HomeMy WebLinkAbout01. 240806 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
August 6, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, June 2024 collections are estimated to be
$2,325,594, up 2.3% from 2023 and up 2.7% from the budget.
2024 YTD collections of $23,526,473 are down (0.6)% from 2023 and up 0.7%
from the budget. Inflation as measured by the consumer price index was up 3.0%
for the 12-months ending June 2024. The annual budget totals $40.85 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, June 2024 collections of the 0.5% housing
sales tax are estimated to be $280,598 up 2.0% from 2023 and up 2.3% from the
budget. 2024 YTD collections of $2,577,182 are down (0.9)% from 2023 and up
0.8% from the budget. The 2024 budget for the housing fund sales tax totals $4.95
million.
Real Estate Transfer Tax (RETT)
RETT collections through July 30 total $4,773,554, up 44.3% from 2023. The
variance compared to prior year is due in-part to an increase in the number of
residential property sales which is tracking up 23%. 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 July 30 total $1,778,969 compared to $1,773,592 in
2023. The 2024 budget totals $2,040,000.
Lift Tax
Year to date lift tax collections through June 30 total $5,003,900, up 6.1% or
$287,639 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 $60.2 million is up 9.7% from the
amended budget and up 6.8% from prior year.
The majority of the positive variance compared to the amended budget is due to
higher-than-expected real estate transfer tax collections and interest earnings.
The majority of the positive variance compared to the prior year is due to higher-
than-expected real estate transfer tax collections, property tax collections, and ski
lift tax collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,791,011$ 3,641$ -2.04%0.06%
February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,065,694 151,379 0.41%2.56%
March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,365,024 329,347 5.10%5.46%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,820,747 (438,051) -19.61%-19.39%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,158,403 46,484 3.61%4.18%
June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,325,594 60,490 2.34%2.67%
Total 16,270,588$ 12,560,159$ 16,441,212$ 22,595,970$ 23,664,032$ 23,373,183$ 23,526,473$ 153,290$ -0.58%0.66%
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$ 23,526,473$ 153,290$ -0.58%0.66%
2022 2023 2024 Budget % change % change
Collections Collections Budget Variance from 2023 from Budget
January 645,487$ 720,906$ 700,920$ 703,394$ 2,474$ -2.43%0.35%
February 702,730 736,788 716,760 739,823 23,063 0.41%3.22%
March 719,717 738,244 731,610 777,185 45,575 5.27%6.23%
April 269,018 271,930 273,735 219,264 (54,471) -19.37%-19.90%
May 146,657 132,333 134,640 137,515 2,875 3.92%2.14%
June 280,460 275,113 274,230 280,598 6,368 1.99%2.32%
Total 2,483,609$ 2,600,201$ 2,557,665$ 2,577,182$ 19,517$ -0.89%0.76%
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$ 2,577,182$ 19,517$ -0.89%0.76%
Town of Vail Revenue Update
August 6, 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
YTD 4% General Sales Tax Collections By Year
August 6, 2024
Through June 30
June 4% General Sales Tax Collections By Year
Through June 30
•June collections of $2,325,594 are up 2.3% from prior year and are up 2.7% from the budget.
$1,023,517
$2,149,312
$2,317,931
$2,272,457
$2,325,594
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2020
2021
2022
2023
2024
$12,560,159
$16,441,212
$22,595,970
$23,664,032
$23,526,473
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2020
2021
2022
2023
2024
•YTD collections of $23,526,473 are down (0.6)% from prior year and are up 0.7% from the budget.
•Inflation as measured by the consumer price index was up 3.0% in June.
Town of Vail Revenue Update
August 6, 2024
June 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through July 2024
June Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 44.3% from the prior year.
$3,170,265
$6,373,698
$5,442,865
$3,307,320
$4,773,554
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
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
•June collections of $280,598 are up 2.0% from prior year and are up 2.3% from the budget.
YTD collections of $2,577,182 are down (0.9)% from this time last year and are up 0.8% from
the budget.
$280,460 $275,113 $280,598
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2022 2023 2024
$2,483,609 $2,600,201 $2,577,182
$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
August 6, 2024
Construction Use Tax by Year
YTD Through July 2024
YTD Lift Tax Collections
YTD Through June 2024
•Use Tax collections through July 30 total $1,778,969, compared to $1,773,592 from this time
last year. This is an increase of 0.3%.
$839,478
$2,659,062
$1,227,733
$1,773,592 $1,778,969
$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 $5,003,900 are up 6.1% or $287,639 from the same time last
year.
