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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