Vail revenues meet budget forecasts
Vail, CO Colorado
VAIL, Colorado – Town of Vail year-end revenues for 2009 were on pace with budget projections, according to preliminary information compiled by the town’s finance department.
The town will collect an estimated $42.5 million across all funds for the year. The town’s finances were monitored closely during 2009 and included ongoing budget adjustments to reduce expenditures in response to reduced revenue expectations as the town felt the impact of the economic slowdown that began in the fall of 2008. Although total revenues did not meet the record high of $58 million collected in 2008 when the town’s redevelopment peaked, they are similar to the more typical level of 2005, town officials said.
Sales tax collections totaled $16.9 million for 2009, exceeding the annual budget by 1.8 percent and down 13.9 percent from 2008 collections of $19.6 million. The 4 percent sales tax is the town’s single largest revenue source, representing 35 percent of annual funding.
Collections of the 1 percent Real Estate Transfer Tax in 2009 totaled an estimated $2.5 million, which exceeded budget projections by 3.6 percent. The projections had been lowered in anticipation of the development slowdown following a record year in 2008 with $9.1 million collected.
Total parking revenue of nearly $5 million in 2009 exceeded the previous year by 5.7 percent, but was down 8.4 percent from the 2009 budget. This revenue consists of both revenue from pass sales and daily sales from the parking structures. Parking revenue started strong in early 2009 due to favorable snow conditions, but lagged in November and December due to low snowfall.
The town’s revenues and overall economic health will be discussed during the Town of Vail annual community meeting on March 9 at Donovan Pavilion.
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