HomeMy WebLinkAbout01. 240702_Revenue_Update1
TOWN OF VAIL
REVENUE UPDATE
July 2, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, May 2024 collections are estimated to be
$1,139,371, up 1.9% from 2023 and up 2.5% from the budget.
2024 YTD collections of $21,122,501 are down (1.3)% from 2023 and up 0.1%
from the budget. Inflation as measured by the consumer price index was up 3.3%
for the 12-months ending May 2024. The annual budget totals $40.85 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, May 2024 collections of the 0.5% housing
sales tax are estimated to be $135,148 up 2.1% from 2023 and up 0.4% from the
budget. 2024 YTD collections of $2,567,408 are down (1.3)% from 2023 and up
0.4% from the budget. The 2024 budget for the housing fund sales tax totals $4.95
million.
Real Estate Transfer Tax (RETT)
RETT collections through June 26 total $4,132,507, up 46.2% from 2023. The
variance compared to prior year is due to an increase in 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 June 26 total $1,441,413 compared to $1,653,078 in
2023. The 2024 budget totals $2,040,000.
Lift Tax
Year to date lift tax collections through May 31 total $4,940,821, up 6.2% or
$290,527 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.
Summary
Across all funds, year-to-date total revenue of $49.6 million is up 5.4% from the
amended budget and up 3.5% from prior year. The majority of the positive variance
compared to the amended budget and prior year is due to higher-than-expected
real estate transfer tax collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,790,330$ 2,960$ -2.05%0.05%
February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,065,431 151,116 0.40%2.56%
March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,364,619 328,942 5.10%5.45%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,762,750 (496,048) -22.17%-21.96%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,139,371 27,452 1.91%2.47%
Total 14,663,841$ 11,536,642$ 14,291,900$ 20,278,039$ 21,391,575$ 21,108,079$ 21,122,501$ 14,422$ -1.26%0.07%
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$ 21,122,501$ 14,422$ -1.26%0.07%
2022 2023 2024 Budget % change % change
Collections Collections Budget Variance from 2023 from Budget
January 645,487$ 720,906$ 700,920$ 703,309$ 2,389$ -2.44%0.34%
February 702,730 736,788 716,760 739,790 23,030 0.41%3.21%
March 719,717 738,244 731,610 777,135 45,525 5.27%6.22%
April 269,018 271,930 273,735 212,026 (61,709) -22.03%-22.54%
May 146,657 132,333 134,640 135,148 508 2.13%0.38%
Total 2,483,609$ 2,600,201$ 2,557,665$ 2,567,408$ 9,743$ -1.26%0.38%
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$ 2,567,408$ 9,743$ -1.26%0.38%
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
July 2, 2024
4.0% GENERAL SALES TAX2024 Budget Comparison
Through May 31
May 4% General Sales Tax Collections By Year
Through May 31
Town of Vail Revenue Update
YTD 4% General Sales Tax Collections By Year
July 2, 2024
•May collections of $1,139,371 are up 1.9% from prior year and are up 2.5% from the budget.
$503,828
$1,061,516
$1,227,974
$1,118,011
$1,139,371
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
2020
2021
2022
2023
2024
$11,536,642
$14,291,900
$20,278,039
$21,391,575
$21,122,501
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2020
2021
2022
2023
2024
•YTD collections of $21,122,501 are down (1.3)% from prior year and are down (0.1)% from the
budget.
•Inflation as measured by the consumer price index was up 3.3% in May.
May Collections YTD Collections
Town of Vail Revenue Update
July 2, 2024
May 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through June 2024
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 46.2% from the prior year.
$2,414,347
$5,073,151 $4,796,758
$2,826,381
$4,132,507
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
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
•May collections of $135,148 are up 2.1% from prior year and are up 0.4% from the amended
budget. YTD collections of $2,567,408 are down (1.3)% from this time last year and are up
0.4% from the budget.
