HomeMy WebLinkAbout161206 Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
December 6, 2016
Sales Tax
Upon receipt of all sales tax returns, October collections are estimated to be
$892,231 up 6.8% from last year and up 5.8% compared to budget. Year to date
collections of $20,902,270 are up 3.0% from prior year and up 1.75% from
budget. Inflation as measured by the consumer price index was up 1.6% for
October. The annual budget totals $25.6 million.
Real Estate Transfer Tax (RETT)
RETT collections through October 25 total $4,645,291 down 14.5% 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 $1,648,737 down 20.8% from
this time last year. The annual budget totals $1,545,000.
Summary
Across all funds, year-to-date total revenue of $51.9 million is up 2.4% from the
amended budget and down 2.9% from prior year. While sales tax and lift tax
collections for 2016 are up 3% and 13% YTD from prior year, overall 2016
revenue appears down from 2015 due to the $1.9M in housing fee-in-lieu
(majority of which was received from Vail Valley Medical Center) in 2015.