HomeMy WebLinkAbout01. 240604_Revenue_Update1
TOWN OF VAIL
REVENUE UPDATE
June 4, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, April 2024 collections are estimated to be
$1,808,688, down (20.1)% from 2023 and down (19.9)% from the budget.
Historically, the timing of Easter has impacted sales tax collections for the months
of March and April. To eliminate the reporting variance impacted by how the
holiday fell, staff has combined March and April collections. For the two months
combined sales tax collections totaled $8,167,959 down (1.8)% from the prior year
and down (1.5)% from the budget.
2024 YTD collections of $19,934,818 are down (1.7)% from 2023 and down (0.3)%
from the budget. Inflation as measured by the consumer price index was up 3.4%
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, April 2024 collections of the 0.5% housing
sales tax are estimated to be $217,768, down (19.9)% from 2023 and down
(20.5)% from the budget. 2024 YTD collections of $2,437,313 are down (1.2)%
from 2023 and up 0.6% from the budget. The 2024 budget for the housing fund
sales tax totals $4.95 million.
To eliminate the reporting variance impacted by how the Easter holiday fell, staff
has combined March and April collections. For the two months combined housing
sales tax collections totaled $994,252 down (1.6)% from the prior year and down
(1.1)% from the budget.
Real Estate Transfer Tax (RETT)
RETT collections through May 28 total $3,653,938, up 41.4% from 2023. The
variance compared to prior year is due to an increase the number of residential
property sales which is tracking up 27%. 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 May 28 total $806,611 compared to $1,074,782 in
2023. The 2024 budget totals $2,040,000.
Lift Tax
Year to date lift tax collections through April 30 total $4,940,032, up 6.2% or
$289,738 from 2023. The 2024 budget totals $6,675,000. The 2023/2024 season
Epic Pass and Epic Pass Local both were priced with an 8% increase compared
to the prior season.
2
Summary
Across all funds, year-to-date total revenue of $44.1 million is up 4.5% from the
amended budget and up 5.1% from prior year. The majority of the positive variance
compared to the amended budget and prior year is due to higher-than-expected
real estate transfer tax collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 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 6,359,271 323,594 5.01%5.36%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,808,688 (450,110) -20.14%-19.93%
Total 13,900,085$ 11,032,814$ 13,230,384$ 19,050,065$ 20,273,564$ 19,996,160$ 19,934,818$ (61,342)$ -1.67%-0.31%
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$ 19,934,818$ (61,342)$ -1.67%-0.31%
2022 2023 2024 Budget % change % change
Collections Collections Budget Variance from 2023 from Budget
January 645,487$ 720,906$ 700,920$ 703,270$ 2,350$ -2.45%0.34%
February 702,730 736,788 716,760 739,790 23,030 0.41%3.21%
March 719,717 738,244 731,610 776,484 44,874 5.18%6.13%
April 269,018 271,930 273,735 217,768 (55,967) -19.92%-20.45%
Total 2,336,952$ 2,467,868$ 2,423,025$ 2,437,313$ 14,288$ -1.24%0.59%
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$ 2,437,313$ 14,288$ -1.24%0.59%
Town of Vail Revenue Update
June 4, 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 April 30
April 4% General Sales Tax Collections By Year
Through April 30
Town of Vail Revenue Update
June 4, 2024
YTD 4% General Sales Tax Collections By Year
•April collections of $1,808,688 are down (20.1)% from prior year and are down (19.9)% from the
budget.
•Historically, the timing of Easter has impacted sales tax collections for the months of March
and April. To eliminate the reporting variance impacted by how the holiday fell, staff has
combined March and April collections. For the two months combined sales tax collections
totaled $8,167,959 down (1.8)% from the prior year and down (1.5)% from the budget.
$427,518
$1,751,528
$2,234,296
$2,264,892
$1,808,688
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2020
2021
2022
2023
2024
$11,032,814
$13,230,384
$19,050,065
$20,273,564
$19,934,818
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2020
2021
2022
2023
2024
•YTD collections of $19,934,818 are down (1.7)% from prior year and are down (0.3)% from the
budget.
•Inflation as measured by the consumer price index was up 3.4% in April.
April Collections YTD Collections
Town of Vail Revenue Update
June 4, 2024
April 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through May 2024
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 41.4% from the prior year.
$2,069,914
$4,056,565 $3,936,168
$2,584,277
$3,653,938
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
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
•April collections of $217,768 are down (19.9)% from prior year and are down (20.5)% from the
amended budget. YTD collections of $2,437,313 are down (1.2)% from this time last year and
are up 0.6% from the budget.
•Historically, the timing of Easter has impacted sales tax collections for the months of
March and April. To eliminate the reporting variance impacted by how the holiday fell,
staff has combined March and April collections. For the two months combined housing
sales tax collections totaled $994,2539 down (1.6)% from the prior year and down
(1.1)% from the budget.
$269,018 $271,930
$217,768
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2022 2023 2024
$2,336,952 $2,467,868 $2,437,313
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2022 2023 2024
Town of Vail Revenue Update
June 4, 2024
Construction Use Tax by Year
YTD Through May 2024
YTD Lift Tax Collections
YTD Through April 2024
•Use Tax collections through May 28 total $806,611, compared to $1,074,782 from this time last
year. This is a decrease of (25.0)%.
