HomeMy WebLinkAbout01. 191001 Revenue Updates1
TOWN OF VAIL
REVENUE UPDATE
October 1, 2019
Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$2,205,026 up 0.5% from last year and up 10.0% compared to budget. Year to
date collections of $20,830,934 are up 4.7% from prior year and up 5.7% from
budget. Inflation as measured by the consumer price index was up 1.7% for July.
The annual budget totals $27.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through September 26 total $4,662,728 down 13.9% 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 September 26 total $2,149,360 compared to
$3,417,361 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 $50.6 million is up 1.8% from
amended budget and down 3.7% from prior year. The year over year decrease is
related to use and real estate transfer tax collections.