HomeMy WebLinkAbout05. 190108 Revenue Updates - 1 -
TOWN OF VAIL
REVENUE UPDATE
January 8, 2019
Sales Tax
Upon receipt of all sales tax returns, November collections are estimated to be
$1,134,234 up 13.7% from last year and up 13.1% compared to budget. Year to
date collections of $23,483,143 are up 7.2% from prior year and up 4.6% from
budget. Inflation as measured by the consumer price index was up 2.2% for
November. The annual budget totals $26.0 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $7,533,515 up 19.3% from this time
last year. Sales from the Lion have boosted RETT revenue so far this year.
Without those sales, RETT is up 10.0% from prior year. The 2018 amended
budget totals $6,430,000.
Construction Use Tax
Use Tax collections through December 31 total $3,689,130 compared to
$1,740,754 from this time last year. The majority of the increase in Use Tax
collections is related to the next phase of the Vail Health remodel and increased
residential remodels. The 2018 amended budget totals $3,600,000.
Construction Permits and Plan Check Fees
Revenue from construction activity of $2.75 million is up $1.3 million year to date,
92.3% from the prior year.
Parking Revenue
Season to date:
Pass sales from November through December 31 total $1,475,932 up $435,381
or 41.8% from prior winter season. The majority of the increase in pass sales
was largely due to purchases by local businesses and increased interest in value
passes.
Daily sales from the parking structures from November through December 31
total approximately $1,211,346, up $702,128, or 137.9% from the prior winter
season as a result of the heavy snow fall in early season compared to lack luster
early season in the prior year.
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Summary
Across all funds, year-to-date total revenue of $62.3 million is up 5.1% from
amended budget and up 9.2% from prior year. The majority of the increase from
budget is related to sales tax collections and construction fees.