HomeMy WebLinkAbout01. 240903 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
September 3, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, July 2024 collections are estimated to be
$3,475,499, up 1.9% from 2023 and up 2.3% from the budget.
2024 YTD collections of $26,996,664 are down (0.3)% from 2023 and up 0.8%
from the budget. Inflation as measured by the consumer price index was up 2.9%
for the 12-months ending July 2024. The annual budget totals $40.85 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, July 2024 collections of the 0.5% housing
sales tax are estimated to be $418,216 up 1.3% from 2023 and up 1.6% from the
budget. 2024 YTD collections of $3,275,333 are down (0.4)% from 2023 and up
1.0% from the budget. The 2024 budget for the housing fund sales tax totals $4.95
million.
Real Estate Transfer Tax (RETT)
RETT collections through August 27 total $5,390,599, up 7.2% from 2023. The
number of residential property sales is tracking up 7.3% from 2023.
Construction Use Tax
Use Tax collections through August 27 total $1,971,285 compared to $1,869,494
in 2023. The 2024 budget totals $2,040,000.
Lift Tax
Year to date lift tax collections through July 31 total $5,195,134, up 7.0% or
$340,061 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 $66.0 million is up 7.5% from the
amended budget and up 6.0% from prior year.
The majority of the positive variance compared to the amended budget is due to
higher-than-expected real estate transfer tax collections and interest earnings.
The majority of the positive variance compared to the prior year is due to increased
real estate transfer tax collections, property tax collections, and ski lift tax
collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 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 6,365,031 329,354 5.10%5.46%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,820,816 (437,982) -19.61%-19.39%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,159,528 47,609 3.71%4.28%
June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,319,083 53,979 2.05%2.38%
July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,475,499 76,475 1.85%2.25%
Total 18,750,881$ 14,644,803$ 19,932,880$ 26,103,943$ 27,076,309$ 26,772,207$ 26,996,664$ 224,457$ -0.29%0.84%
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$ 26,996,664$ 224,457$ -0.29%0.84%
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 719,717 738,244 731,610 777,186 45,576 5.27%6.23%
April 269,018 271,930 273,735 219,273 (54,462) -19.36%-19.90%
May 146,657 132,333 134,640 137,656 3,016 4.02%2.24%
June 280,460 275,113 274,230 279,784 5,554 1.70%2.03%
July 424,602 412,849 411,840 418,216 6,376 1.30%1.55%
Total 3,188,671$ 3,288,163$ 3,243,735$ 3,275,333$ 31,598$ -0.39%0.97%
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$ 3,275,333$ 31,598$ -0.39%0.97%
Town of Vail Revenue Update
September 3, 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
September 3, 2024
Through July 31
July 4% General Sales Tax Collections By Year
Through July 31
•July collections of $3,475,499 are up 1.9% from prior year and are up 2.3% from the budget.
$2,084,644
$3,491,668
$3,507,973
$3,412,277
$3,475,499
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000
2020
2021
2022
2023
2024
$14,644,803
$19,932,880
$26,103,943
$27,076,309
$26,996,664
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
2020
2021
2022
2023
2024
•YTD collections of $26,996,664 are down (0.3)% from prior year and are up 0.8% from the budget.
•Inflation as measured by the consumer price index was up 2.9% in July.
Town of Vail Revenue Update
September 3, 2024
July 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through August 2024
July Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 7.2% from the prior year.
$4,835,382
$7,281,036 $7,242,563
$5,026,820 $5,390,599
$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
Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million
•July collections of $418,216 are up 1.3% from prior year and are up 1.6% from the budget.
YTD collections of $3,275,333 are down (0.4)% from this time last year and are up 1.0% from
the budget.
$424,602 $412,849 $418,216
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
2022 2023 2024
$3,188,671 $3,288,163 $3,275,333
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2022 2023 2024
Town of Vail Revenue Update
September 3, 2024
Construction Use Tax by Year
YTD Through August 2024
YTD Lift Tax Collections
YTD Through July 2024
•Use Tax collections through August 27 total $1,971,285, compared to $1,869,494 from this
time last year. This is an increase of 5.4%.
$1,078,585
$3,008,591
$1,534,136
$1,869,494 $1,971,285
$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
•2024 YTD lift tax collections of $5,195,134 are up 7.0% or $340,061 from the same time last
year.
$2,969,671
$4,152,983
$4,967,510
$4,855,074
$5,195,134
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2020
2021
2022
2023
2024
Vail Business Review
July 2024
September 3, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
July. 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.
July 4.5% sales tax was up 1.7% from the prior year. Retail decreased (3.4)%, lodging
increased 1.5%, food and beverage increased 6.2%, and utilities/other increased
16.6%. Excluding the out-of-town category, sales tax for the month of July was up 2.9%
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) 479-2125 or
Carlie Smith, Finance Director, at (970) 479-2119.
