Archive for Thursday, December 4, 2008
Vail's sales tax revenue falls in October
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Vail — Vail sales tax revenue was down for the month of October, but the town should still meet its revenue expectations for the year, town officials said.
The town collected $654,754 in sales taxes this October, down 4.9 percent from October 2007.
However, sales tax collections so far this year are up almost 6 percent from last year, so the town should still meet its budget even if sales tax revenues for the last three months of the year are down an average of 10 percent, said Kathleen Halloran, manager of budgets and financial reporting for Vail.
The Vail Town Council approved the town's third supplemental budget on Tuesday, approving $928,053 in expenses and $725,053 in incoming revenue.
The bulk of the additional spending was $550,000 that went to the Vail Local Marketing District for the town's winter marketing campaign.
The campaign is designed to bring visitors to Vail and includes online advertising, deals from local restaurants and lodges and advertising Vail's Snowdaze events.
The Town Council approved the spending from the town's general fund in early November. About 50 lodges or property management companies and 65 stores and restaurants have signed on to offer deals through the marketing campaign, said Vail Economic Development Manager Kelli McDonald.
Other expenditures include $10,000 for ongoing litigation and employee uniforms. The town also spent $35,000 on legal consulting and land appraisals in preparation for redeveloping Timber Ridge.
The town is looking for developers to expand and renovate the employee housing.
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