Vail sales tax revenues up for 2008
Vail, CO Colorado
VAIL, Colorado ” The revenue numbers are in for 2008, and Vail, Colorado finished strong overall, although the town will take a more conservative approach to the coming year.
The Vail Town Council will hear full update of 2008 revenues at its Tuesday meeting. Highlights of the update includes reports that 2008 sales tax revenues, which make up the biggest portion of the town’s budget, were up almost 4 percent from 2007.
Sales tax numbers started dropping in September, and December’s numbers were down almost 6 percent from December 2007. However, a strong spring in 2008 helped make up for the recent months’ shortfalls, said Kathleen Halloran manager of budgets and financial reporting for the town.
“We are in a good place as far as our fund balances,” she said. “Coming into ’09 we’re going to be very conservative and anticipate that things will be down a bit.”
Real estate transfer taxes for 2008, collected for the sale of a property, were also up 31 percent from 2007. The increase was mostly the result of major redevelopment projects including the Arrabelle, the Chalets at the Lodge at Vail, and Manor Vail.
The town doesn’t expect to see the same amounts from the transfer taxes this year, but will still see some revenue as the Four Seasons Resort and Ritz Carlton Club are finished, Halloran said.
The town council will also make a decision on new ordinances that would regulate construction lighting in the villages. Neighbors and other residents had complained that the night lights from major construction sites were shining on their properties or were an eyesore from even across the interstate.
The town has added rules to its nuisance ordinances to try to solve the problem.
Vail town staff will also update the council on a study for the Chamonix affordable housing project. The town plans to build an affordable neighborhood and fire station on the West Vail land, and a group is currently studying the project to determine how many homes can be built there and at what cost.
The study is more than halfway completed.
The Vail Town Council will meet for its work session meeting next at 12:30 p.m. next Tuesday. The evening session will begin at 6 p.m. The meetings are held in the council chambers of the Vail municipal building. The full agendas of the meetings can be found at http://www.vailgov.com.
Staff Writer Melanie Wong can be reached at 970-748-2928 or firstname.lastname@example.org.