Sincerely,
Lauren Noll
Sales Tax Administrator
Town of Vail Business Review
July Sales Tax Collections by Year
July 2024 Sales Tax
July 2023
Sales Tax Collections by Business Type
July 2024
Retail
1,325,587 Lodging
1,255,821 Food &
Beverage
1,099,028
Utilities &
Other
212,562
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
2,081,068
3,490,380
3,933,256
3,827,844
3,892,999
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
• July 2024 retail sales decreased (3.4)%, lodging increased 1.5%, food and beverage increased
6.2%, and utilities and other increased 16.6%.
• The figures above reflect 4.5% sales tax.
Retail
1,372,689 Lodging
1,237,827
Food &
Beverage
1,035,034
Utilities &
Other
182,294
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
(3.4)%
• 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 July 2023 collections were $3,827,844; July 2024 collections were $3,892,999 up 1.7% from the
prior year.
1.5%6.2%16.6%
Town of Vail Business Review
July 2023July 2024
Geographic Area Trends by Year
July Sales Tax
Sales Tax by Location
July 2024 Sales Tax
Other Areas
15%
Lionshead
14%
Out of
Town
23%
Vail Village
48%
• Vail Village sales tax decreased (1.4)%, Lionshead increased 12.5%, Other Areas increased 8.0%, and
Out of Town decreased (2.4)%. Excluding Out of Town collections, all areas were up 2.9%.
• The figures above reflect 4.5% sales tax.
344,935
540,765
303,584
480,700
322,399
821,272
1,110,151
1,647,643
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
1,857,617966,502525,809
583,328
• This chart shows July 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.
579,149
521,539
880,799 1,846,357
1,820,742
586,899
859,849
625,509
Other Areas
16%
Lionshead
15%
Out of
Town
22%
Vail Village
47%
Retail Business 4.5% Sales Tax Detail
July 2024 Sales Tax
Town of Vail Business Review
Accommodation Services Sales Tax by Year
Apparel
$345,847
Grocery
$251,888
Gallery
$13,253
Gifts
$8,594Jewelry
$56,106
Retail Liquor
$59,179
Retail Other
$325,557
Sporting Goods
$145,565
Online Retailers
$119,597
Retail Home
Occupation
$0
• July 2024 accommodations services increased 1.5% from the prior year. Short-term rentals decreased (0.6)%
and hotels and lodges increased 2.3%.
• 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.
895,719
371,695
870,137
367,690
890,469
365,351
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000
Hotel and Lodges
Short-Term Rentals
2024 2023 2022
Cascade Village / East Vail / Sandstone / West Vail
Retail 269,031 249,802 7.70%
Lodging 198,723 200,806 ‐1.04%
F & B 151,353 113,281 33.61%
Other 6,403 15,259 ‐58.04%
Total 625,509 579,149 8.00%
Lionshead
Retail 95,636 103,561 ‐7.65%
Lodging 234,909 224,092 4.83%
F & B 220,389 187,730 17.40%
Other 35,964 6,156 484.20%
Total 586,899 521,539 12.53%
Out of Town
Retail 370,838 390,881 ‐5.13%
Lodging 338,111 340,903 ‐0.82%
F & B 1,560 2,260 ‐30.97%
Other 149,339 146,756 1.76%
Total 859,849 880,799 ‐2.38%
Vail Village
Retail 590,082 628,445 ‐6.10%
Lodging 484,077 472,026 2.55%
F & B 725,726 731,763 ‐0.82%
Other 20,856 14,123 47.68%
Total 1,820,742 1,846,357 ‐1.39%
Total ‐ All Areas
Retail 1,325,587 1,372,689 ‐3.43%
Lodging 1,255,821 1,237,827 1.45%
F & B 1,099,028 1,035,034 6.18%
Other 212,562 182,294 16.60%
Total 3,892,999 3,827,844 1.70%
Retail Summary
Retail Apparel 345,847 347,995 ‐0.62%
Retail Food 251,888 233,846 7.72%
Retail Gallery 13,253 31,799 ‐58.32%
Retail Gift 8,594 8,968 ‐4.17%
Retail Home Occupation ‐ 112 ‐100.00%
Retail Jewelry 56,106 78,674 ‐28.69%
Retail Liquor 59,179 63,117 ‐6.24%
Retail Other 325,557 365,670 ‐10.97%
Retail Sport 145,565 154,377 ‐5.71%
Retail Online Retailer 119,597 88,131 35.70%
Total 1,325,587 1,372,689 ‐3.43%
Town of Vail Business Review
July 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change