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TOWN OF VAIL
REVENUE HIGHLIGHTS
November 1, 2014
Sales Tax
Upon receipt of all sales tax returns, September collections are estimated to be
$1,051,222 up 5.7% from last year and up 5.2% compared to the amended
budget. Year to date collections of $18,321,151 are up 8.6% from the prior year
and up 1.1% from the amended budget. Inflation as measured by the consumer
price index was up 1.7% for September.
Real Estate Transfer Tax (RETT)
RETT collections through October 29 total $5,409,844 up 48.5% ($1.3M) from
this time last year. The significant increase is mainly due to the purchase of
residential properties. So far this year there have been 6 properties sold for over
$10 million, 19 properties sold between $5 and $10 million and 31 properties sold
between $2.5 and $5 million. These properties account for $3.4 million, or 63%
of the total collections year to date.
The amended annual RETT budget currently totals $4.9 million.
Construction Use Tax
Use Tax collections total $1,692,555 year-to-date compared to an amended
annual budget of $1.5 million. Construction Use Tax is up 27% from collections
this time last year.
Summer Ski Lift Tax
Collections for summer Lift Tax total $94,888 up 57.4% from the prior year at this
time.
Summary
Across all funds, year-to-date total revenue of $47.9 million is up 13.6% from the
amended budget and up 15% from prior year, mainly due to increases in Sales
Tax, Construction Use Tax and RETT collections.