Loading...
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.