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HomeMy WebLinkAbout03. 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 $2,930,946, flat with 2023 and up 0.4% from th e budget. 2024 YTD collections of $30,023,311 are up 0.1% from 2023 and up 1.1% 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 $354,084, up 0.3% from 2023 and flat with the budget. 2024 YTD collections of $3,641,366 are flat with 2023 and up 1.2% 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 $73.7 million is up 11.1% from the amended budget and up 4.7% from prior year. The majority of the positive variance compared to the amended budget is due to higher-than -expected real estate transfer tax collections, interest earnings, construction use tax collections, and ski lift tax collections. The majority of the positive variance compared to the prior year is due to increased property tax collections, real estate transfer tax collections, construction use tax collections, and ski lift tax collections. 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,793,912$ 6,542$ -1.99%0.11% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,068,607 154,292 0.46%2.61% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,391,580 355,903 5.54%5.90% April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,824,696 (434,102) -19.44%-19.22% May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,163,131 51,212 4.04%4.61% June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,336,602 71,498 2.82%3.16% July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,513,836 114,812 2.98%3.38% August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 2,930,946 10,346 -0.04%0.35% Total 20,987,931$ 16,783,641$ 22,810,430$ 29,101,332$ 30,008,420$ 29,692,807$ 30,023,311$ 330,504$ 0.05%1.11% 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$ 30,023,311$ 330,504$ 0.05%1.11% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 703,757$ 2,837$ -2.38%0.40% February 702,730 736,788 716,760 740,187 23,427 0.46%3.27% March 719,717 738,244 731,610 780,505 48,895 5.72%6.68% April 269,018 271,930 273,735 219,758 (53,977) -19.19%-19.72% May 146,657 132,333 134,640 138,106 3,466 4.36%2.57% June 280,460 275,113 274,230 281,974 7,744 2.49%2.82% July 424,602 412,849 411,840 422,996 11,156 2.46%2.71% August 361,165 352,887 353,925 354,084 159 0.34%0.04% Total 3,549,836$ 3,641,050$ 3,597,660$ 3,641,366$ 43,706$ 0.01%1.21% 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$ 3,641,366$ 43,706$ 0.01%1.21% 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 Through August 31 August 4% General Sales Tax Collections By Year Through August 31 Town of Vail Revenue Update YTD 4% General Sales Tax Collections By Year October 1, 2024 •August collections of $2,930,946 are flat from prior year and are up 0.4% from the budget. $2,138,838 $2,877,550 $2,997,389 $2,932,111 $2,930,946 $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 $30,023,311 $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 $30,023,311 are up 0.1% from prior year and are up 1.1% from the budget. •Inflation as measured by the consumer price index was up 2.5% in August. August Collections YTD Collections 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 •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 $354,084 are up 0.3% from prior year and are up flat with the budget. YTD collections of $3,641,366 are flat from this time last year and are up 1.2% from the budget. $361,165 $352,887 $354,084 $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 $3,641,366 $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 flat with the prior year. Retail decreased (5.0)%, lodging increased 7.3%, food and beverage was flat, and utilities/other decreased (11.0)%. Excluding the out-of-town category, sales tax for the month of August was up 2.2% 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 August 2024 Town of Vail Business Review August Sales Tax Collections by Year August 2024 Sales Tax August 2023 Sales Tax Collections by Business Type Retail 1,123,250 Lodging 1,103,775 Food & Beverage 900,107 Utilities & Other 157,794 $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 3,370,315 3,284,785 3,284,926 $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 (5.0)%, lodging increased 7.3%, food and beverage remained flat, and utilities and other decreased (11.0)%. • 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 (5.0)% • 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 $3,284,926, flat with the prior year. 7.3%0.4%(11.0)% August 2024 Sales Tax Town of Vail Business Review August 2023August 2024 Geographic Area Trends by Year August Sales Tax Sales Tax by Location Other Areas 17% Lionshead 13% Out of Town 26% Vail Village 44% • Vail Village sales tax increased 1.0%, Lionshead increased 11.4%, Other Areas decreased (2.0)%, and Out of Town decreased (6.3)%. Excluding Out of Town collections, all areas were up 2.2%. • 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 1,494,575862,318 454,239 559,184 • 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 1,456,160 493,591 794,631 540,544 Other Areas 17% Lionshead 15% Out of Town 24% 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 $265,518 Grocery $197,857 Gallery $13,915 Gifts $6,945 Jewelry $49,604 Retail Liquor $50,943 Retail Other $313,132 Sporting Goods $133,230 Online Retailers $92,106 Retail Home Occupation $0 • August 2024 accommodations services increased 7.3% from the prior year. Short-term rentals increased 0.4% and hotels and lodges increased 10.2%. • 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. 761,711 308,715 720,157 309,046 793,462 310,313 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 215,671                                                  229,928                                                   ‐6.20% Lodging 197,617                                                  178,753                                                  10.55% F & B 119,927                                                  131,245                                                   ‐8.62% Other 7,330                                                      11,837                                                     ‐38.08% Total 540,544                                                  551,763                                                   ‐2.03% Lionshead Retail 80,643                                                    81,942                                                     ‐1.59% Lodging 212,456                                                  201,659                                                  5.35% F & B 197,082                                                  153,867                                                  28.09% Other 3,411                                                      5,504                                                       ‐38.02% Total 493,591                                                  442,972                                                  11.43% Out of Town Retail 347,565                                                  395,336                                                   ‐12.08% Lodging 306,993                                                  295,815                                                  3.78% F & B 2,141                                                      5,027                                                       ‐57.41% Other 137,932                                                  152,148                                                   ‐9.34% Total 794,631                                                  848,326                                                   ‐6.33% Vail Village Retail 479,372                                                  474,691                                                  0.99% Lodging 386,709                                                  352,976                                                  9.56% F & B 580,958                                                  606,274                                                   ‐4.18% Other 9,121                                                      7,784                                                      17.18% Total 1,456,160                                              1,441,723                                              1.00% Total ‐ All Areas Retail 1,123,250                                              1,181,897                                               ‐4.96% Lodging 1,103,775                                              1,029,203                                              7.25% F & B 900,107                                                  896,412                                                  0.41% Other 157,794                                                  177,272                                                   ‐10.99% Total 3,284,926                                              3,284,785                                              0.00% Retail Summary Retail Apparel 265,518                                                  255,842                                                  3.78% Retail Food 197,857                                                  204,954                                                   ‐3.46% Retail Gallery 13,915                                                    19,416                                                     ‐28.34% Retail Gift 6,945                                                      7,461                                                       ‐6.91% Retail Home Occupation ‐                                                          46                                                            ‐100.00% Retail Jewelry 49,604                                                    63,382                                                     ‐21.74% Retail Liquor 50,943                                                    52,881                                                     ‐3.67% Retail Other 313,132                                                  362,466                                                   ‐13.61% Retail Sport 133,230                                                  126,043                                                  5.70% Retail Online Retailer 92,106                                                    89,407                                                    3.02% Total 1,123,250                                              1,181,897                                               ‐4.96% Town of Vail Business Review August 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change