HomeMy WebLinkAbout140130 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
January 30, 2014
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$3,417,353 up 14.9% from last year and up 11.8% compared to amended
budget. Year to date collections of $21,958,197 are up 9.5% from last year and
up 5.0% from amended budget. Inflation as measured by the consumer price
index was up 1.5% for the year.
Real Estate Transfer Tax (RETT)
RETT collections through December total $4,633,055 down 15.0% from this time
last year, but exceeding the annual budget of $3,871,000. Of current collections,
12.8% 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 $4,037,754 down 4.3%
from prior year.
Construction Use Tax
Use Tax collections total $1,360,585 year-to-date compared to the amended
budget of $1.35 million. Construction use Tax is up 11.3% from prior year.
Parking Revenue
Season to date:
Pass sales from November through January 28 total $612,840, up 9.9% from
prior winter season.
Daily sales from the parking structures total approximately $1.5 million, up 12.9%
from the prior winter season.
Summary
Across all funds, year-to-date total revenue of $49.9 million is up 4.3% compared
to budget and up 1.9% 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. **Total revenues not final for 2013**