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HomeMy WebLinkAbout161004 Revenue Updates - 1 - TOWN OF VAIL REVENUE UPDATE October 4, 2016 Sales Tax Upon receipt of all sales tax returns, August collections are estimated to be $1,805,798 up 6.1% from last year and up 2.6% compared to budget. Year to date collections of $18,582,662 are up 2.2% from prior year and up 0.4% from budget. Inflation as measured by the consumer price index was up 1.1% for August. The annual budget totals $25.6 million. Real Estate Transfer Tax (RETT) RETT collections through September 26 total $3,817,790 down 16.1% 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 September 26 total $1,510,272 down 27.8% from this time last year. The annual budget totals $1,545,000. Summary Across all funds, year-to-date total revenue of $44.8 million is up 4.5% from the amended budget and down 1.2% from prior year. 2016 budget to actual variances are related to an increase in parking revenue received in 2016. Year- to-date parking revenue is up 17.2% compared to budget and up 12.3% from prior year. 2016 actual variances from 2015 relates to housing fee-in-lieu. In 2015 housing fee-in-lieu collections totaled $1.9M with the majority of that received from the Vail Valley Medical Center for reconstruction.