HomeMy WebLinkAbout131101 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
November 1, 2013
Sales Tax
Upon receipt of all sales tax returns, September collections are estimated to be $993,308 up 1.6% from last year and up 8.7% compared to amended budget. Year to date collections of $16,834,158 are up 7.9% from last year and up 2.7%
from amended budget. This September was a record month for the town; the
second highest September was in 2012. Inflation as measured by the consumer
price index was up 1.2% for September. Approximately 80% of the $20.9 million annual budget has been collected to date.
Real Estate Transfer Tax (RETT)
RETT collections through October 29th total $3,528,216 down 16.9% from this time last year. Annual budget for 2013 totals $3,871,000, down 29% from 2012, so year to date performance is pacing better than budgeted. Of current
collections, approximately 9.4% is from major redevelopment projects including
Manor Vail, Four Seasons, Ritz Carlton Residences, Solaris, and Lions Square
Lodge North. Collections not related to major redevelopment projects currently total $3,196,415 flat with prior year.
Construction Use Tax Use Tax collections total $1,330,444 year-to-date compared to an annual budget of $1.0 million. Construction Use Tax is up 14.7% from collections this time last
year, and has already surpassed the entire 2012 tax collected of $1.2 million.
Summary
Across all funds, year-to-date total revenue of $41.9 million is up 5.8% compared
to budget and up 6.3% from prior year, with increased sales tax collections helping to offset decreases in RETT. Construction Use Tax was previously down from prior year, but has now surpassed 2012 collections due to several new
residential homes underway. Through October, the town has collected 81% of
annual budgeted revenues.