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HomeMy WebLinkAbout01. 240507 Revenue Update TOWN OF VAIL REVENUE UPDATE May 7, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, March 2024 collections are estimated to be $6,335,772, up 4.6% from 2023 and up 5.0% from the budget. Historically, the timing of Easter has impacted sales tax collections for the months of March and April. Sales tax collections increased in March compared to the prior year but may also experience a corresponding reduction in April due to the timing of the holiday. 2024 YTD collections of $18,102,631 are up 0.5% from 2023 and up 2.0% from the budget. Inflation as measured by the consumer price index was up 3.5% for the 12-months ending March 2024. The annual budget totals $40.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, March 2024 collections of the 0.5% housing sales tax are estimated to be $773,547, up 4.8% from 2023 and up 5.7% from the budget. 2024 YTD collections of $2,216,304 are up 0.9% from 2023 and up 3.1% 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 $2,972,916, up 56.7% from 2023. The variance compared to prior year is due to an increase the number of residential property sales which is tracking up 37%. 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 April 29 total $403,745 compared to $695,078 in 2023. The 2024 budget totals $2,040,000. Lift Tax Lift tax collections through March 31 total $4,585,496, up 7.5% or $319,899 from 2023. The 2024 budget totals $6,675,000. The Epic Pass and Epic Pass Local both were priced at an 8% increase compared to the prior season. Daily Parking Sales Daily sales from the parking structures for the 2023/2024 winter season total approximately $7,411,576, down $(320,272), or (4.1)% from this time last year. This amount includes daily fees charged to parking passholders. 1 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 1,489 have been used during the 2023/2024 winter season. Of the 1,539 auto renewed Vail Local passes 1,424 have been used during the 2023/2024 winter season. Pass Type 2023/24 Season Sales 2023/24 Auto- Renewed Passes Utilized Total 2023/24 Pass Sales/Utilized 2022/23 Season 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* 397 1,489 1,886 1,854 32 Vail Local* 358 1,424 1,782 1,819 (37) Total 1,623 2,913 4,536 4,633 (97) Parking Pass Sales Parking pass sale revenue through for the 2023/2024 winter season totals $1,142,456, down (10.1)% or $(128,650) from this time last year. A total of 1,623 passes have been sold this year. A detailed breakout of 2023/24 passes sold by type is provided in the chart below: 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 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% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,335,772 300,095 4.62%4.97% Total 12,455,014$ 10,605,296$ 11,478,857$ 16,815,769$ 18,008,672$ 17,737,362$ 18,102,631$ 365,269$ 0.52%2.06% 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$ 18,102,631$ 365,269$ 0.52%2.06% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 703,195$ 2,275$ -2.46%0.32% February 702,730 736,788 716,760 739,561 22,801 0.38%3.18% March 719,717 738,244 731,610 773,547 41,937 4.78%5.73% Total 2,067,934$ 2,195,938$ 2,149,290$ 2,216,304$ 67,014$ 0.93%3.12% 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$ 2,216,304$ 67,014$ 0.93%3.12% Town of Vail Revenue Update May 7, 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 Town of Vail Revenue Update May 7, 2024 YTD 4% General Sales Tax Collections By Year Through March 31 March 4% General Sales Tax Collections By Year Through March 31 •March collections of $6,335,772 are up 4.6% from prior year and are up 5.0% from the budget. $2,243,518 $4,364,797 $5,912,059 $6,055,992 $6,335,772 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2020 2021 2022 2023 2024 $10,605,296 $11,478,857 $16,815,769 $18,008,672 $18,102,631 $0 $2,000,000 $6,000,000 $10,000,000 $14,000,000 $18,000,000 2020 2021 2022 2023 2024 •YTD collections of $18,102,632 are up 0.5% from prior year and are up 2.1% from the budget. •Inflation as measured by the consumer price index was up 3.5% in March. Town of Vail Revenue Update May 7, 2024 March 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through April 2024 March Collections YTD Collections •This chart shows YTD collections of 1% RETT, segmented by real property values. 2024 collections are up 56.7% from the prior year. $1,791,330 $2,849,638 $2,816,126 $1,897,505 $2,972,916 $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 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million •March collections of $773,547 are up 4.8% from prior year and are up 5.7% from the amended budget. YTD collections of $2,216,304 are up 0.9% from this time last year and are up 3.1% from the budget. $719,717 $738,244 $773,547 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2022 2023 2024 $2,067,934 $2,195,938 $2,216,304 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2022 2023 2024 Town of Vail Revenue Update May 7, 2024 Construction Use Tax by Year YTD Through April 2024 YTD Lift Tax Collections YTD Through March 2024 •Use Tax collections through April 29 total $403,745, compared to $695,078 from this time last year. This is an decrease of (41.9)%. $370,942 $1,212,991 $599,518 $695,078 $403,745 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2020 2021 2022 2023 2024 •2024 YTD lift tax collections of $4,585,496 are up 7.5% or $319,899 from the same time last year. $2,905,686 $3,669,127 $4,285,902 $4,265,597 $4,585,496 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2020 2021 2022 2023 2024 Vail Business Review March 2024 May 7, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the month of March and YTD through Q1 (January through March). 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. March 4.5% sales tax was up 4.7% from the prior year. Retail increased 6.3%, lodging increased 4.4%, food and beverage increased 7.7%, and utilities/other decreased (13.3%). Excluding the out-of-town category, sales tax for the month of March was up 8.4% compared to prior year. Q1 4.5% sales tax was up 1.2% from the prior year. Retail increased 1.4%, lodging increased 1.9%, food and beverage increased 1.9%, and utilities/other decreased (9.6%). Excluding the out-of-town category, sales tax for Q1 was up 1.2% 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) 479-2113 or Carlie Smith, Finance Director, at (970) 479-2119. Sincerely, Jake Shipe Budget Analyst March 2024 Town of Vail Business Review March Sales Tax Collections by Year March 2024 Sales Tax March 2023 Sales Tax Collections by Business Type 2,144,878 Lodging 3,215,784 Food & Beverage 1,453,080 Utilities & Other 295,087 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 6.3%7.7%(13.3%) Retail 2,258,915 4,365,300 6,635,021 6,787,632 7,108,828 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • March 