Finance Committee Meeting Materials - 01-28-2021JANUARY 28, 2021 - FINANCE COMMITTEE MEETING MATERIALS PAGE 1 | 1
FINANCE COMMITTEE MEETING MATERIALS
THURSDAY, Janurary 28, 2021
1.Financials YTD Data Report
2.Quarterly RETT Report
3.RETT Presentation (will be added Monday 1/25)
FISCAL YEAR 2020
FINANCIAL REPORT
January 26th, 2021
______________________________________________________________________________________
1.Financial Report Cover Memo
2.Sales and Accommodations Tax Reports – YTD through November
3.Accommodations Tax Report – YTD through November
4.Tobacco Tax & Cigarette Tax – YTD through November
5.Real Estate Transfer Tax Report and Monthly Detail – YTD through December
6.Recreation Center Admissions – YTD through December
7.Recreation Center Program Fees - YTD through December
8.General Fund Year-To-Date Expenditures - YTD through December
9.Fleet Maintenance Fund Year-To Date Expenditures - YTD through December
10.Mobility Fund Year-To Date Expenditures - YTD through December
To: Honorable Mayor Sarah Smith Hymes, Avon Town Council
From: Joel McCracken, Senior Accountant
Date: January 26th, 2021
Agenda Topic: Fiscal Year 2020 Financial Report – Year to date revenue collections
Revenues
SALES TAX
Year-to-date sales tax revenue through November totals $7,602,799. This represents a decrease of 0.30%
or $22,952 from the previous year and is a 4.44% positive variance over the final cumulative monthly
amended budget, which is based on the average of the relative monthly percentages of taxes collected
over a 5-year period. The year-to-date total is $96,564 over the original budget estimate. Beginning in
May, after the reopening of businesses, sales tax for the 7-month period from May-November is up by
$277,130, nearly eclipsing the loss of sales tax for the two months of business shut-down.
The month of November sale tax revenues increased by $88,646 or 17.21% over the same period in the
previous year.
Year to date sales tax collections by industry compared to one year ago have increased $180,227.69 for
Home/Garden, $137,147.12 for Grocery-Specialty-Health, $13,096.77 for Sporting Goods Retail-Rental,
$23,327.82 for Miscellaneous Retail, $38,051.73 for Liquor Stores, $95,884.82 for E-Commerce Retail,
$74,082.52 for Construction Related Materials, $6,943.06 for Digital Medial Suppliers/Sellers, and
$26,899.69 for Commercial and Industrial Equipment. Year to date sales tax collections have decreased
by $276,615.68 for Accommodations, $200,051.97 for Restaurants/Bars, $87,502.85 for Other,
$27,864.37 for Service Related, $26,040.16 for Manufacturing/Wholesale, and $181.02 for Special Events.
-
500,000.00
1,000,000.00
1,500,000.00
2,000,000.00
2,500,000.00
Sales Tax Comparison by Industry
YTD-2019 YTD-2020
2
Amended Budgeted Revenue Comparison
With the adoption of Resolution 20-14 in May, the Town amended the budget for estimated revenues of
sales tax, accommodation tax, and recreation center fees due to COVID-19 and the impact to the local
economy. The amended budget decreased estimated revenues by $1,591,120 for sales tax, $825,579 for
accommodations tax, 703,772 for recreation admissions, and $271,565 for all recreation program fees.
Subsequently, the COVID19 impact on Town sales taxes was less severe than these conservative estimates
and the final budget was amended back up by $1,320,825 or a 3.05% reduction from the previous years
actual sales tax revenues.
Licenses Issued 2019 v 2020 2019 2020
Business License - Fixed Location 276 279
Business License - Home Occupation 66 68
Business License - Peddler / Solicitor 4 1
Business License - Short Term Accommodation 202 235
Business License - Special Event 50 85
Business License - Vendor 818 874
Contractor License 217 183
Sales Tax License 448 352
Grand Total 2081 2077
-
750,000.00
1,500,000.00
2,250,000.00
3,000,000.00
3,750,000.00
4,500,000.00
5,250,000.00
6,000,000.00
6,750,000.00
7,500,000.00
8,250,000.00
Sales Tax Accommodation Tax Recreation
Admissions
Recreation Program
Fees
Amended Budget v Actual Revenues YTD Comparison
Amended Budget (YTD)Actual Revenues (YTD)
3
ACCOMMODATIONS TAX
Year-to-date accommodations tax revenue through November totals $1,023,205. This represents a
decrease of 19.24% or $243,708 from the previous year yet is a 7.49% positive variance over the final
cumulative monthly amended budget, which is based on the average of the relative monthly percentages
of taxes collected over a 5-year period. The year-to-date total is $237,116 under the original budget
estimate. Since June accommodation taxes are down an average of 11.14% compared to the previous
year.
The month of November accommodation tax revenues decreased by $19,933 or 28.32% over the same
period in the previous year.
Year to date accommodation tax collections have decreased for vacation rentals by $11,220, $74,739 for
time shares and $159,911 for hotels compared to the previous year.
-
100,000.00
200,000.00
300,000.00
400,000.00
500,000.00
600,000.00
700,000.00
800,000.00
Time Shares Hotels Vacation Rentals
Accommodation Tax by Type
YTD 2019 YTD 2020
4
TOBACCO TAX and CIGARETTE TAX
Year-to-date tobacco tax (40% rate) revenues through November total $182,236, an increase of 45.82%
from the previous year. Year-to-date tobacco tax revenues have a positive variance of 25.34% compared
to the original budget estimate of $160,000 and a positive variance of 8.41% compared to the final revised
budget of $185,000.
Year-to-date cigarette tax revenues total $236,172.81, an increase of 35.21% from the previous year. The
number of packs sold has also increased by 18,569 packs. Year-to-date cigarette tax revenues through
November show a positive variance of 14.68% over the original budget estimate of $225,000.
-
50,000.00
100,000.00
150,000.00
200,000.00
250,000.00
Tobacco Tax
40% Rate
Cigarette Tax
Per Pack Fee
Tobacco Tax
Interest
Tobacco Tax
Penalty
Number of
Packs Sold*
YTD Tobacco Tax Revenues 2019 v 2020
YTD 2019 YTD 2020
5
REAL ESTATE TRANSFER TAX
Real estate transfer tax collections for all of 2020 totaled $5,885,996.38, an increase of 17.37% from the
previous year and a positive variance of 95.55% over the cumulative monthly budgets, which is based on
average of the relative monthly percentages of taxes collected over a 5-year period.