$146,657
$132,333 $135,148
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
2022 2023 2024
$2,483,609 $2,600,201 $2,567,408
$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
July 2, 2024
Construction Use Tax by Year
YTD Through June 2024
YTD Lift Tax Collections
YTD Through May 2024
•Use Tax collections through June 26 total $1,441,413, compared to $1,653,078 from this time
last year. This is a decrease of (12.8)%.
$733,781
$2,435,590
$1,092,082
$1,653,078
$1,441,413
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2020 2021 2022 2023 2024
•2024 YTD lift tax collections of $4,940,821 are up 6.2% or $290,527 from the same time last
year.
$2,916,926
$3,925,279
$4,702,447
$4,650,293
$4,940,821
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2020
2021
2022
2023
2024
Vail Business Review
May 2024 and Ski Season
July 2, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
May 2024. 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.
Overall, May 4.5% sales tax was up from the prior year 1.9%. Retail decreased (12.8%)
lodging increased 11.5%, food and beverage increased 46.8%, and utilities/other
decreased (14.9)%. Excluding the out-of-town category, sales tax for the month of May
was up 21.8% compared to prior year.
The 2023-2024 ski season resulted in an overall (0.8)% decrease from the prior ski
season. Retail decreased (1.6)%, lodging increased 0.6%, food and beverage increased
0.7%, and utilities/other decreased (11.0)%. Excluding the out-of-town category, sales
tax collections for the 23-24 ski season increased 1.1%.
Town of Vail sales tax forms, the Vail Business Review, and sales tax worksheets are
available on the internet at www.vail.gov. You can subscribe to have the Vail Business
Review and the sales tax worksheet emailed to you automatically from www.vail.gov.
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
May 2023
Sales Tax Collections by Business Type
May 2024
Town of Vail Business Review
May Sales Tax Collections by Year
May 2024 Sales Tax
Retail
537,836
Lodging
269,126
Food &
Beverage
318,981 Utilities &
Other
148,575
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
5LFU$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
507,677
1,061,987
1,383,630
1,250,229
1,274,518
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
•May 2024 retail sales decreased (12.8)%, lodging increased 11.5%, food and beverage increased
46.8%, and utilities and other decreased (14.9%).
•The figures above reflect 4.5% sales tax.
Retail
616,857
Lodging
241,432 Food &
Beverage
217,263 Utilities &
Other
174,678
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
(12.8)%
•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 May 2023 collections were $1,250,229; May 2024 collections were $1,274,518, up 1.9% from the
prior year.
11.5%46.8%(14.9)%
May 2024 Sales Tax
Town of Vail Business Review
May 2023May 2024
Geographic Area Trends by Year
May Sales Tax
Sales Tax by Location
Other Areas
16% Lionshead
9%
Out of
Town
50%
Vail Village
25%
•Vail Village sales tax increased 12.0%, Lionshead increased 33.6%, Other Areas increased 30.6%, and Out
of Town decreased (17.7%). Excluding Out of Town collections, all areas were up 21.8%.
•The figures above reflect 4.5% sales tax.
148,681
184,960
12,564
75,636
260,869
479,099
85,563
322,292
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
422,560 642,849110,871 207,349
•This chart shows May 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.
194,488109,729 518,703355,275
355,275
146,609 518,702
253,932
Other Areas
20%
Lionshead
12%
Out of
Town
41%
Vail Village
28%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
May 2024 Sales Tax
Town of Vail Business Review
Apparel
$76,223
Grocery
$103,504
Gallery
$1,594
Gifts
$1,268
Jewelry
$12,033
Retail Liquor
$23,922
Retail Other
$225,702
Sporting Goods
$24,232
Online Retailers
$69,358
Retail Home
Occupation
$326
•May 2024 accommodations services increased 11.5% from the prior year. Short-term rentals increased 18.4%
and hotels and lodges increased 8.3%.
•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.