$575,018
$2,138,087
$965,715 $1,074,782
$806,611
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2020 2021 2022 2023 2024
•2024 YTD lift tax collections of $4,940,032 are up 6.2% or $289,738 from the same time last
year.
$2,916,926
$3,919,631
$4,677,161
$4,650,293
$4,940,032
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2020
2021
2022
2023
2024
Vail Business Review
April 2024
June 4, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
April. 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.
April 4.5% sales tax was down (20.2)% from the prior year. Retail decreased (25.5)%,
lodging decreased (24.1)%, food and beverage decreased (12.0)%, and utilities/other
decreased (5.2%). Excluding the out-of-town category, sales tax for the month of April
was down (20.0)% compared to prior year.
In 2024, the Easter holiday weekend fell on March 30th through 31st. Historically, years
in which the holiday falls during March see increased collections during the month of
March, and decreased collections during the month of April. Across March and April
combined, sales tax collections were down (1.6)% from the 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
Town of Vail Business Review
April Sales Tax Collections by Year
April 2024 Sales Tax
April 2023
Sales Tax Collections by Business Type
April 2024
779,610
Lodging
517,664 Food &
Beverage
498,222 Utilities &
Other
225,787
$0
$500,000
$1,000,000
(25.5)%(12.0)%(5.2.%)
Retail
428,125
1,797,641
2,503,426
2,531,912
2,021,282
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
•April 2024 retail sales decreased (25.5)%, lodging decreased (24.0)%, food and beverage
decreased (12.0)%, and utilities and other decreased (5.2%).
•The figures above reflect 4.5% sales tax.
Retail
1,045,875
Lodging
681,736 Food &
Beverage
566,031
Utilities &
Other
238,270
$0
$500,000
$1,000,000
$1,500,000
(24.0)%
•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 April 2023 collections were $2,531,912; April 2024 collections were $2,021,282, down (20.1)% from the prior
year.
•Historically, the timing of Easter has impacted sales tax collections for the months of March and April. To
eliminate the reporting variance impacted by how the holiday fell, staff has combined March and April
collections. For the two months combined sales tax collections totaled $8,948,274 down (1.6)% from the prior
year.
Town of Vail Business Review
April 2023April 2024
Geographic Area Trends by Year
April Sales Tax
Sales Tax by Location
April 2024 Sales Tax
Other Areas
14%
Lionshead
19%
Out of
Town
22%
Vail Village
45%
•Vail Village sales tax decreased (24.9)%, Lionshead decreased (19.4)%, Other Areas decreased (4.7)%,
and Out of Town decreased (20.5%). Excluding Out of Town collections, all areas were down (20.0)%.
•The figures above reflect 4.5% sales tax.
126,283
262,798
15,059
224,692
253,163
610,041
33,620
700,109
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
975,936770,911378,278
327,666
•This chart shows April 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.
322,211347,319 793,726
1,068,657
769,869
279,986 626,347
290,654
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
April 2024 Sales Tax
Town of Vail Business Review
Apparel
$133,172
Grocery
$122,730
Gallery
$4,471
Gifts
$2,743
Jewelry
$30,821
Retail Liquor
$34,185
Retail Other
$220,777
Sporting Goods
$153,026
Online Retailers
$77,684
Retail Home
Occupation
$326
•April 2024 accommodations services decreased (24.0)% from the prior year. Short-term rentals decreased
(36.2)% and hotels and lodges decreased (17.9)%.
•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.
547,632
174,365
452,141
229,594
371,131
146,533
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
Cascade Village / East Vail / Sandstone / West Vail
Retail 137,759 166,223 -17.12%
Lodging 91,926 93,355 -1.53%
F & B 75,573 59,830 26.31%
Other 1,752 2,803 -37.50%
Total 307,010 322,211 -4.72%
Lionshead
Retail 69,372 107,420 -35.42%
Lodging 120,532 134,309 -10.26%
F & B 87,281 101,698 -14.18%
Other 2,801 3,891 -28.01%
Total 279,986 347,318 -19.39%
Out of Town
Retail 269,758 374,401 -27.95%
Lodging 149,350 195,641 -23.66%
F & B 623 1,314 -52.62%
Other 211,415 222,370 -4.93%
Total 631,145 793,726 -20.48%
Vail Village
Retail 302,722 397,830 -23.91%
Lodging 155,856 258,432 -39.69%
F & B 334,745 403,188 -16.98%
Other 9,819 9,206 6.65%
Total 803,141 1,068,657 -24.85%
Total - All Areas
Retail 779,610 1,045,875 -25.46%
Lodging 517,664 681,736 -24.07%
F & B 498,222 566,031 -11.98%
Other 225,787 238,270 -5.24%
Total 2,021,282 2,531,912 -20.17%
Retail Summary
Retail Apparel 133,172 186,447 -28.57%
Retail Food 122,730 152,122 -19.32%
Retail Gallery 4,471 40,733 -89.02%
Retail Gift 2,743 3,383 -18.91%
Retail Home Occupation - 56 -100.00%
Retail Jewelry 30,821 31,380 -1.78%
Retail Liquor 34,185 41,104 -16.83%
Retail Other 220,777 297,340 -25.75%
Retail Sport 153,026 222,833 -31.33%
Retail Online Retailer 77,684 70,478 10.22%
Total 779,610 1,045,875 -25.46%
Town of Vail Business Review
April 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change