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2016 2017 2018 2019 2020
Year
2016-2020 Real Estate Transfer Tax Yearly Revenues
6
RECREATION CENTER ADMISSIONS
YTD recreation admission fees totaled $429,382.96 a 57.17% decrease from the previous year. This is a
53.07% negative variance compared to the monthly original budget and a 6.54% negative variance
compared to the final monthly amended budget which is based on average of the relative monthly
percentages of taxes collected over a 5-year period.
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2016 2017 2018 2019 2020
2016 -2020 Recreation Center Admissions Yearly Revenues
7
RECREATION CENTER PROGRAM FEES
Year to date recreation center program fees totaled $314,433 which is a 16.59% decrease from the
previous year. This is a 16.73% negative variance compared to the monthly original budget and 11.89%
positive variance compared to the final monthly amended budget which is based on average of the relative
monthly percentages of taxes collected over a 5-year period.
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
2016 2017 2018 2019 2020
2016-2020 Recreation Center Program Fees Yearly Revenues
8
Expenditures
Year-to-date General Fund expenditures for 2020 total 85.35% of the total adopted budget. These
expenditures include insurance premiums, computer services, events, community grants, equipment
replacement, contract services, janitorial and legal services.
Year-to-date Fleet expenditures for 2020 total 83.14% of the total budget. These costs include
expenditures of stock parts, fleet maintenance, debt service interest, and insurance premiums.
Year-to-date Mobility funds expenditures for 2020 total 84.89% of the total budget. These
expenditures include costs of diesel, fleet maintenance, equipment replacement, capital lease
payments, and insurance premiums.
TOWN OF AVON
SALES TAX
2020 Actual vs. Budget
Budget YTD Collections Budget % of change % change
2015 2016 2017 2018 2019 2020 2020 Variance from 2019 from Budget
January 765,195.68$ 743,689.78$ 792,562.03$ 825,816.08$ 819,179.33$ 823,329$ 841,459.85$ 18,130.35$ 2.72%2.20%
February 788,999.06 774,754.00 798,923.33 785,412.03 809,165.90 825,585 820,617.44 (4,967.60) 1.42%-0.60%
March 875,499.53 945,795.71 918,657.55 1,014,399.70 1,130,669.61 1,019,141 872,489.74 (146,651.52) -22.83%-14.39%
April 403,560.42 438,198.18 425,727.85 394,986.15 424,685.32 435,435 349,051.52 (86,383.31) -17.81%-19.84%
May 353,840.11 404,872.55 394,689.30 418,628.58 422,685.32 416,149 424,081.54 7,932.51 0.33%1.91%
June 570,424.51 693,675.00 650,794.65 757,498.52 725,800.03 708,950 801,965.52 93,015.12 10.49%13.12%
July 601,516.82 690,342.23 682,024.81 696,374.00 751,776.85 713,924 700,496.72 (13,427.74) -6.82%-1.88%
August 572,647.57 593,398.26 618,515.44 639,569.12 677,421.62 647,064 683,538.19 36,474.67 0.90%5.64%
September 595,235.68 667,949.51 690,883.92 680,720.64 903,289.81 738,134 894,037.55 155,903.15 -1.02%21.12%
October 423,701.53 451,303.71 458,645.68 490,977.90 445,742.30 473,658 611,080.29 137,422.48 37.09%29.01%
November 438,315.55 445,336.04 435,975.05 456,409.92 515,203.70 478,012 603,849.77 125,838.12 17.21%26.33%
December 1,159,160.45 1,247,832.82 1,183,666.21 1,264,626.23 1,460,062.64 1,317,544
Total 7,548,096.91$ 8,097,147.79$ 8,051,065.82$ 8,425,418.87$ 9,085,682.43$ 8,596,926$ 7,602,668.13$ 323,286.23$ -0.30%4.44%
Actual Collections
$6,400,000
$6,600,000
$6,800,000
$7,000,000
$7,200,000
$7,400,000
$7,600,000
$7,800,000
2016 2017 2018 2019 2020
Year
2016 -2020 Year-to-Date Sales Tax Revenues
TOWN OF AVON
ACCOMMODATIONS TAX
2020 Actual vs. Budget
Budget YTD Collections Budget % change % change
2015 2016 2017 2018 2019 2020 2020 Variance 2019 to budget
January 164,361.04$ 168,424.63$ 190,207.82$ 181,588.99$ 197,879.22$ 153,832$ 188,669.38$ 34,837.52$ -4.65%22.65%
February 175,056.31 185,370.53 194,804.88 186,147.24 203,190.38 161,009 217,069.65 56,060.20 6.83%34.82%
March 183,650.29 217,387.54 201,008.55 206,783.36 246,969.61 179,969 128,344.90 (51,624.60) -48.03%-28.69%
April 34,825.13 60,916.55 38,340.02 33,275.27 31,824.90 33,952 8,630.96 (25,321.19) -72.88%-74.58%
May 28,002.56 37,357.48 39,961.98 42,618.10 47,259.21 33,273 13,289.59 (19,983.71) -71.88%-60.06%
June 53,397.46 73,591.08 83,723.31 94,803.78 92,411.81 67,830 51,186.00 (16,643.94) -44.61%-24.54%
July 86,301.22 107,595.18 119,300.76 119,458.02 131,645.50 96,190 112,238.30 16,048.71 -14.74%16.68%
August 75,107.71 87,674.05 100,628.23 98,193.15 110,203.30 80,423 101,457.62 21,034.41 -7.94%26.15%
September 60,417.74 68,139.11 81,837.60 85,257.82 89,362.90 65,629 95,186.71 29,557.78 6.52%45.04%
October 38,706.72 45,738.23 48,223.10 53,236.86 45,781.00 39,493 56,679.15 17,186.42 23.80%43.52%