190,592
91,500
164,718
76,714
178,329
90,798
$0 $50,000 $100,000 $150,000 $200,000 $250,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
Cascade Village / East Vail / Sandstone / West Vail
Retail 123,660 121,147 2.07%
Lodging 39,724 27,879 42.49%
F & B 86,757 38,270 126.70%
Other 3,792 7,191 -47.27%
Total 253,932 194,488 30.56%
Lionshead
Retail 16,684 12,770 30.65%
Lodging 58,701 40,159 46.17%
F & B 64,806 50,748 27.70%
Other 6,417 6,054 6.01%
Total 146,609 109,730 33.61%
Out of Town
Retail 264,757 362,924 -27.05%
Lodging 117,213 105,771 10.82%
F & B 151 733 -79.47%
Other 136,582 160,412 -14.86%
Total 518,703 629,840 -17.65%
Vail Village
Retail 132,735 120,016 10.60%
Lodging 53,489 67,623 -20.90%
F & B 167,267 127,512 31.18%
Other 1,784 1,020 74.83%
Total 355,275 316,171 12.37%
Total - All Areas
Retail 537,836 616,857 -12.81%
Lodging 269,126 241,432 11.47%
F & B 318,981 217,263 46.82%
Other 148,575 174,678 -14.94%
Total 1,274,518 1,250,229 1.94%
Retail Summary
Retail Apparel 76,223 66,486 14.64%
Retail Food 103,504 100,098 3.40%
Retail Gallery 1,594 13,979 -88.60%
Retail Gift 1,268 1,518 -16.49%
Retail Home Occupation - 45 -100.00%
Retail Jewelry 12,033 27,959 -56.96%
Retail Liquor 23,922 24,118 -0.81%
Retail Other 225,702 297,122 -24.04%
Retail Sport 24,232 20,419 18.68%
Retail Online Retailer 69,358 65,216 6.35%
Total 537,836 616,960 -12.82%
Town of Vail Business Review
May 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change
Town of Vail Business Review
Ski Season Sales Tax Collections by Year
Ski Season 2023-2024
Ski Season 2022-2023
Sales Tax Collections by Business Type
Ski Season 2023-2024
10,088,382
Lodging
13,045,550
Food &
Beverage
6,099,790 Utilities &
Other
1,691,295
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
(1.6)%0.7%(11.0)%
Retail
RFU
-$8,000,000
$12,000,000
16,605,158
18,315,841
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
19-20
20-21
21-22
22-23
23-24
General Sales Tax
Housing Sales Tax
31,175,622
30,925,017
29,098,525
•Ski Season 23-24 retail sales decreased (1.6%), lodging increased 0.6%, food and beverage
increased 0.7%, and utilities and other decreased (11.0%).
•The figures above reflect 4.5% sales tax.
Retail
10,255,896
Lodging
12,963,556
Food &
Beverage
6,055,081 Utilities &
Other
1,901,089
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
•This report represents collections of Town of Vail sales tax, as opposed to actual gross sales.
•On January 1st, 2022, partway through the 21-22 ski season, Town of Vail sales tax increased from 4.0%
to 4.5% on all items except food for home consumption. Ski seasons 21-22, 22-23 and 23-24 above
include the 0.5% increase to sales tax, depicted in light blue. Prior ski seasons show 4.0% sales
tax collections.
•Total 22-23 ski season collections were $31,175,622. Total 23-24 ski season collections were
$30,925,017, down from the prior year 0.8%.
0.6%
Town of Vail Business Review
Ski Season 2022-2023Ski Season 2023-2024
Geographic Area Trends by Year
Ski Season 2023-2024
Sales Tax by Location
Ski Season 2023-2024
Other
Areas
14%
Lionshead
18%
Out of
Town
23%
Vail Village
45%
Other Areas
14%
Lionshead
18%
Out of Town
25%
Vail Village
44%
•Vail Village sales tax increased 1.0%, Lionshead decreased (0.4%), Other Areas increased 3.2%, and
Out of Town decreased (6.6%). Excluding Out of Town collections, all areas were up 1.1%.
•The figures above reflect 4.5% sales tax.