$2,918,791
$3,981,861
$4,798,965
$4,716,261
$5,003,900
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2020
2021
2022
2023
2024
Vail Business Review
June 2024 and 2024 2nd Quarter
August 6, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
June 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, June 4.5% sales tax was up from the prior year 2.3%. Retail decreased (9.3%),
lodging decreased (1.0)%, food and beverage increased 13.3%, and utilities/other
decreased (9.3)%. Excluding the out-of-town category, sales tax for the month of June
was up 3.5% compared to prior year.
The second quarter of 2024 resulted in an overall (6.0)% decrease from the prior year.
Retail decreased (9.1)%, lodging decreased (9.4)%, food and beverage increased
2.6%, and utilities/other decreased (3.1)%. Excluding the out-of-town category, sales
tax collections for second quarter of 2024 decreased (5.4)%. 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.
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
June 2023
Sales Tax Collections by Business Type
June 2024
Town of Vail Business Review
June Sales Tax Collections by Year
June 2024 Sales Tax
Retail
967,109
Lodging
752,950 Food &
Beverage
726,505
Utilities &
Other
159,489
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
1,021,229
2,150,733
2,599,169
2,547,565
2,606,053
$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
•June 2024 retail sales decreased (0.3)%, lodging decreased (1.0)%, food and beverage increased
13.3%, and utilities and other decreased (9.3%).
•The figures above reflect 4.5% sales tax.
Retail
970,359
Lodging
760,610 Food &
Beverage
640,804
Utilities &
Other
175,792$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
(0.3)%
•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 June 2023 collections were $2,547,565; June 2024 collections were $2,606,053 up 2.3% from the
prior year.
(1.0)%13.3%(9.3)%
June 2024 Sales Tax
Town of Vail Business Review
June 2023June 2024
Geographic Area Trends by Year
June Sales Tax
Sales Tax by Location
Other Areas
16%
Lionshead
12%
Out of
Town
30%
Vail Village
42%
•Vail Village sales tax decreased (3.7)%, Lionshead increased 25.8%, Other Areas increased 6.3%, and Out
of Town decreased (0.6%). Excluding Out of Town collections, all areas were up 3.5%.
•The figures above reflect 4.5% sales tax.
194,492
336,430
149,733
250,115
262,950
665,641
414,053
898,548
$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
1,104,107771,944325,717
325,717
•This chart shows June 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.
376,505299,358 755,542 1,076,273
1,035,989
376,505 751,115
442,444
Other Areas
17%
Lionshead
14%
Out of
Town
29%
Vail Village
40%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
June 2024 Sales Tax
Town of Vail Business Review
Apparel
$194,898
Grocery
$172,890
Gallery
$6,671
Gifts
$4,428
Jewelry
$30,566Retail Liquor
$43,381
Retail Other
$339,911
Sporting Goods
$78,994
Online Retailers
$95,173
Retail Home
Occupation
$197
•June 2024 accommodations services decreased (1.0)% from the prior year. Short-term rentals decreased (8.6)%
and hotels and lodges increased 2.2%.
•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.
582,046
208,516
535,308
225,301
547,061
205,889
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
Cascade Village / East Vail / Sandstone / West Vail
Retail 185,137 173,310 6.82%
Lodging 125,061 127,689 -2.06%
F & B 129,090 105,620 22.22%
Other 3,156 9,773 -67.71%
Total 442,444 416,391 6.26%
Lionshead
Retail 55,868 54,633 2.26%
Lodging 162,174 126,034 28.68%
F & B 154,206 112,467 37.11%
Other 4,256 6,224 -31.62%
Total 376,505 299,358 25.77%
Out of Town
Retail 385,349 388,140 -0.72%
Lodging 221,304 215,146 2.86%
F & B 615 1,376 -55.33%
Other 143,848 150,879 -4.66%
Total 751,115 755,542 -0.59%
Vail Village
Retail 340,755 354,277 -3.82%
Lodging 244,411 291,741 -16.22%
F & B 442,594 421,340 5.04%
Other 8,229 8,915 -7.69%
Total 1,035,989 1,076,273 -3.74%
Total - All Areas
Retail 967,109 970,359 -0.33%
Lodging 752,950 760,610 -1.01%
F & B 726,505 640,804 13.37%
Other 159,489 175,792 -9.27%
Total 2,606,053 2,547,565 2.30%
Retail Summary
Retail Apparel 194,898 196,987 -1.06%
Retail Food 172,890 156,402 10.54%
Retail Gallery 6,671 9,534 -30.03%
Retail Gift 4,428 4,962 -10.75%
Retail Home Occupation 197 43 362.14%
Retail Jewelry 30,566 38,358 -20.31%
Retail Liquor 43,381 44,777 -3.12%
Retail Other 339,911 360,894 -5.81%
Retail Sport 78,994 80,551 -1.93%
Retail Online Retailer 95,173 77,852 22.25%
Total 967,109 970,359 -0.33%
Town of Vail Business Review
June 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change
Town of Vail Business Review
Q2 Sales Tax Collections by Year
Q2 2024 Sales Tax
Q2 2023
Sales Tax Collections by Business Type
Q2 2024
2,381,814
Lodging
1,544,652 Food &
Beverage
1,460,372 Utilities &
Other
568,613
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
(9.1)%2.6%(3.1%)
Retail
1,955,976
5,000,620
6,472,100
6,335,048
5,955,450
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
•Q2 2024 retail sales decreasd (9.1)%, lodging decreased (9.4)%, food and beverage increased
2.6%, and utilities and other decreased (3.1%).
