HomeMy WebLinkAbout01. 241001_Revenue_Update1
TOWN OF VAIL
REVENUE UPDATE
October 1, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, August 2024 collections are estimated to be
$2,992,978, up 2.1% from 2023 and up 2.5% from th e budget.
2024 YTD collections of $30,084,973 are up 0.3% from 2023 and up 1.3% from
the budget. Inflation as measured by the consumer price index was up 2.5% for
the 12-months ending August 2024. The annual budget totals $40.85 million .
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, August 2024 collections of the 0.5% housing
sales tax are estimated to be $361,838 up 2.5% from 2023 and up 2.2% from the
budget. 2024 YTD collections of $3,649,074 are up 0.2% from 2023 and up 1.4%
from the budget. The 2024 budget for the housing fund sales tax totals $4.9 5
million.
Real Estate Transfer Tax (RETT)
RETT collections through September 24 total $5,990,988, up 3.7% from 2023. The
number of residential property sales is tracking up 4.1% from 2023.
Construction Use Tax
Use Tax collections through September 24 total $2,193,854 compared to
$1,990,763 in 2023. The 2024 budget totals $2,040,000.
Lift Tax
Year to date lift tax collections through August 31 total $5,321,950, up 6.6 % or
$330,966 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 $70.4 million is up 11.2% from the
amended budget and up 4.8% from prior year.
The majority of the positive variance compared to the amended budget is due to
higher-than -expected real estate transfer tax collections, interest earnings,
construction use tax collections, and ski lift tax collections.
The majority of the positive variance compared to the prior year is due to increased
property tax collections, real estate transfer tax collections, construction use tax
collections , and ski lift tax collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,793,866$ 6,496$ -1.99%0.11%
February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,068,581 154,266 0.45%2.61%
March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,391,562 355,885 5.54%5.90%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,824,623 (434,175) -19.44%-19.22%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,163,045 51,126 4.03%4.60%
June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,336,512 71,408 2.82%3.15%
July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,513,805 114,781 2.98%3.38%
August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 2,992,978 72,378 2.08%2.48%
Total 20,987,931$ 16,783,641$ 22,810,430$ 29,101,332$ 30,008,420$ 29,692,807$ 30,084,973$ 392,166$ 0.26%1.32%
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$ 30,084,973$ 392,166$ 0.26%1.32%
2022 2023 2024 Budget % change % change
Collections Collections Budget Variance from 2023 from Budget
January 645,487$ 720,906$ 700,920$ 703,751$ 2,831$ -2.38%0.40%
February 702,730 736,788 716,760 740,184 23,424 0.46%3.27%
March 719,717 738,244 731,610 780,503 48,893 5.72%6.68%
April 269,018 271,930 273,735 219,749 (53,986) -19.19%-19.72%
May 146,657 132,333 134,640 138,095 3,455 4.35%2.57%
June 280,460 275,113 274,230 281,963 7,733 2.49%2.82%
July 424,602 412,849 411,840 422,992 11,152 2.46%2.71%
August 361,165 352,887 353,925 361,838 7,913 2.54%2.24%
Total 3,549,836$ 3,641,050$ 3,597,660$ 3,649,074$ 51,414$ 0.22%1.43%
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$ 3,649,074$ 51,414$ 0.22%1.43%
Town of Vail Revenue Update
October 1, 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
October 1, 2024
Through August 31
August 4% General Sales Tax Collections By Year
Through August 31
•August collections of $2,992,978 are up 2.1% from prior year and are up 2.5% from the budget.
$2,138,838
$2,877,550
$2,997,389
$2,932,111
$2,992,978
$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
$16,783,641
$22,810,430
$29,101,332
$30,008,420
$30,084,973
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000
2020
2021
2022
2023
2024
•YTD collections of $30,084,973 are up 0.3% from prior year and are up 1.3% from the budget.
•Inflation as measured by the consumer price index was up 2.5% in August.
Town of Vail Revenue Update
October 1, 2024
August 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through September 2024
August Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2024
collections are up 3.7% from the prior year.
$6,064,301
$8,465,550
$7,815,116
$5,776,481 $5,990,988
$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
$9,000,000
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
•August collections of $361,838 are up 2.5% from prior year and are up 2.2% from the budget.
YTD collections of $3,649,074 are up 0.2% from this time last year and are up 1.4% from the
budget.
$361,165 $352,887 $361,838
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
2022 2023 2024
$3,549,836 $3,641,050 $3,649,074
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2022 2023 2024
Town of Vail Revenue Update
October 1, 2024
Construction Use Tax by Year
YTD Through September 2024
YTD Lift Tax Collections
YTD Through August 2024
•Use Tax collections through September 24 total $2,193,854, compared to $1,990,763 from this
time last year. This is an increase of 10.2%.
$1,696,299
$3,225,928
$1,869,324 $1,990,762
$2,193,854
$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 $5,321,950 are up 6.6% or $330,966 from the same time last
year.
