTS November 28th, 2012 Sales Tax Upon receipt of all sales tax returns, October collections are estimated to be $618,948 down 0.7% from October 2011 and up 2.4% compared to the amended budget. Year to date of $16,200,345 is up $592,005 or 3.8% from last year at this time and up 4.6% from budget. Inflation as measured by the consumer price index was up 2.2 % for October. The annual budget for sales tax currently totals $18,900,000. Real Estate Transfer Tax (RETT) RETT collections through November 28th total $4,559,330 up 16.7% from this time last year, and surpassing the annual budget of $3.8 million. Of current collections, approximately 23.8% 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 $3,472,451 up 50.2% from prior year. Revenue from Construction Activity: Use tax collections currently total $1,193,945 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 $707,467 exceeding the amended annual budget of $625,000, and exceeding entire collections for 2011 of $526,043. Plan Check Fees currently total $440,232, 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 November 28th, 2012, total revenue of $40.9 million is up 4.4% year-to-date from the budget and down 3.4% ($1.5 million) from this time last year. The decrease from last year is due to reductions in parking revenue ($600,000), 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 72% of total budgeted revenues for the year.