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HomeMy WebLinkAbout140901 Revenue HIghlights - 1 - TOWN OF VAIL REVENUE HIGHLIGHTS September 1, 2014 Sales Tax Upon receipt of all sales tax returns, July collections are estimated to be $1,813,290 up 9.6% from last year and up 14.2% compared to the original budget. Year to date collections of $15,580,620 are up 8.4% from the prior year and up 7.0% from the original budget. The annual budget was recently increased to $23.1 million. Inflation as measured by the consumer price index was up 2.0% for July and up 1.7% for the first half of the year. Real Estate Transfer Tax (RETT) RETT collections through August 27 total $3,849,757 up 41.3% ($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, 13 properties sold between $5 and $10 million and 23 properties sold between $2.5 and $5 million. These properties account for $2.5 million, or 65% of the total collections year to date. The amended annual RETT budget currently totals $4.9 million. Construction Use Tax Use Tax collections total $1,281,338 year-to-date compared to an amended annual budget of $1.5 million. Construction Use Tax is up 53.7% ($447,421) from collections this time last year. Summary Across all funds, year-to-date total revenue of $49.7 million is up 0.6% from the amended budget and up 14.2% from prior year, mainly due to increases in Sales Tax, Construction Use Tax and RETT collections.