$3,016,849
$4,280,736
$5,092,288
$4,990,984
$5,321,950
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2020
2021
2022
2023
2024
Vail Business Review
August 2024
October 1, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
August. 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.
August 4.5% sales tax was up 2.1% from the prior year. Retail decreased (7.5)%,
lodging increased 13.6%, food and beverage increased 4.9%, and utilities/other
decreased (14.2)%. Excluding the out-of-town category, sales tax for the month of
August was up 6.1% 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
August Sales Tax Collections by Year
August 2024 Sales Tax
August 2023
Sales Tax Collections by Business Type
August 2024
Retail
1,093,508
Lodging
1,169,058
Food &
Beverage
939,958
Utilities &
Other
152,188
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000
2,143,407
2,878,546
3,372,583
3,284,785
3,354,712
$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
General Sales Tax
Housing Sales Tax
• August 2024 retail sales decreased (7.5)%, lodging increased 13.6%, food and beverage
increased 4.9%, and utilities and other decreased (14.2)%.
• The figures above reflect 4.5% sales tax.
Retail
1,181,897
Lodging
1,029,203
Food &
Beverage
896,412
Utilities &
Other
177,272
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
(7.5)%
• 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 August 2023 collections were $3,284,785; August 2024 collections were $3,354,712, up 2.1%
from the prior year.
13.6%4.9%(14.2)%
Town of Vail Business Review
August 2023August 2024
Geographic Area Trends by Year
August Sales Tax
Sales Tax by Location
August 2024 Sales Tax
Other Areas
17%
Lionshead
13%
Out of
Town
26%
Vail Village
44%
• Vail Village sales tax increased 2.6%, Lionshead increased 28.5%, Other Areas decreased (3.0)%, and
Out of Town decreased (9.1)%. Excluding Out of Town collections, all areas were up 6.1%.
• The figures above reflect 4.5% sales tax.
343,077
450,988
299,598
374,402
454,336
702,522
1,046,396
1,350,635
$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
Vail Village
Out of Town
Lionshead
Other Areas
1,494,575864,586
454,239
559,184
• This chart shows August 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.
551,763
442,972
848,326
1,441,723
1,479,629
569,011
770,792
535,280
Other Areas
16%
Lionshead
17%
Out of
Town
23%
Vail Village
44%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
August 2024 Sales Tax
Town of Vail Business Review
Apparel
$256,782
Grocery
$197,826
Gallery
$13,885
Gifts
$6,945
Jewelry
$49,441
Retail Liquor
$50,943
Retail Other
$296,929
Sporting Goods
$132,832
Online Retailers
$87,924
Retail Home
Occupation
$0
• August 2024 accommodations services increased 13.6% from the prior year. Short-term rentals increased
0.4% and hotels and lodges increased 19.2%.
• 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.
761,711
308,715
720,157
309,046
858,759
310,299
$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 215,663 229,928 ‐6.20%
Lodging 197,617 178,753 10.55%
F & B 119,927 131,245 ‐8.62%
Other 2,073 11,837 ‐82.49%
Total 535,280 551,763 ‐2.99%
Lionshead
Retail 80,643 81,942 ‐1.59%
Lodging 253,678 201,659 25.80%
F & B 231,218 153,867 50.27%
Other 3,473 5,504 ‐36.90%
Total 569,011 442,972 28.45%
Out of Town
Retail 324,450 395,336 ‐17.93%
Lodging 306,993 295,815 3.78%
F & B 2,141 5,027 ‐57.41%
Other 137,209 152,148 ‐9.82%
Total 770,792 848,326 ‐9.14%
Vail Village
Retail 472,752 474,691 ‐0.41%
Lodging 410,770 352,976 16.37%
F & B 586,673 606,274 ‐3.23%
Other 9,434 7,784 21.20%
Total 1,479,629 1,441,723 2.63%
Total ‐ All Areas
Retail 1,093,508 1,181,897 ‐7.48%
Lodging 1,169,058 1,029,203 13.59%
F & B 939,958 896,412 4.86%
Other 152,188 177,272 ‐14.15%
Total 3,354,712 3,284,785 2.13%
Retail Summary
Retail Apparel 256,782 255,842 0.37%
Retail Food 197,826 204,954 ‐3.48%
Retail Gallery 13,885 19,416 ‐28.49%
Retail Gift 6,945 7,461 ‐6.91%
Retail Home Occupation ‐ 46 ‐100.00%
Retail Jewelry 49,441 63,382 ‐21.99%
Retail Liquor 50,943 52,881 ‐3.67%
Retail Other 296,929 362,466 ‐18.08%
Retail Sport 132,832 126,043 5.39%
Retail Online Retailer 87,924 89,407 ‐1.66%
Total 1,093,508 1,181,897 ‐7.48%
Town of Vail Business Review
August 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change