HomeMy WebLinkAbout150203 Revenue HIghlights - 1 -
TOWN OF VAIL
REVENUE HIGHLIGHTS
February 1, 2015
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$3,810,212 up 11.3% from last year and up 13.5% compared to budget. Year to
date collections of $23,867,803 are up 8.5% from the prior year and up 3.3%
from budget. Inflation as measured by the consumer price index was up 0.8% for
December and 1.6% for the year. The annual amended budget totals $23.1
million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $6,722,693 up 45.1% ($2.1M) from
this time last year. The significant increase is mainly due to the purchase of
residential properties. So far this year there have been 10 properties sold for
over $10 million, 21 properties sold between $5 and $10 million and 43
properties sold between $2.5 and $5 million. These properties account for $4.2
million, or 63% of the total collections year to date.
The amended annual 2014 RETT budget currently totals $5.9 million.
Construction Use Tax
Use Tax collections total $1,803,145 year-to-date compared to an amended
annual budget of $1.8 million. Construction Use Tax is up 33% from collections
this time last year.
Parking Revenue
Season to date:
Pass sales from November through January 26 total $694,935, up 11.9% from
prior winter season.
Daily sales from the parking structures from November through January 26 total
approximately $1.8 million, up 16.8% from the prior winter season.
Summary
Across all funds, year-to-date total revenue of $58.8 million is up 3.6% from the
amended budget and up 14.4% from prior year, mainly due to increases in Sales
Tax, Construction Use Tax, Construction Fees and RETT collections.