HomeMy WebLinkAbout190903 Revenue Updates1
TOWN OF VAIL REVENUE UPDATE September 3, 2019
Sales Tax Upon receipt of all sales tax returns, July collections are estimated to be $2,462,816 up 2.1% from last year and up 8.3% compared to budget. Year to date collections of $18,643,582 are up 5.3% from prior year and up 5.4% from
budget. Inflation as measured by the consumer price index was up 1.8% for July.
The annual budget totals $27.1 million. Real Estate Transfer Tax (RETT)
RETT collections through August 27 total $3,761,157 down 21.2% from this time
last year. 2018 was a record year, with annual collections totaling $7.6M, up 21% from 2017. The annual 2019 RETT budget totals $6,300,000.
Construction Use Tax
Use Tax collections through August 27 total $1,946,228 compared to $3,094,712 from this time last year. The large difference from prior year is due to use tax collections from Vail Health remodel. The annual budget totals $2,220,000.
Summary Across all funds, year-to-date total revenue of $46.7 million is up 2.4% from amended budget and down 4.2% from prior year. The year over year decrease is related to use and real estate transfer tax collections.