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HomeMy WebLinkAbout131231 Revenue HIghlights - 1 - TOWN OF VAIL REVENUE HIGHLIGHTS December 31, 2013 Sales Tax Upon receipt of all sales tax returns, November collections are estimated to be $922,868 up 11.7% from last year and up 16.8% compared to amended budget. Year to date collections of $18,458,163 are up 8.1% from last year and up 3.3% from amended budget. This November was a record month for the town; the second highest November was in 2012 at $825,873. Inflation as measured by the consumer price index was up 1.2% for November. Approximately 88% of the $20.9 million annual budget has been collected to date. Use Tax Use tax collections as of December 31, 2013 total $1,360,325 compared with $1,222,134 at this time last year, up 11.3%. The annual budget was recently amended to $1.35 million. Real Estate Transfer Tax (RETT) RETT collections through December 31 total $4,501,517 down 17.4%, or approximately $950,000 from the prior year. The annual budget of $3.87 million has been exceeded. Of current collections, approximately 9.5% 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 $4,074,067 down 3.5% from the prior year. Summary Across all funds, total revenue of $46.4 million is up 3.7% from budget and up 1.1% from prior year (a decrease in property tax collections and parking revenue has been offset by sales tax performance). These numbers do not include December sales tax collections or parking structure revenue from the final weeks of December.