HomeMy WebLinkAbout140801 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
August 1, 2014
Sales Tax
Upon receipt of all sales tax returns, June collections are estimated to be
$1,146,192 up 12.0% from last year and up 10.7% compared to budget. Year to
date collections of $13,752,365 are up 8.1% from the prior year and up 6.0%
from budget. Inflation as measured by the consumer price index was up 2.1% for
June and up 1.7% for the first half of the year. The amended annual budget
totals $23.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through July 28 total $3,438,326 up 51.0% ($1.1M) from this
time last year. The significant increase is mainly due to the purchase of
residential properties. So far this year there have been 5 properties sold for over
$10 million, 11 properties sold between $5 and $10 million and 22 properties sold
between $2.5 and $5 million. These properties account for $2.0 million, or 59%
of the total collections year to date.
The amended annual RETT budget currently totals $4.9 million.
Construction Use Tax
Use Tax collections total $853,951 year-to-date compared to an amended annual
budget of $1.5 million. Construction Use Tax is up 21.0% ($146,908) from
collections this time last year.
Summary
Across all funds, year-to-date total revenue of $35.8 million is up 6.3% from the
amended budget and up 11.5% from prior year, mainly due to increases in both
Sales Tax and RETT collections.