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.