2,620,548
2,723,790
4,163,460
3,684,453
3,102,125
5,185,715
2,299,833
4,784,038
7,067,108
8,000,323
7,705,889
12,682,242
$0 $3,000,000 $6,000,000 $9,000,000 $12,000,000 $15,000,000
19-20
20-21
21-22
22-23
23-24
Vail Village
Out of Town
Lionshead
Other Areas
•This chart shows April sales tax collections by geographic area over time.
•2021-22, 2022-23 and 2023-24 include the 0.5% increase for housing sales tax, depicted in lighter
shades. General 4.0% sales tax collections are shown in darker shades.
4,291,2865,495,503 7,669,959 13,718,874
13,861,803
5,474,096 7,160,177
4,428,941
Retail Business 4.5% Sales Tax Detail
Ski Season 2023-2024
Town of Vail Business Review
Accommodation Services Sales Tax by Year
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000
Hotel and Lodges
Short-Term Rentals
23-24 22-23 21-22
4,031,971
9,117,464
Apparel
$2,143,334
Grocery
$1,392,402
Gallery
$61,793
Gifts
$44,265
Jewelry
$396,759Retail Liquor
$413,530
Retail Other
$2,085,324
Sporting Goods
$2,905,927
Online Retailers
$643,702
Retail Home
Occupation
$2,195
•Overall, 23-24 ski season accommodations services increased 0.6% from the prior ski season. Short-term rentals
decreased (2.6%) from prior ski season and hotels and lodges increased 2.1%.
•All ski seasons include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales
tax collections are shown in darker shades.
•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.
3,928,086
8,391,585
3,809,226
8,838,584
Retail 1,536,903.22 1,545,170.27 -0.54%
Lodging 2,270,213.08 2,133,174.69 6.42%
F & B 588,960.96 542,205.18 8.62%
Other 32,863.28 70,736.00 -53.54%
Total 4,428,940.59 4,291,286.13 3.21%
Retail 1,473,002.87 1,490,971.13 -1.21%
Lodging 2,832,626.42 2,841,214.51 -0.30%
F & B 1,086,739.42 1,130,310.41 -3.85%
Other 81,726.91 33,007.06 147.60%
Total 5,474,095.62 5,495,503.11 -0.39%
Retail 2,386,333.27 2,624,696.10 -9.08%
Lodging 3,369,455.97 3,416,177.93 -1.37%
F & B 11,714.76 13,376.38 -12.42%
Other 1,392,673.14 1,615,708.55 -13.80%
Total 7,160,177.14 7,669,958.96 -6.65%
Retail 4,692,142.61 4,595,058.88 2.11%
Lodging 4,573,254.81 4,572,989.08 0.01%
F & B 4,412,374.71 4,369,189.10 0.99%
Other 184,031.21 181,637.21 1.32%
Total 13,861,803.34 13,718,874.27 1.04%
Retail 10,088,382.03 10,255,896.38 -1.63%
Lodging 13,045,550.28 12,963,556.20 0.63%
F & B 6,099,789.85 6,055,081.07 0.74%
Other 1,691,294.53 1,901,088.82 -11.04%
Total 30,925,016.69 31,175,622.47 -0.80%
Retail Apparel 2,143,334.48 2,125,648.23 0.83%
Retail Food 1,392,402.22 1,363,288.18 2.14%
Retail Gallery 61,793.33 132,036.33 -53.20%
Retail Gift 44,265.30 42,494.49 4.17%
Retail Home Occupation 1,344.36 2,231.18 -39.75%
Retail Jewelry 396,759.28 389,115.21 1.96%
Retail Liquor 413,530.25 449,201.86 -7.94%
Retail Other 2,085,323.86 2,277,783.65 -8.45%
Retail Sport 2,905,927.33 2,891,799.74 0.49%
Retail Online Retailer 643,701.62 582,297.51 10.55%
Total 10,088,382.03 10,255,896.38 -1.63%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Ski Season 4.5% Sales Tax
23-24 Collections 22-23 Collections YoY % Change