November 34,328.47 37,570.50 46,397.08 47,934.88 70,385.29 40,333 50,452.72 10,119.58 -28.32%25.09%
December 198,421.26 200,114.56 189,505.28 185,008.67 219,964.12 169,267 -
Total 1,132,575.91$ 1,289,879.44$ 1,333,938.61$ 1,334,306.14$ 1,486,877.24$ 1,121,201.00$ 1,023,204.98$ 71,271.19$ -19.24%7.49%
0.88 0.97 1.00 0.90 1.33
Actual Collections
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
2016 2017 2018 2019 2020
2016 -2020 Year to Date Accommodations Tax Revenues
TOWN OF AVON
Tobacco Tax Revenue
2020 Actual vs. Budget
Budget YTD Collections $ Change % of Change % Variance
2016 2017 2018 2019 2020 2020 2019 2019 to Budget
January - - - - 5,487.00$ 7,381$ 12,926.46$ 7,439.46$ 135.58%75.14%
February - - - - 21,144.74 28,442 12,212.75 (8,931.99) -42.24%-57.06%
March - - - - 7,894.94 10,620 12,613.44 4,718.50 59.77%18.78%
April - - - - 15,416.30 20,737 12,340.11 (3,076.19) -19.95%-40.49%
May - - - - 4,832.53 6,500 14,952.14 10,119.61 209.41%130.02%
June - - - - 11,088.32 14,915 15,920.80 4,832.48 43.58%6.74%
July - - - - 13,318.93 17,915 23,534.44 10,215.51 76.70%31.36%
August - - - - 15,381.23 20,689 22,980.58 7,599.35 49.41%11.07%
September - - - - 12,646.85 17,011 19,330.12 6,683.27 52.85%13.63%
October - - - - 8,458.60 11,378 18,295.39 9,836.79 116.29%60.80%
November - - - - 9,306.56 12,518 17,130.22 7,823.66 84.07%36.84%
December - - - - 12,559.58 16,894
Total -$ -$ -$ -$ 137,535.58$ 185,000 182,236.45$ 57,260.45$ 45.82%8.41%
Final Amended Budget 185,000.00
Variance, Favorable (Unfavorable)(2,763.55)$
Actual Collections
$0
$50,000
$100,000
$150,000
$200,000
2016 2017 2018 2019 2020
Year-to-Date Tobacco Tax Revenue
TOWN OF AVON
CIGARETTE TAX REVENUE
2020 Actual vs. Budget
Budget YTD Collections $ Change % of Change % change
2015 2016 2017 2018 2019 2020 2020 2019 2019 to budget
January - - - - 6,649.98$ 7,840.81$ 17,252.91$ 10,602.93$ 159.44% 120.04%
February - - - - 23,741.64 27,993.12 17,376.30 (6,365.34)$ -26.81% -37.93%
March - - - - 23,073.42 27,205.24 16,659.00 (6,414.42)$ -27.80% -38.77%
April - - - - 18,392.25 21,685.80 16,188.00 (2,204.25)$ -11.98% -25.35%
May - - - - 28,462.95 33,559.89 23,781.00 (4,681.95)$ -16.45% -29.14%
June - - - - 10,050.45 11,850.21 24,732.00 14,681.55$ 146.08% 108.71%
July - - - - 18,693.15 22,040.58 28,215.21 9,522.06$ 50.94% 28.01%
August - - - - 6,141.15 7,240.86 25,701.00 19,559.85$ 318.50% 254.94%
September - - - - 15,846.00 18,683.59 23,972.55 8,126.55$ 51.28% 28.31%
October - - - - 15,297.00 18,036.27 22,062.84 6,765.84$ 44.23% 22.32%
November - - - - 8,322.00 9,812.24 20,232.00 11,910.00$ 143.11% 106.19%
December - - - - 16,157.94 19,051.39 -
Total -$ -$ -$ -$ 190,827.93$ 225,000$ 236,172.81$ 61,502.82$ 35.21%14.68%
Budget 225,000.00
Variance, Favorable (Unfavorable) 11,172.81$
Actual Collections
$0
$50,000
$100,000
$150,000
$200,000
$250,000
2016 2017 2018 2019 2020
Year to Date Cigarette Tax Revenue
TOWN OF AVON
REAL ESTATE TRANSFER TAX
2020 Actual vs. Budget
Budget YTD Collections $ Change % of Change % change
2015 2016 2017 2018 2019 2020 2020 2019 2019 to budget
January 48,640.40$ 64,422.00$ 107,390.00$ 264,063.20$ 72,520.00$ 89,978.07$ 179,460$ 106,940.00$ 147.46% 99.45%
February 85,479.08 200,850.86 270,815.26 269,578.51 298,730.16 181,794.79 567,486 268,756.33 89.97% 212.16%
March 168,744.22 265,061.65 254,737.53 344,556.74 180,819.76 196,084.73 113,350 (67,469.76) -37.31% -42.19%
April 125,266.30 159,046.06 249,938.93 122,312.21 312,899.53 156,597.56 140,135 (172,764.87) -55.21% -10.51%
May 237,971.08 184,987.10 377,490.82 351,236.93 278,241.63 230,976.49 100,257 (177,985.07) -63.97% -56.59%
June 294,434.84 307,127.24 703,419.85 343,140.71 237,143.93 304,527.49 222,169 (14,974.64) -6.31% -27.04%
July 396,838.68 259,977.94 219,208.74 272,420.41 86,755.74 199,522.35 234,702 147,946.42 170.53% 17.63%
August 152,380.93 186,483.40 592,467.49 343,249.80 400,027.60 270,499.97 608,328 208,300.76 52.07% 124.89%
September 291,223.61 321,957.68 423,013.80 311,022.50 604,158.92 315,206.25 732,112 127,953.18 21.18% 132.26%
October 172,855.22 641,688.59 497,642.58 330,671.24 359,782.63 323,486.89 906,843 547,060.37 152.05% 180.33%
November 169,328.38 315,109.37 425,402.80 211,818.76 570,245.09 273,293.66 461,399 (108,846.20) -19.09% 68.83%
December 225,862.90 588,514.66 227,918.50 196,105.45 1,597,177.98 458,031.73 1,600,283 3,105.40 0.19% 249.38%
Total 2,369,025.64$ 3,495,226.55$ 4,349,446.30$ 3,360,176.46$ 4,998,502.97$ 3,000,000$ 5,866,525$ 868,021.92$ 17.37% 95.55%
Budget 3,000,000
Variance, Favorable (Unfavorable) 2,866,525
Actual Collections
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2016 2017 2018 2019 2020
Year
2016-2020 Real Estate Transfer Tax Yearly Revenues
TOWN OF AVON
RECREATION CENTER ADMISSION FEES
2020 Actual vs. Budget
Budget YTD Collections Budget % of change % change
2015 2016 2017 2018 2019 2020 2020 Variance from 2019 from Budget
January 62,607.00$ 64,723.00$ 74,674.00$ 88,582.09$ 72,981.86$ 37,959.89$ 79,231.98$ 41,272.09$ 8.56%108.73%
February 63,838.00 68,506.00 86,342.00 75,952.60 64,868.20 37,535.87 70,588.43 33,052.56$ 8.82%88.06%
March 77,902.00 81,664.00 76,023.00 79,071.20 78,824.90 41,083.52 34,641.33 (6,442.19)$ -56.05%-15.68%
April 61,760.00 55,452.00 67,398.00 61,817.56 53,085.20 31,271.93 1,436.70 (29,835.23)$ -97.29%-95.41%
May 43,119.00 50,067.40 54,337.00 50,252.60 63,563.00 27,286.23 713.50 (26,572.73) -98.88%-97.39%
June 55,052.00 58,430.50 58,044.00 62,135.02 68,601.20 31,559.05 12,372.10 (19,186.95) -81.97%-60.80%
July 61,472.00 66,399.80 65,873.60 72,441.40 88,528.43 37,035.59 22,389.96 (14,645.63) -74.71%-39.54%
August 63,233.00 66,388.60 76,558.30 73,573.10 70,491.40 36,568.79 23,879.29 (12,689.50) -66.12%-34.70%
September 36,846.00 44,719.00 49,017.70 49,315.70 55,598.60 24,588.09 34,484.00 9,895.91 -37.98%40.25%
October 75,818.00 61,167.00 51,833.00 59,692.77 58,055.60 32,008.39 28,628.30 (3,380.09) -50.69%-10.56%
November 29,570.00 71,384.00 72,114.00 126,981.80 51,281.50 36,682.27 26,028.90 (10,653.37) -49.24%-29.04%
December 77,672.00 112,201.00 169,092.78 186,927.10 276,537.00 85,869.37 94,988.47 9,119.10 -65.65%10.62%
Total 708,889.00$ 801,102.30$ 901,307.38$ 986,742.94$ 1,002,416.89$ 459,449$ 429,382.96$ (30,066.04)$ -57.17%-6.54%
.
Actual Collections
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2016 2017 2018 2019 2020
2016 -2020 Recreation Center Admissions Revenues
TOWN OF AVON
RECREATION CENTER PROGRAM FEES
2020 Actual vs. Budget
Budget YTD Collections Budget % of change % change
2015 2016 2017 2018 2019 2020 2020 Variance from 2019 from Budget
January 23,252.13$ 17,133.04$ 28,815.64$ 32,368.50$ 26,095.68$ 19,046$ 27,872.08$ 8,825.85$ 6.81%46.34%
February 20,734.70 22,435.59 28,915.58 35,279.57 23,197.74 19,479 25,526.28 6,047.67 10.04%31.05%
March 15,184.33 19,132.72 29,016.16 28,669.46 27,280.96 17,796 14,589.59 (3,206.23) -46.52%-18.02%
April 18,360.00 18,538.66 26,397.13 45,827.30 31,132.63 20,925 2,152.78 (18,771.85) -93.09%-89.71%
May 22,175.69 39,447.85 44,605.22 37,300.42 31,335.76 26,088 7,748.60 (18,339.35) -75.27%-70.30%
June 31,443.66 33,369.05 45,885.37 37,231.17 34,568.93 27,227 36,744.13 9,517.38 6.29%34.96%
July 29,162.29 44,969.88 46,745.40 49,968.33 43,607.82 31,994 42,860.51 10,866.34 -1.71%33.96%
August 31,055.94 46,025.52 52,318.40 64,320.46 49,982.60 36,358 64,082.29 27,724.46 28.21%76.25%
September 18,209.25 36,240.11 30,853.05 41,463.74 34,704.93 24,090 34,839.01 10,749.28 0.39%44.62%
October 20,380.77 22,068.60 26,881.06 26,782.63 22,588.68 17,709 18,069.54 360.53 -20.01%2.04%
November 20,095.40 30,866.78 25,906.72 24,952.65 20,749.47 18,286 13,731.58 (4,554.69) -33.82%-24.91%
December 21,918.03 30,294.89 37,309.30 26,328.09 31,740.68 22,019 26,216.53 4,197.55 -17.40%19.06%
Total 271,972$ 360,523$ 423,649$ 450,492$ 376,986$ 281,016$ 314,432.92$ 33,416.92$ -16.59%11.89%
Actual Collections
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
2016 2017 2018 2019 2020
2016-2020 Recreation Center Program Fees Revenues
Dept./Div. 2020 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
General Government:
111 Mayor and Town Council 267,768$ 835$ 255,514$ 11,419$ 95.74%
112 Boards and Commissions 19,650 - 10,291 9,359 52.37%
113 Town Attorney 205,000 - 226,258 (21,258) 110.37%
115 Town Clerk 139,737 2,458 120,669 16,610 88.11%
121 Municipal Court 128,141 2,798 123,006 2,337 98.18%
131 Town Manager 412,154 - 380,790 31,364 92.39%
133 Community Relations 266,211 2,625 214,765 48,821 81.66%
134 Economic Development 143,250 - 121,759 21,491 85.00%
136 Special Events 392,195 42,372 305,557 44,266 88.71%
137 Community Grants 97,000 1,250 92,800 2,950 96.96%
COVID-19 477,621 28,886 554,272 (105,536) 122.10%
Total General Government 2,548,727 81,223 2,405,679 61,824 97.57%
Human Resources Department:
132 Human Resources 570,734 25,810 530,282 14,642 97.43%
Finance & IT Department:
141 Finance 986,754 41,719 923,976 21,059 97.87%
143 Information Systems 448,608 17,944 438,928 (8,264) 101.84%
149 Nondepartmental 509,603 49,222 514,467 (54,087) 110.61%
Total Finance & IT 1,944,965 108,885 1,877,371 (41,292) 102.12%
Total General Gov't Departments 5,064,426 215,919 4,813,333 35,174 99.31%
Community Development:
212 Planning 307,254 1,872 299,377 6,005 98.05%
213 Building Inspection 186,392 2 178,585 7,805 95.81%
Total Community Development 493,646 1,874 477,962 13,810 97.20%
Police Department:
311 Administration 823,448 10,555 789,463 23,430 97.15%
312 Patrol 3,016,868 39,354 2,900,309 77,205 97.44%
313 Investigations 307,778 1,328 305,806 643 99.79%
