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HomeMy WebLinkAbout05. 240402 Revenue Update1 TOWN OF VAIL REVENUE UPDATE April 2, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, February 2024 collections are estimated to be $5,931,381, down (1.8)% from 2023 and up 0.3% from the budget. 2024 YTD collections of $11,766,859 are down (1.6)% from 2023 and up 0.6% from the budget. Inflation as measured by the consumer price index was up 3.2% for the 12-months ending February 2024. The annual budget totals $40.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, February 2024 collections of the 0.5% housing sales tax are estimated to be $723,074, down (1.9)% from 2023 and up 0.9% from the budget. 2024 YTD collections of $1,430,824 are down (1.8)% from 2023 and up 0.9% from the budget. The 2024 budget for the housing fund sales tax totals $4.95 million. Real Estate Transfer Tax (RETT) RETT collections through March 25 total $1,732,942, up 43.9% from 2023. The variance compared to prior year is due to an increase the number of property sales which is tracking up 33%. Additionally, there have been several high dollar residential property sales. The 2024 RETT budget totals $7,000,000. Construction Use Tax Use Tax collections through March 25 total $187,224 compared to $570,081 in 2023. The 2024 budget totals $2,040,000. Lift Tax Lift tax collections through February 28 total $3,134,928, up 7.0% or $205,808 from 2023. The 2024 budget totals $6,675,000. Daily Parking Sales Daily sales from the parking structures from November through March 24 total approximately $6,630,877, down $(151,907), or (2.2)% from this time last year. This amount includes daily fees charged to parking passholders. Parking Pass Sales Parking pass sale revenue through March 24 for the 2023/2024 winter season totals $1,142,006, down (10.2)% or $(129,010) from this time last year. A total of 1,621 passes have been sold this year. A detailed breakout of 2023/24 passes sold by type is provided in the chart on the following page: 2 *In order to provide a better customer service experience while staff explores an alternative pass sales system, the annual fees for the Eagle County Local and Vail Local passes were waived. Prior year passes were auto-renewed for the 2023/2024 season for pass holders who purchased these passes for the 2022/2023 winter season. Of the 1,582 auto renewed Eagle County Locals passes 1,453 have been used during the 2023/2024 winter season. Of the 1,539 auto renewed Vail Local passes 1,363 have been used during the 2023/2024 winter season. Pass Type 2023/24 Oct-Jan Sales 2023/24 Auto- Renewed Passes Utilized Total 2023/24 Passes 2022/23 Oct-Jan Sales Change from prior season Premier 25 - 25 22 3 Vail Village Business Premier 60 - 60 60 0 Lionshead Business Premier 5 - 5 13 (8) Employee 427 - 427 512 (85) Employee Plus 351 - 351 353 (2) Eagle County Local* 396 1,453 1,849 1,852 (3) Vail Local* 357 1,363 1,720 1,813 (93) Total 1,621 2,816 4,437 4,625 (188) 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,835,478$ 48,108$ -1.29%0.83% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 5,931,381 17,066 -1.82%0.29% Total 8,217,081$ 8,361,778$ 7,114,060$ 10,903,710$ 11,952,680$ 11,701,685$ 11,766,859$ 65,174$ -1.55%0.56% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 - April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 - May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 - June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 - July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 - August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 - September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 - October 1,165,176 1,371,727 1,734,964 1,729,558 1,773,358 1,652,467 - November 1,260,314 1,425,461 1,880,397 1,902,643 1,901,141 1,779,167 - December 4,237,178 3,625,189 5,749,365 5,602,018 5,691,428 5,230,416 - Total 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 41,882,411$ 40,850,000$ 11,766,859$ 65,174$ -1.55%0.56% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 707,749$ 6,829$ -1.83%0.97% February 702,730 736,788 716,760 723,074 6,314 -1.86%0.88% Total 1,348,217$ 1,457,694$ 1,417,680$ 1,430,824$ 13,144$ -1.84%0.93% March 719,717 738,244 731,610 - April 269,018 271,930 273,735 - May 146,657 132,333 134,640 - June 280,460 275,113 274,230 - July 424,602 412,849 411,840 - August 361,165 352,887 353,925 - September 294,861 304,068 302,445 - October 207,397 213,568 200,475 - November 230,383 229,092 215,820 - December 671,982 687,985 633,600 - Total 4,954,459$ 5,075,763$ 4,950,000$ 1,430,824$ 13,144$ -1.84%0.93% Town of Vail Revenue Update April 2, 2024 4.0% GENERAL SALES TAX2024 Budget Comparison 0.5% Collected Sales Tax 0.5% HOUSING SALES TAX 2024 Budget Comparison Actual 4.0% Collections 4.0% Collected Sales Tax20222023 Through February 29 February 4% General Sales Tax Collections By Year Through February 29 Town of Vail Revenue Update April 2, 2024 YTD 4% General Sales Tax Collections By Year •February collections of $5,931,381 are down (1.8)% from prior year and are up 0.3% from the budget. $4,285,633 $3,691,850 $5,686,585 $6,041,108 $5,931,381 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2020 2021 2022 2023 2024 $8,361,778 $7,114,060 $10,903,710 $11,952,680 $11,766,859 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2020 2021 2022 2023 2024 •YTD collections of $11,766,859 are down (1.6)% from prior year and are up 0.6%from the budget. •Inflation as measured by the consumer price index was up 3.2% in February. February Collections YTD Collections Town of Vail Revenue Update April 2, 2024 February 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through March 2024 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2024 collections are up 43.9% from the prior year. $1,531,069 $1,517,141 $1,564,967 $1,204,645 $1,732,942 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 2020 2021 2022 2023 2024 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million •February collections of $723,074 are down (1.9)% from prior year and are up 0.9% from the amended budget.YTD collections of $1,430,824 are down (1.8)% from this time last year and are up 0.9% from the budget. $702,730 $736,788 $723,074 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2022 2023 2024 $1,348,217 $1,457,694 $1,430,824 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2022 2023 2024 Town of Vail Revenue Update April 2, 2024 Construction Use Tax by Year YTD Through March 2024 YTD Lift Tax Collections YTD Through March 2024 •Use Tax collections through March 25 total $187,224, compared to $570,081 from this time last year. This is an decrease of (67.2)%. $257,576 $574,257 $227,297 $570,081 $187,224 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2020 2021 2022 2023 2024 •2024 YTD lift tax collections of $3,134,928 are up 7.0% or $205,808 from the same time last year. $2,309,563 $2,442,619 $2,894,759 $2,929,120 $3,134,928 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2020 2021 2022 2023 2024 Vail Business Review January and February 2024 April 2, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the months of January and February. The 4.5% sales tax includes the town’s general 4% sales tax and the 0.5% housing sales tax supported by Town of Vail voters during the November 2021 election, effective January 1, 2022. The housing sales tax sunsets on December 31, 2051. January 4.5% sales tax was down from the prior year (1.3%). Retail decreased (7.2%), lodging decreased (0.7%), food and beverage increased 7.3%, and utilities/other decreased (4.9%). Excluding the out-of-town category, sales tax for the month of January was flat, up 0.2%, compared to prior year. February 4.5% sales tax was down from the prior year (1.7%). Retail decreased (1.8%), lodging decreased (0.9%), food and beverage increased 2.2%, and utilities/other decreased (20.0%). Excluding the out-of-town category, sales tax for the month of February was up 1.7% compared to prior year. Town of Vail sales tax forms, the Vail Business Review, and sales tax worksheets are available on the internet at vail.gov. You may email me to request to have the Vail Business Review and the sales tax worksheet emailed to you automatically. Please remember when reading the Vail Business Review that it is produced from sales tax collections as opposed to actual gross sales. If you have any questions or comments, please feel free to call me at (970) 479-2125 or Carlie Smith, Finance Director, at (970) 479-2119. Sincerely, Lauren Noll Sales Tax Administrator Town of Vail Business Review January Sales Tax Collections by Year January 2024 Sales Tax January 2023 Sales Tax Collections by Business Type January 2024 1,860,823 Lodging 2,901,558 Food & Beverage 1,427,481 Utilities & Other 353,200 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (7.2%) 7.3%(4.9%) Retail 4,060,570 3,422,713 5,874,464 6,629,903 6,543,061 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • January 2024 retail sales decreased (7.2%), lodging decreased (0.7%), food and beverage increased 7.3%, and utilities and other decreased (4.9%). • The figures above reflect 4.5% sales tax. Retail 2,005,750 Lodging 2,922,552 Food & Beverage 1,330,272 Utilities & Other 371,329 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (0.7%) • This report represents collections of Town of Vail sales tax, as opposed to actual gross sales. • On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on all items except food for home consumption. 2022, 2023, and 2024 above include the 0.5% increase to sales tax, depicted in light blue. Prior years show 4.0% sales tax collections. • Total January 2023 collections were $6,629,903; January 2024 collections were $6,543,061, down from the prior year (1.3%). Town of Vail Business Review January 2023January 2024 Geographic Area Trends by Year January Sales Tax Sales Tax by Location January 2024 Sales Tax Other Areas 13% Lionshead 19% Out of Town 22% Vail Village 46% • Vail Village sales tax decreased (1.4%), Lionshead increased 2.5%, Other Areas increased 2.4%, and Out of Town decreased (6.6%). Excluding Out of Town collections, all areas were up 0.2%. • The figures above reflect 4.5% sales tax. 592,377 497,131 1,007,490 583,995 407,899 888,676 2,052,803 1,452,911 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 2,588,6061,374,8181,051,636859,404 • This chart shows January sales tax collections by geographic area over time. • 2022, 2023, and 2024 include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales tax collections are shown in darker shades. 883,991 1,246,792 1,457,406 3,041,713 2,999,217 1,278,467 1,360,575 904,803 Other Areas 14% Lionshead 19% Out of Town 21% Vail Village 46% Retail Business 4.5% Sales Tax Detail January 2024 Sales Tax Town of Vail Business Review Accommodation Services Sales Tax by Year Apparel $415,808 Grocery $284,302 Gallery $7,490 Gifts $9,440 Jewelry $58,733Retail Liquor $77,549 Retail Other $311,682 Sporting Goods $579,720 Online Retailers $116,074 Retail Home Occupation $26 • January 2024 accommodations services decreased (0.7%) from the prior year. Short-term rentals decreased (14.1%) and hotels and lodges increased 6.0%. • The figures above reflect 4.5% sales tax. • Short-term rental sales tax collection numbers include online marketplace facilitators like Airbnb and VRBO. Revenue collections from facilitators may include some hotels and lodges. 