•The figures above reflect 4.5% sales tax.
Retail
2,619,504
Lodging
1,704,518 Food &
Beverage
1,424,034 Utilities &
Other
586,991
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
(9.4)%
•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 Q2 2023 collections were $6,335,048; Q2 2024 collections were $5,955,450, down from the prior
year (6.0)%.
Town of Vail Business Review
Q2 2023Q2 2024
Geographic Area Trends by Year
Q2 Sales Tax
Sales Tax by Location
Q2 2024 Sales Tax
Other Areas
14%
Lionshead
19%
Out of
Town
22%
Vail Village
45%
•Vail Village sales tax decreased (13.3)%, Lionshead increased 8.6%, Other Areas increased 4.4%, and Out
of Town decreased (7.2%). Excluding Out of Town collections, all areas were down (5.4)%.
•The figures above reflect 4.5% sales tax.
469,456
784,188
177,356
550,443
775,927
1,745,053
533,236
1,920,936
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
2,553,238
2,171,580814,887932,416
•This chart shows Q2 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.
933,091756,406 2,185,932 2,459,620
2,130,972
821,724 2,028,587
974,167
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
Q2 2024 Sales Tax
Town of Vail Business Review
Apparel
$405,035
Grocery
$404,730
Gallery
$13,365
Gifts
$8,525
Jewelry
$74,487
Retail Liquor
$101,770
Retail Other
$873,413
Sporting Goods
$257,841
Online Retailers
$245,761
Retail Home
Occupation
$591
•Q2 2024 accommodations services decreased 9.4% from the prior year. Short-term rentals decreased (20.1)%
and hotels and lodges decreased (4.1)%.
•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.
1,297,894
496,756
1,143,834
560,685
1,096,464
448,188
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
Retail 449,552 460,680 -2.42%
Lodging 257,172 248,922 3.31%
F & B 258,707 203,720 26.99%
Other 8,736 19,768 -55.81%
Total 974,167 933,091 4.40%
Retail 138,785 174,823 -20.61%
Lodging 343,761 300,501 14.40%
F & B 325,269 264,913 22.78%
Other 13,909 16,169 -13.97%
Total 821,724 756,406 8.64%
Retail 1,012,057 1,113,359 -9.10%
Lodging 488,699 537,299 -9.05%
F & B 1,400 3,361 -58.36%
Other 526,432 531,913 -1.03%
Total 2,028,587 2,185,932 -7.20%
Retail 781,420 870,642 -10.25%
Lodging 455,020 617,796 -26.35%
F & B 874,996 952,041 -8.09%
Other 19,536 19,142 2.06%
Total 2,130,972 2,459,620 -13.36%
Retail 2,381,814 2,619,504 -9.07%
Lodging 1,544,652 1,704,518 -9.38%
F & B 1,460,372 1,424,034 2.55%
Other 568,613 586,991 -3.13%
Total 5,955,450 6,335,048 -5.99%
Retail Apparel 405,035 447,459 -9.48%
Retail Food 404,730 408,622 -0.95%
Retail Gallery 13,365 64,247 -79.20%
Retail Gift 8,525 9,497 -10.23%
Retail Home Occupation 591 143 312.88%
Retail Jewelry 74,487 97,697 -23.76%
Retail Liquor 101,770 109,998 -7.48%
Retail Other 873,413 949,095 -7.97%
Retail Sport 257,841 323,779 -20.37%
Retail Online Retailer 245,761 213,469 15.13%
Total 2,385,518 2,624,005 -9.09%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Q2 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary