HomeMy WebLinkAbout09. 180206 Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
February 6, 2018
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$3,695,305 down 3.8% from last year and down 5.3% compared to budget. Year
to date collections of $25,591,483 are down 0.7% from prior year and up 0.2%
from budget. Inflation as measured by the consumer price index was up 2.1% for
December.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $6,231,061 down 8.4% from 2016
and up 6.5% from budget. The annual 2017 RETT budget totals $5.85 million.
2016 collections included the sale of both the Vail Cascade and the Four
Seasons.
During 2017 there were a total of 8 properties sold for over $10 million, 17
properties sold between $5 and $10 million and 43 properties sold between $2.5
and $5 million. These properties accounted for 62% of the total collections year
to date RETT collections.
January collections total $266,777.
Construction Use Tax
Use Tax collections through December 31 total $1,765,030 up 1.3% compared to
$1,743,113 from this time last year. The annual budget totals $1,545,000.
January collections total $128,120.
Parking Revenue
Season to date:
Pass sales from November through January 31 total $1,123,038 up 25.3% from
prior winter season. The significant increase in pass sales was largely due to the
purchase of blue passes by Vail Health due to loss of parking during
construction.
Daily sales from the parking structures from November through January 31 total
approximately $1,395,613, down 23.3% from the prior winter season as a result
of the low snow fall in early season.
- 2 -
Together, daily and pass sales from November through January 31 total
$2,518,921, down 7.2% from the prior winter season.
Summary
Across all funds, 2017 total revenue of $59.8 million is up 0.5% from the
amended budget and down 2.1% from prior year. The majority of the difference
from prior year is related to decreased daily parking sales, and the Real Estate
Transfer Tax received for the sale of the Four Seasons in December 2016.