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June financials: PIFs beat budget, construction-related sales lagging
Summary
Finance staff told council that June results were $2.3M favorable to budget (excluding transfers) driven by permit impact fees (PIFs) from the Imperial Hotel; sales tax and accommodations were slightly below budget while real estate transfer tax outperformed.
Town finance staff presented the June financial report, saying overall revenues (excluding transfers) were favorable by about $2.3 million year-to-date and that PIFs and building-permit receipts related to the Imperial Hotel exceeded expectations.
"Our full year PIFs budget was 2,300,000, and through June, we're already at 3,400,000," a finance staffer reported. Sales-tax collections were mixed: overall sales tax ran about 3% below budget and accommodations tax about 6% below, while real-estate transfer tax was about 20% above budget. Construction-sector taxable sales were weaker and down roughly 32% in a recent month-to-month comparison, a trend staff attributed in part to tax-exempt projects and the timing of large builds.
Councilors asked about using permit-tracking as a leading indicator for future construction revenue, and staff said they are expanding reporting to better model permitting, project phasing and geographic impacts within town. Staff noted a one-time timing variance related to a Lyft ticket-tax payment that will be trued up in next month’s packet.