Total Police 4,148,094 51,237 3,995,579 101,278 97.56%
Public Works:
412 Engineering 264,624 752 265,483 (1,611) 100.61%
413 Roads and Bridges 2,388,955 51,762 2,244,713 92,480 96.13%
415 Parks 458,975 63,516 308,227 87,232 80.99%
418 Buildings & Facilities 1,204,533 58,026 1,051,718 94,789 92.13%
Total Public Works 4,317,087 174,056 3,870,142 272,889 93.68%
Recreation Department:
514 Administration 260,856 6,998 250,062 3,796 98.54%
515 Adult Programs 41,118 - 24,664 16,454 59.98%
516 Aquatics 555,055 9,255 474,480 71,320 87.15%
518 Fitness 69,903 - 39,693 30,210 56.78%
519 Guest Services 310,827 4,451 268,673 37,704 87.87%
521 Youth Programs 191,045 994 125,662 64,390 66.30%
523 Community Swim Program 160,603 19 120,142 40,441 74.82%
Total Recreation 1,589,407 21,717 1,303,375 264,315 83.37%
Contingency - -
Operating Transfers 1,875,000 - - 1,875,000 0.00%
-
TOTAL OPERATING EXPENDITURES 17,487,660$ 464,802$ 14,460,392$ 2,562,466$ 85.35%
Department Expenditure Summaries
General Fund
December 2020 Expenditures to Date
Dept./Div. 2020 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
EXPENDITURES
Public Works:
434 Fleet Maintenance 4,053,740$ 28,050$ 3,342,166$ 683,524$ 83.14%
Total Operating Expenditures 4,053,740 28,050 3,342,166 683,524 83.14%
TOTAL EXPENDITURES 4,053,740$ 28,050$ 3,342,166$ 683,524$ 83.14%
Expenditure Summary
Fleet Maintenance Enterprise Fund
December 2020 Expenditures to Date
Dept./Div.2020 Encumbrances Year To Date Available
Number Description Budget Outstanding Expenditures Balance YTD/Budget
EXPENDITURES
431 Mobility Administration 272,647$ 28,967.67 222,686$ 20,994$ 92.30%
432 Mobility Operations 1,194,516 10,703 1,098,758 85,055 92.88%
436 Wash Bay 181,383 1,323 170,576 9,484 94.77%
437 Mobiltity Programs 311,321 1,000 129,661 180,660 41.97%
Total Operating Expenditures 1,959,867 41,994 1,621,680 296,193 84.89%
TOTAL EXPENDITURES 1,959,867$ 41,994$ 1,621,680$ 296,193$ 84.89%
Expenditure Summary
Mobility Enterprise Fund
December 2020 Expenditures to Date
970.748.4019 jmccracken@avon.org
TO: Finance Committee Members
FROM: Joel McCracken, Senior Accountant
RE: 4th Quarter RETT Sales and Exemption Report
DATE: January 28th, 2021
SUMMARY: The 4th quarter has historically generated the most RETT revenues in the entire year. December revenues were
significant because of the completion of residencies located on Waterfront Way.
Type of Exemption 1st Q 2nd Q 3rd Q 4th Q TOTAL
Section (17) 5 3 13 5 26
Section (18) 0 0 0 0 0
Section (19) 0 1 7 3 11
TOTAL 5 4 20 8 37
The following chart shows the 4th quarter sales by month sold, sales amount and the RETT exemption.
#1October #2 October #3 November #4 November #5 November #6 November #7 November #8 December
$395,000 $1,595,000 $440,000 $400,000 $630,000 $340,000 $399,000 $642,000
(17) $3,200 (17) $3200 (9) 4,400 (17) $3,200 (19) 4,800 (17) $3,200 (17) $3,200 (19) $4,800
The chart (below) shows the RETT activity for 4th quarter 2020 in dollars.
Actual RETT 2020 October November December
Total RETT Revenue $906,843 461,399 $1,600,283
TOTAL Exemptions 6,400 18,800 4,800
Total RETT 913,243 480,199 1,605,083
Total Sales $45,662,150 $24,009,950 $80,254,150
By comparing the average RETT over 3 years, you can see that Actual RETT activity greatly increased in 4th Quarter 2020 by
approximately 67.6% in September, 12.7% in November, and 41.3% in December.
3-Year Average RETT 2018-2020 2018-2020
2018-2020
October November December
Total RETT Revenue $532,432 414,488
$1,131,189
TOTAL Exemptions 12,580 11,600
4,800
Total RETT 545,012 426,088
1,135,989
Total Sales $27,250,600 $21,304,400
$56,799,450
Summary of Primary Residence RETT Exemption under Avon Municipal Code Section 3.12.060
Exemptions Section (17) Section (18) Section (19)
Amount $160,000 $160,000 $240,000
Home Value Cap None None $700,000
Eagle County Employee N/A Yes Yes
Affidavit of Primary Residence Yes Yes Yes
Promissory Note 1 year 1 year 3 years
Lien Yes Yes Yes
2018‐2020
2018 2019 2020 2021 2022 3 Year Average
January 6,350.00 11,700.00 6,400.00 ‐ ‐ 8,150.00
February 16,000.00 6,400.00 3,200.00 ‐ ‐ 8,534.00
March 15,550.00 6,400.00 5,355.00 ‐ ‐ 9,102.00
April 19,200.00 ‐ ‐ ‐ ‐ 6,400.00
May 3,200.00 28,800.00 1,680.00 ‐ ‐ 11,227.00
June 19,200.00 12,650.00 11,200.00 ‐ ‐ 14,350.00
July 31,100.00 16,000.00 34,990.00 ‐ ‐ 27,364.00
August 9,600.00 27,187.00 12,800.00 ‐ ‐ 16,529.00
September 18,512.00 9,600.00 24,160.00 ‐ ‐ 17,424.00
October 18,540.00 12,800.00 6,400.00 ‐ ‐ 12,580.00
November 9,600.00 6,400.00 18,800.00 ‐ ‐ 11,600.00
December 3,200.00 6,400.00 4,800.00 ‐ ‐ 4,800.00
170,052.00 144,337.00 129,785.00 ‐ ‐
Actual Exemptions Total
170,052.00
144,337.00
129,785.00
‐‐
2018 2019 2020 2021 2022
Actual Exemptions Total
Real Estate Transfer Tax –January 2021
An Informational Overview
Welcome!
The Avon Town Council
welcomes you to this
overview of Avon’s Real
Estate Transfer Tax
Avon’s Real Estate Transfer Tax has
played an important role in funding Avon’s
public infrastructure and capital
improvements for over 40 years. This
overview compiles information on Avon’s
Real Estate Transfer Tax. The Avon Town
Council is committed to transparency and
accessibility of the Town of Avon’s financial
information. This overview was reviewed by
Avon’s citizen Finance Committee.
Real Estate Transfer Tax | January 2021
RETT is 14.14%
of Avon’s tax
revenues and
9.6%of the
Avon’s total
revenues.
The budget for
RETT revenue in
2021 is
$2,550,000.
Total Operating Revenues in the 2021 Budget are $25,767,0960
Total Tax Revenues are projected at $17,674,978
Introduction
Definition of Real Estate Transfer Tax
The Town of Avon imposes a Real Property Transfer Tax (“RETT”) in the amount of 2% of
the consideration paid on the transfer of real estate property within the municipal limits.
RETT is different from Property Tax. The RETT is only charged when a property is a
conveyed. Property Tax is assessed each year and is based upon a mill levy (one mill is $1
per $1,000 of assessed valuation) assessed by each taxing jurisdiction multiplied by the
assessed valuation. -those are ongoing taxes you pay for owning a home.
History of RETT
The Avon Town Council first enacted a 1% RETT in October,1978 by adoption of Ordinance
No. 8 to help pay for the expenses of the Town. Ordinance No. 8 allocated the first $150,000
of revenue to the General Fund, and then split the revenues 50% to the General fund and
50% to the Public Works Fund for Capital Improvements.
In 1987 the Avon Town Council raised the RETT from 1% to 2% by Ordinance No. 1987-17.
The Avon Town Council also allocated 100% of the RETT revenues for capital
improvements by Ordinance No. 1987-19.
Real Estate Transfer Tax | January 2021
RETT is charged
when real property
title is transferred
and conveyed.
1% RETT adopted
in 1978
RETT raised to 2%
in 1987
Avon Municipal Code
The Town’s RETT
regulations are codified in
the Avon Municipal Code in
Chapter 3.12 –Real
Property Transfer Tax
(link)
The RETT Regulations
include Definitions,
Exemptions, Application for
Exemptions, Liens,
Allocation of Revenue, and
Enforcement.
Real Estate Transfer Tax | January 2021
3.12.040 -Persons
Liable for Tax
The purchaser (the
party receiving the
property) is liable for the
payment of RETT.
Often times Buyers and
Sellers negotiate the
payment of RETT and
may choose to split the
RETT 50/50.
Allocation of RETT
All RETT revenues are allocated to capital improvements with the exception that 10% may be deposited in
the Community Housing Fund and Council may reallocate RETT for any municipal purpose upon a
determination of an emergency.
Avon Municipal Code
Section 3.12.110 –Allocation of Revenue
“All revenues derived from the tax imposed pursuant to this Chapter shall be allocated as follows: (1) Subject to
(2) and (3) below, all revenues shall be deposited into the public improvements fund of the Town for the purpose
of capital improvements, including but not limited to railroad crossings, bridges and streets, payment of principal
of premium, if any, and interest on debt incurred by the Town relating to capital improvements; (2) up to a
maximum of ten percent (10%) of all revenues may be deposited into the Community Housing Fund; or, (3) upon
determination of an emergency by unanimous minus one (1) vote of Council Members present, for any valid
municipal purpose.”
Real Estate Transfer Tax | January 2021
RETT Exemptions
Real Estate Transfer Tax | January 2021
The Town has 19 separate exemptions for RETT based upon certain criteria which are set forth in the Town
of Avon Municipal Code Chapter 3.12.060.The first 16 provide a full exemption from all RETT due and the
exemptions (17), (18) and (19) provide a partial exemption on the first $160,000 or $240,000 in RETT due for
primary residence purchases.
(1)Government transfers
(2)Gifts
(3)Decree of Partition
(4)Transfer by Death, Will or Decree of
Distribution
(5)Mergers, Consolidation and Reorganizations
(6)Transfers due to Bankruptcy Plan
(7)Correction Deeds without Consideration
(8)Transfers of Cemetery Lots
(9)Quiet Title Decrees and Condemnation Orders
(10)Leases which are 25 Years or Less
(11)Transfer of Mineral or Royalty Interest by Deed
(12)Transfers to Secure a Debt
(13)Foreclosure Deeds
(14)1031 Tax Deferred Exchanges
(15)Community Housing Projects
(16)Transfers of Deed Restricted Community
Housing
(17)Primary Residence
(18)Primary Residence
(19)Primary Residence
LIST OF EXEMPTIONS
Primary Residence RETT Exemptions
Real Estate Transfer Tax | January 2021
Three types of Primary Residence Exemptions –3.12.060(17), (18) and (19)
SUMMARY OF PRIMARY RESIDENCE RETT EXEMPTIONS:
Exemptions Section (17)Section (18)Section (19)
Amount $160,000 $160,000 $240,000
Home Value Cap None None $700,000
Eagle County Employee N/A Yes Yes
Affidavit of Primary
Residence Yes Yes Yes
Promissory Note 1 year 1 year 3 years
Instructions and
Promissory Note and
Affidavit
Section 17 RETT
Exemption Instructions
Section 17 Promissory
Note and Affidavit
Section 18 RETT
Exemption Instructions
Section 18 Promissory
Note and Affidavit
Section 19 RETT
Exemption Instructions
Section 19 Promissory
Note and Affidavit
TABOR and RETT
Real Estate Transfer Tax | January 2021
Twelve home rule mountain resort communities in Colorado adopted a
RETT prior to the 1992. The mountain resort communities generally favored
RETT because this tax can generate revenues more quickly when new real
estate developments are brought to market and real estate markets are
active.
In 1992, a citizens’ petition to amend the Colorado constitution was
successful and the Tax Payor’s Bill of Rights (“TABOR”) was approved by
the Colorado electorate. TABOR was intended to restrict the growth of
government by requiring a vote for any tax increase, debt increase, or
expenditure increase. TABOR also prohibited any new or increased
Real Estate Transfer Taxes. TABOR does not permit a local vote to
impose a new RETT or increase an existing RETT.As a result, no
municipalities in Colorado have enacted a new RETT or increased an
existing RETT since 1992.
Douglas Bruce, a landlord
in Colorado Springs and
strict advocate for limited
government, was the
principal author of
TABOR
Home Rule and RETT
Real Estate Transfer Tax | January 2021
AspenCrested Butte
Telluride
4.0%3.0%2.0%1.5%1.0%
Ophir Breckenridge
Frisco
Gypsum
Minturn
Snowmass Village
Vail
Winter Park
Prior to TABOR, only municipalities with Home Rule Charters had the legal authority
to enact a Real Estate Transfer Tax.
The following twelve home rule municipalities enacted RETTs:
RETT versus RETA
Real Estate Transfer Tax | January 2021
Since the adoption of TABOR in 1992 and the subsequent prohibition of Real Estate Transfer
Taxes, private real estate developers and their law firms formulated a method of creating a Real
Estate Transfer Assessments (“RETA”) by private covenant and declarations. A RETA is fee on
real estate transactions within a defined area that functions much like RETT. A RETA is a fee, not a
tax, because it is created by private covenants and declarations. RETAs are often used by
subdivision developers to establish a revenue source for the payment of capital improvements and
infrastructure which serves the subdivision area.
The rise of RETAs resulted in legislation in 2011 (Senate Bill 11-234) which required Real Estate
Transfer Fees to “touch and concern the land,” meaning that the revenues from such fees must be
pledged to benefit or improve the property or development project that imposes the fee. RETAs that
are simply payable to an individual or entity for profit are prohibited by this legislation.
RETTs and RETAs in Eagle County
Real Estate Transfer Tax | January 2021
Avon
2%
Vail
1%
Minturn
1%
Arrowhead
1.5%
Riverwalk
1%Brett Ranch
1%
Bachelor Gulch
2%
Beaver Creek
2.375%
Cordillera
2%Colorow at
Squaw Creek
1%
Eagle Ranch
1%
Red Sky Ranch
2%
Gypsum
1%
RETT Revenue by Year
Real Estate Transfer Tax | January 2021
$2
,
1
5
9
,
5
2
5
$1
,
6
1
6
,
9
8
2
$1
,
7
0
7
,
6
4
8
$1
,
5
7
4
,
5
0
2
$3
,
7
6
4
,
5
2
6
$2
,
3
6
9
,
3
1
4
$3
,
4
9
7
,
6
0
2
$4
,
4
4
8
,
6
6
6
$3
,
6
2
1
,
1
2
5
$5
,
0
0
1
,
1
4
5
$3
,
8
4
4
,
6
3
9
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
RETT REVENUES BY YEAR 2010-2020
*2020 figure is YTD through November
10-year average
2010-2019
5-year average
2015-2019
RETT Revenues from Large Projects
Real Estate Transfer Tax | January 2021
2010 Riverfront PUD -$1,277,768
2011 Riverfront PUD -$237,516,The Ascent -$501,180
2012 Riverfront PUD -$112,701,The Ascent -$71,120
2013 The Ascent -$98,460, Christie Sports Building -$218,000, Nottingham Station -$49,000
2014 Nottingham Station (Delinquent) -$57,842
2015 Wyndham -$61,389
2016 Wyndham -$639,419
2017 Walgreens -$89,673.28, Wyndham -$1,399,271,Nottingham Station -$158,500
2018 Walgreens -$164,236, Wyndham -$636,896, Riverfront Lots 4,5,6,7 -$132,000,
Basecamp -$80,900
2019 Wyndham -$1,525,801, 7-Eleven -$120,000, Basecamp -$70,900
RETT revenues from large accommodation, luxury ownership and commercial properties
contribute to the overall RETT revenues each year.
Village (at Avon) Development Agreement
Real Estate Transfer Tax | January 2021
Village (at Avon) Annexation and Development Agreement
In 1998, the Avon Town Council approved an Annexation and Development Agreement and Planned
Unit Development for the 1,779-acre Traer Creek property. The Development Agreement included an
elaborate tax credit financing plan to fund the development of public infrastructure as well as long
term vested rights for development entitlements. As part of the financing plan terms, the Town of
Avon agreed to provide a tax credit for Avon’s 4% sales tax, 4% accommodations tax, 2% real estate
transfer tax, and water tap fees provided that the Master Developer imposes a public improvement
fee (“PIF”) in the same amount as the Town’s tax and uses such PIF revenues to pay for public
improvements in the Village (at Avon). Town’s tax credit obligation is pledged until the debts on
public improvements in the Village (at Avon) are repaid. If Avon reduced the 2% RETT, the Master
Developer would likely reduce the corresponding Real Estate Transfer Fee, which would reduce
overall PIF revenues and extend the timeframe of the Avon’s tax credit obligations.
PAST: Capital Improvement Projects: Last 19 Years
Real Estate Transfer Tax | January 2021
Facilities:
Avon Station Construction -$4,570,620
Municipal Building Expansions and Improvements -$816,377
New Town Hall Land, Building and Improvements-$6,407,481
Avon Regional Transportation Facility Construction and Public
Works Lot 5 Improvements –$13,301,251
ARTF Solar Panels -$258,258
Transit Bus Shelters -$360,282
Nottingham Park Pavilion and Retractable Doors -$4,111,823
Joint Public Safety Facility -$6,864,637
Recreation Center Repairs and Improvements -$2,880,192
Nottingham Park Restroom Remodel -$348,969
Fleet Maintenance Improvements and Fuel Depot Replacement -
$124,246
Recycling Center -$21,774
2120 Saddleridge Loop (Wildridge Fire Station) Improvements -
$36,160
Town Center Information Kiosks -$24,276
Old Town Hall Powerline Undergrounding and Demolition (In
Progress) -$21,891
Land and Land Improvements:
US Forest Service Multi-party Land Exchange -$1,031,171
Nottingham Park Repairs and Improvements -$420,027
Wildridge Park Improvements and Playground -$148,404
Wildridge Dog Park -$35,793
Other Land and Land Improvement Projects -$201,965
Roads and Streets:
Streetscape Projects -$3,850,635
Avon Mall Improvements -$1,844,456
Street Improvement Projects -$3,146,402
East & West B/C Blvd. Street Rebuild -$3,988,243
Annual Paving and Street Repairs -$6,961,367
Bike Paths and Bike Lanes -$6,371,042
Pedestrian Improvements and Trails -$5,158,218
Eagle River Recreation Access and Enhancements -$1,253,906
Nottingham Park Recreation Amenities -$1,282,227
Utilities, Water, Stormwater & Drainage Projects
Waste Heat Recovery -$4,618,491
Fiber Lines -$308,676
Nottingham Lake Liner Replacement -$1,318,139
Metcalf Road Drainage Project -$1,935,679
Buck Creek Drainage Project -$1,232,153
Nottingham-Puder Ditch Restoration project -$202,492
Nottingham Lake Spillway Replacement -$97,868
Nottingham Rd. Debris Flow Project -$164,303
Pump House Pump Replacements -$133,628
Drainage Master Plan $10,035
West B/C Blvd. Drainage Project $42,022
Post Blvd. Irrigation Wet Well -$43,403
Water Rights Acquisition -$9,466
Strategic Planning and Development Assistance
General Planning and Consulting -$153,938
Tract G -$120,657
Town Hall Space Needs Analysis -$26,249
Hahnewald Barn predesign / Feasibility Study -$131,413
Buffalo Ridge Affordable Housing -$495,000
Comprehensive Plan -$171,902
Housing Needs Analysis –$18,733
East Avon Redevelopment Master Plan –$196,568
Public Works Master Plan -$63,066
Town Center West Investment Plan -$363,158
Nottingham Park Master Plan -$153,815
Comprehensive Transportation Plan -$198,547
Unified Land Use Code Revision -$193,235
Development Analysis and Review -$558,848
Communications and Technology Projects -$374,918
Developer Rebates -$4,018,778
Debt Service -$8,555,903
Operating Transfers to General Fund (Engineering Services) -
$3,518,744
Other (Historical Preservation, Abatements, Misc.) -$177,866
Total Expenditures = $105,479,795
Annual Average = $ 5,551,568
2001-2019 CIP Expenditures
Real Estate Transfer Tax | January 2021
Facilities, $40,148,237
Land and Land
Improvements, $1,837,360 Roads and Streets,
$31,320,372
Recreation, $2,536,133
Utilities, $4,927,167
Water, Stormwater &
Drainage, $5,189,188
Strategic Planning and
Development Services,
$2,845,129
Communications and
Technology, $374,918
Other, $177,866
Developer Rebates,
$4,018,778
Debt Service
$8,555,903
Transfers-out to General
Fund, $3,548,744
2001-2019 CIP Expenditures
PRESENT: Current 5-Year CIP Plan
Real Estate Transfer Tax | January 2021
The Avon Home Rule Charter requires the adoption of a 5-Year Capital Improvements Project
Plan. The 5-Year CIP Plan is itemized in the 2021 Annual Budget document and describes
specific capital improvements that are planned to be designed and constructed between 2021
and 2025. The 5-Year CIP Plan is updated and adjusted each year by the Avon Town Council
as part of the Annual Budget adoption process.
5-Year CIP Plan Expenditures
and Use of Funds
2021 $7,591,998
2022 $4,271,868
2023 $2,704,791
2024 $3,333,443
2025 $3,413,284
TOTAL $21,315,384
FUTURE: 20-Year CIP Outlook
Real Estate Transfer Tax | January 2021
The Engineering Department is establishing an inventory of all public infrastructure with
indication of the remaining useful life and estimated cost for resurfacing, replacement,
or reconstruction.
Public Infrastructure Estimated Costs for
Resurfacing, Replacement or Reconstruction
Public Roads (23.77 miles)$15,830,474
Parking Lots $1,331,500
Avon Station and Main Street Mall $1,349,271
Bus Shelters $444,611
Buildings and Facilities $14,400,513
Streetlights, Signs, Trails and Guardrails $1,050,000
Parks and Landscaping $7,613,108
TOTAL OVER 20 YEARS $41,423,469
ANNUAL AMOUNT $2,071,173
Alternatives to RETT
Real Estate Transfer Tax | January 2021
PROPERTY TAX
Based on the 19 year average, Avon’s
property tax would need to be increased by
14.82 mills to replace the revenue
generated by RETT.
Annual Property Tax w/ 14.82 mills
$500k Residential property $ 529
$1 Million Residential property $1,058
$500k Commercial property $2,149
$1 Million Commercial property $4,298
SALES TAX
Based on the 19 year average, Avon’s
sales tax would need to be increased by
1.82%to replace the revenue
generated by RETT.
Sales Tax Rate in Avon to Replace RETT
Existing Avon sales tax rate 4%
Additional Avon sales tax to replace RETT 1.82%
Eagle County sales tax rate 1.5%
State of Colorado sales tax rate 2.9%
TOTAL SALES TAX RATE 10.2%
Alternatives to RETT
Real Estate Transfer Tax | January 2021
Reduce Expenditures
If Avon’s Real Estate Transfer Tax was
repealed and no replacement revenues
were enacted, then Avon would be
required to reduce its expenditures by
$2,900,000 per year. Such a reduction in
expenditures would require a reduction in
staff, reduction in town services and
reduction in capital improvements and
maintenance of existing public
infrastructure.
Other Alternatives
There are countless other potential
alternatives that could involve a
combination of lowering the 2% real estate
transfer tax rate, enacting other sources of
revenue, and reducing expenditures.
Analysis of other alternatives is beyond the
scope of this RETT overview.
Village (at Avon) Development Agreement
Real Estate Transfer Tax | January 2021
Consequences of
Reduced RETT
A reduction or elimination of
Avon’s RETT would likely result in
a reduction of the corresponding
Real Estate Transfer Fee in the
Village (at Avon). Any
consideration of reducing the
RETT in Avon should include a
thorough analysis of the financial
consequences with the debt
repayment and Town’s tax credit
obligations associated with the
Village (at Avon).
Please send any questions or comments to info@avon.org
Real Estate Transfer Tax | January 2021