HomeMy WebLinkAbout160906 Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
September 6, 2016
Sales Tax
Upon receipt of all sales tax returns, July collections are estimated to be
$2,009,597 up 3.7% from last year and up 2.8% compared to budget. Year to
date collections of $16,771,362 are up 1.8% from prior year and up 0.1% from
budget. Inflation as measured by the consumer price index was up 0.8% for July.
The annual budget totals $25.6 million.
Real Estate Transfer Tax (RETT)
RETT collections through August 29 total $3,029,824 down 23.9% from this time
last year. 2015 annual collections totaled $6,965,617, a record year since the
peak in 2008. The annual 2016 RETT budget currently totals $6.5 million, a
decrease of 6.7% from prior year collections.
Construction Use Tax
Use Tax collections through August 29 total $1,413,580 down 17.3% from this
time last year. The annual budget totals $1,545,000.
Summary
Across all funds, year-to-date total revenue of $42.9 million is up 3.4% from the
amended budget and down 2.2% from prior year. 2016 Budget to actual
variances are related to parking revenue. Year-to-date parking revenue is up
17.2% compared to budget and up 12.3% from prior year. Variances from 2015
year-to-date revenue relates to housing fee-in-lieu. In 2015 housing fee-in-lieu
collections totaled $1.9M mostly from Vail Valley Medical Center reconstruction.