HomeMy WebLinkAbout04. 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