1,792,819 881,112 1,947,405 975,147 2,064,066 837,491 $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Retail 309,606                                                  268,303                                                  15.39% Lodging 483,830                                                  500,583                                                   ‐3.35% F & B 107,931                                                  103,782                                                  4.00% Other 3,436                                                      11,323                                                     ‐69.65% Total 904,803                                                  883,991                                                  2.35% Retail 316,456                                                  330,956                                                   ‐4.38% Lodging 653,350                                                  657,291                                                   ‐0.60% F & B 251,791                                                  247,543                                                  1.72% Other 56,871                                                    11,002                                                    416.92% Total 1,278,467                                              1,246,792                                              2.54% Retail 345,698                                                  410,902                                                   ‐15.87% Lodging 753,691                                                  733,427                                                  2.76% F & B 2,565                                                      2,962                                                       ‐13.39% Other 258,621                                                  310,115                                                   ‐16.60% Total 1,360,575                                              1,457,406                                               ‐6.64% Retail 889,064                                                  995,589                                                   ‐10.70% Lodging 1,010,687                                              1,031,251                                               ‐1.99% F & B 1,065,194                                              975,985                                                  9.14% Other 34,271                                                    38,888                                                     ‐11.87% Total 2,999,217                                              3,041,713                                               ‐1.40% Retail 1,860,823                                              2,005,750                                               ‐7.23% Lodging 2,901,558                                              2,922,552                                               ‐0.72% F & B 1,427,481                                              1,330,272                                              7.31% Other 353,200                                                  371,329                                                   ‐4.88% Total 6,543,061                                              6,629,903                                               ‐1.31% Retail Apparel 415,808                                                  446,460                                                   ‐6.87% Retail Food 284,302                                                  235,176                                                  20.89% Retail Gallery 7,490                                                      42,533                                                     ‐82.39% Retail Gift 9,440                                                      9,682                                                       ‐2.51% Retail Home Occupation 26                                                           656                                                          ‐96.02% Retail Jewelry 58,733                                                    70,749                                                     ‐16.98% Retail Liquor 77,549                                                    88,569                                                     ‐12.44% Retail Other 311,682                                                  353,605                                                   ‐11.86% Retail Sport 579,720                                                  668,196                                                   ‐13.24% Retail Online Retailer 116,074                                                  90,125                                                    28.79% Total 1,860,823                                              2,005,750                                               ‐7.23% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change February 2024 Town of Vail Business Review February Sales Tax Collections by Year February 2024 Sales Tax February 2023 Sales Tax Collections by Business Type 1,830,505 Lodging 3,151,431 Food & Beverage 1,367,127 Utilities & Other 305,391 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (1.8%) 2.2%(20.0%) Retail 4,293,361 3,693,712 6,409,647 6,765,931 6,654,454 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • February 2024 retail sales decreased (1.8%), lodging decreased (0.9%), food and beverage increased 2.2%, and utilities and other decreased (20.0%). • The figures above reflect 4.5% sales tax. Retail 1,864,330 Lodging 3,181,442 Food & Beverage 1,338,230 Utilities & Other 381,929 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (0.9%) • This report represents collections of Town of Vail sales tax, as opposed to actual gross sales. • On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on all items except food for home consumption. 2022, 2023, and 2024 above include the 0.5% increase to sales tax, depicted in light blue. Prior years show 4.0% sales tax collections. • Total February 2023 collections were $6,765,931; January 2024 collections were $6,654,454, down from the prior year (1.7%). February 2024 Sales Tax Town of Vail Business Review February 2023February 2024 Geographic Area Trends by Year February Sales Tax Sales Tax by Location Other Areas 14% Lionshead 19% Out of Town 22% Vail Village 45% • Vail Village sales tax increased 2.1%, Lionshead decreased (4.3%), Other Areas increased 8.8%, and Out of Town decreased (13.9%). Excluding Out of Town collections, all areas were up 1.7%. • The figures above reflect 4.5% sales tax. 633,090 539,064 1,090,290 672,990 390,228 877,753 2,179,752 1,603,906 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 2,840,846 1,356,0221,263,360949,419 • This chart shows February sales tax collections by geographic area over time. • 2022, 2023, and 2024 include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales tax collections are shown in darker shades. 966,949 1,312,335 1,459,466 3,027,181 3,090,118 1,255,375 1,256,656 1,052,305 Other Areas 16% Lionshead 19% Out of Town 19% Vail Village 46% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail February 2024 Sales Tax Town of Vail Business Review Apparel $432,245 Grocery $258,645 Gallery $9,015 Gifts $7,394 Jewelry $62,550Retail Liquor $79,495 Retail Other $286,587 Sporting Goods $595,861 Online Retailers $98,649 Retail Home Occupation $64 • February 2024 accommodations services decreased (0.9%) from the prior year. Short-term rentals decreased (2.7%) and hotels and lodges decreased (0.2%). • The figures above reflect 4.5% sales tax. • Short-term rental sales tax collection numbers include online marketplace facilitators like Airbnb and VRBO. Revenue collections from facilitators may include some hotels and lodges. 2,170,661 852,579 2,254,448 926,994 2,249,050 902,381 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Retail 286,439                                                  280,761                                                  2.02% Lodging 641,569                                                  565,577                                                  13.44% F & B 118,346                                                  112,228                                                  5.45% Other 5,951                                                      8,383                                                       ‐29.01% Total 1,052,305                                              966,949                                                  8.83% Retail 324,427                                                  329,795                                                   ‐1.63% Lodging 684,058                                                  708,942                                                   ‐3.51% F & B 241,191                                                  267,818                                                   ‐9.94% Other 5,698                                                      5,781                                                       ‐1.42% Total 1,255,375                                              1,312,335                                               ‐4.34% Retail 296,649                                                  341,703                                                   ‐13.19% Lodging 711,893                                                  789,911                                                   ‐9.88% F & B 1,971                                                      3,204                                                       ‐38.49% Other 246,143                                                  324,647                                                   ‐24.18% Total 1,256,656                                              1,459,466                                               ‐13.90% Retail 922,990                                                  912,070                                                  1.20% Lodging 1,113,910                                              1,117,012                                               ‐0.28% F & B 1,005,619                                              954,980                                                  5.30% Other 47,598                                                    43,119                                                    10.39% Total 3,090,118                                              3,027,181                                              2.08% Retail 1,830,505                                              1,864,330                                               ‐1.81% Lodging 3,151,431                                              3,181,442                                               ‐0.94% F & B 1,367,127                                              1,338,230                                              2.16% Other 305,391                                                  381,929                                                   ‐20.04% Total 6,654,454                                              6,765,931                                               ‐1.65% Retail Apparel 432,245                                                  428,450                                                  0.89% Retail Food 258,645                                                  249,700                                                  3.58% Retail Gallery 9,015                                                      15,813                                                     ‐42.99% Retail Gift 7,394                                                      7,347                                                      0.64% Retail Home Occupation 64                                                           469                                                          ‐86.42% Retail Jewelry 62,550                                                    64,014                                                     ‐2.29% Retail Liquor 79,495                                                    92,140                                                     ‐13.72% Retail Other 286,587                                                  329,346                                                   ‐12.98% Retail Sport 595,861                                                  600,658                                                   ‐0.80% Retail Online Retailer 98,649                                                    76,392                                                    29.14% Total 1,830,505                                              1,864,330                                               ‐1.81% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review February 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change