2024 retail sales increased 6.3%, lodging increased 4.4%, food and beverage increased 7.7%, and utilities and other decreased (13.3%). • The figures above reflect 4.5% sales tax. Retail 2,017,094 Lodging 3,080,382 Food & Beverage 1,349,741 Utilities & Other 340,414 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 4.4% • 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 March 2023 collections were $6,787,632; March 2024 collections were $7,108,828, up 4.7% from the prior year. March 2024 Sales Tax Town of Vail Business Review March 2023March 2024 Geographic Area Trends by Year March Sales Tax Sales Tax by Location Other Areas 14% Lionshead 19% Out of Town 22% Vail Village 45% • Vail Village sales tax increased 10.7%, Lionshead increased 7.2%, Other Areas increased 2.7%, and Out of Town decreased (8.7%). Excluding Out of Town collections, all areas were up 8.4%. • The figures above reflect 4.5% sales tax. 441,306 599,209 424,645 851,902 380,054 957,490 1,012,911 1,956,698 $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 Village Out of Town Lionshead Other Areas 3,074,8051,346,0931,236,716977,407 • This chart shows March 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. 967,960 1,269,1191,470,666 3,079.887 3,410,246 1,361,0161,343,162 994,403 Other Areas 14% Lionshead 19% Out of Town 19% Vail Village 48% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail March 2024 Sales Tax Town of Vail Business Review Apparel $495,976 Grocery $265,498 Gallery $19,901 Gifts $8,555 Jewelry $89,391Retail Liquor $80,119 Retail Other $333,334 Sporting Goods $738,086 Online Retailers $114,151 Retail Home Occupation $326 • March 2024 accommodations services increased 4.4% from the prior year. Short-term rentals increased 6.6% and hotels and lodges increased 3.5%. • 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. 2,211,118 930,806 2,165,899 914,483 2,240,885 974,899 $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 283,961                                                  293,887                                                  ‐3.38% Lodging 546,286                                                  549,229                                                  ‐0.54% F & B 159,013                                                  112,334                                                  41.55% Other 5,143                                                      12,510                                                    ‐58.89% Total 994,403                                                  967,960                                                  2.73% Retail 365,617                                                  323,174                                                  13.13% Lodging 737,573                                                  690,081                                                  6.88% F & B 253,166                                                  252,439                                                  0.29% Other 4,661                                                      3,425                                                      36.09% Total 1,361,016                                              1,269,119                                              7.24% Retail 382,664                                                  460,840                                                  ‐16.96% Lodging 724,572                                                  724,912                                                  ‐0.05% F & B 3,536                                                      3,034                                                      16.53% Other 232,390                                                  281,879                                                  ‐17.56% Total 1,343,162                                              1,470,666                                              ‐8.67% Retail 1,112,635                                              939,193                                                  18.47% Lodging 1,207,352                                              1,116,159                                              8.17% F & B 1,037,365                                              981,934                                                  5.65% Other 52,893                                                    42,600                                                    24.16% Total 3,410,246                                              3,079,887                                              10.73% Retail 2,144,878                                              2,017,094                                              6.34% Lodging 3,215,784                                              3,080,382                                              4.40% F & B 1,453,080                                              1,349,741                                              7.66% Other 295,087                                                  340,414                                                  ‐13.32% Total 7,108,828                                              6,787,632                                              4.73% Retail Apparel 495,976                                                  437,429                                                  13.38% Retail Food 265,498                                                  259,478                                                  2.32% Retail Gallery 19,901                                                    11,540                                                    72.46% Retail Gift 8,555                                                      8,167                                                      4.76% Retail Home Occupation 326                                                         468                                                         ‐30.26% Retail Jewelry 89,391                                                    64,885                                                    37.77% Retail Liquor 80,119                                                    88,529                                                    ‐9.50% Retail Other 333,334                                                  444,155                                                  ‐24.95% Retail Sport 738,086                                                  607,536                                                  21.49% Retail Online Retailer 114,151                                                  94,906                                                    20.28% Total 2,145,338                                              2,017,094                                              6.36% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review March 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change Q1 2023 Sales Tax Collections by Business Type Q1 2024 Town of Vail Business Review Q1 Sales Tax Collections by Year Q1 2024 Sales Tax 5,959,424 Lodging 9,362,367 Food & Beverage 4,094,624 Utilities & Other 986,801 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 1.4%1.9%(9.6%) Retail 10,611,791 11,471,984 18,905,009 20,169,803 20,403,216 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • Q1 2024 retail sales increased 1.4%, lodging increased 1.9%, food and beverage increased 1.9%, and utilities and other decreased (9.6%). • The figures above reflect 4.5% sales tax. Retail 5,875,324 Lodging 9,184,375 Food & Beverage 4,018,180 Utilities & Other 1,091,924 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 1.9% • 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 Q1 2023 collections were $20,169,803; Q1 2024 collections were $20,403,216, up from the prior year 1.2%. Q1 2024 Sales Tax Town of Vail Business Review Q1 2023Q1 2024 Geographic Area Trends by Year Q1 Sales Tax Sales Tax by Location Other Areas 14% Lionshead 19% Out of Town 22% Vail Village 45% • Vail Village sales tax increased 2.8%, Lionshead increased 2.7%, Other Areas increased 5.0%, and Out of Town decreased (6.1%). Excluding Out of Town collections, all areas were up 1.2%. • The figures above reflect 4.5% sales tax. 1,666,773 1,635,404 2,522,426 2,108,887 1,177,126 2,714,191 5,245,466 5,013,502 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 8,504,2574,062,8093,551,7122,786,230 • This chart shows Q1 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. 2,818,900 3,828,246 4,373,876 9,148,781 9,401,186 3,932,853 4,108,690 2,960,488 Other Areas 15% Lionshead 19% Out of Town 20% Vail Village 46% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail Q1 2024 Sales Tax Town of Vail Business Review Apparel $1,349,088 Grocery $816,530 Gallery $37,464 Gifts $25,389 Jewelry $212,155Retail Liquor $246,088 Retail Other $1,022,776 Sporting Goods $1,915,635 Online Retailers $333,231 Retail Home Occupation $1,069 • Q1 2024 accommodations services increased 1.9% from the prior year. Short-term rentals decreased (0.4%) and hotels and lodges increased 3.0%. • 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. 6,173,803 2,665,291 6,369,010 2,815,365 6,558,722 2,803,645 $0 $1,500,000 $3,000,000 $4,500,000 $6,000,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Retail 885,834                                                  842,951                                                  5.09% Lodging 1,674,586                                              1,615,389                                              3.66% F & B 385,290                                                  328,344                                                  17.34% Other 14,779                                                    32,216                                                    ‐54.13% Total 2,960,488                                              2,818,900                                              5.02% Retail 1,007,241                                              983,926                                                  2.37% Lodging 2,110,279                                              2,056,314                                              2.62% F & B 746,147                                                  767,800                                                  ‐2.82% Other 69,186                                                    20,207                                                    242.38% Total 3,932,853                                              3,828,246                                              2.73% Retail 1,127,015                                              1,201,596                                              ‐6.21% Lodging 2,206,995                                              2,248,250                                              ‐1.83% F & B 8,085                                                      9,137                                                      ‐11.52% Other 766,594                                                  914,893                                                  ‐16.21% Total 4,108,690                                              4,373,876                                              ‐6.06% Retail 2,939,334                                              2,846,852                                              3.25% Lodging 3,370,507                                              3,264,423                                              3.25% F & B 2,955,102                                              2,912,899                                              1.45% Other 136,242                                                  124,608                                                  9.34% Total 9,401,186                                              9,148,781                                              2.76% Retail 5,959,424                                              5,875,324                                              1.43% Lodging 9,362,367                                              9,184,375                                              1.94% F & B 4,094,624                                              4,018,180                                              1.90% Other 986,801                                                  1,091,924                                              ‐9.63% Total 20,403,216                                            20,169,803                                            1.16% Retail Apparel 1,349,088                                              1,314,228                                              2.65% Retail Food 816,530                                                  744,355                                                  9.70% Retail Gallery 37,464                                                    69,885                                                    ‐46.39% Retail Gift 25,389                                                    24,830                                                    2.25% Retail Home Occupation 1,069                                                      1,592                                                      ‐32.87% Retail Jewelry 212,155                                                  199,648                                                  6.26% Retail Liquor 246,088                                                  269,238                                                  ‐8.60% Retail Other 1,022,776                                              1,113,830                                              ‐8.17% Retail Sport 1,915,635                                              1,876,366                                              2.09% Retail Online Retailer 333,231                                                  261,351                                                  27.50% Total 5,959,424                                              5,875,324                                              1.43% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review Q1 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary