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.