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HomeMy WebLinkAbout05. Town Council Revenue_Update November 5 20241 TOWN OF VAIL REVENUE UPDATE November 5, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, September 2024 collections are estimated to be $2,359,863, down (5.9%) from 2023 and down (5.4%) from the budget. 2024 YTD collections of $32,587,875 are up 0.2% from 2023 and up 1.2% from the budget. Inflation as measured by the consumer price index was up 2.4% for the 12-months ending September 2024. The annual budget totals $40.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, September 2024 collections of the 0.5% housing sales tax are estimated to be $285,908, down (6.0%) from 2023 and down (5.5%) from the budget. 2024 YTD collections of $3,952,803 are up 0.2% from 2023 and up 1.4% from the budget. The 2024 budget for the housing fund sales tax totals $4.95 million. Real Estate Transfer Tax (RETT) RETT collections through October 29 total $7,557,847, up 9.3% from 2023. The number of ordinary property sales (excluding time-shares) is tracking down (3.1)% from 2023, while the average collection is tracking up 13.1%. Construction Use Tax Use Tax collections through October 29 total $2,713,349 compared to $2,112,953 in 2023. The 2024 budget totals $2,040,000. Lift Tax Year to date lift tax collections through September 30 total $5,396,491, up 6.4% or $325,592 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 $82.4 million is up 16.6% from the amended budget and up 9.8% from prior year. The majority, or 53%, of the positive variance compared to the amended budget is due to interest earnings. The remaining positive variance from budget is largely due to real estate transfer tax collections, construction use tax collections, community development permits & fees, county road & bridge tax remittance, and ski lift tax collections. The majority of the positive variance compared to the prior year is due to increased property tax collections, real estate transfer tax collections, construction use tax collections, and ski lift tax collections. 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,794,646$ 7,276$ -1.98%0.13% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,069,393 155,078 0.47%2.62% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,401,797 366,120 5.71%6.07% April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,827,650 (431,148) -19.31%-19.09% May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,164,806 52,887 4.19%4.76% June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,341,552 76,448 3.04%3.38% July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,610,548 211,524 5.81%6.22% August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 3,017,620 97,020 2.92%3.32% September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 2,359,863 (135,280) -5.91%-5.42% Total 22,588,030$ 18,551,034$ 25,169,958$ 31,542,663$ 32,516,484$ 32,187,950$ 32,587,875$ 399,925$ 0.22%1.24% 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$ 32,587,875$ 399,925$ 0.22%1.24% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 703,848$ 2,928$ -2.37%0.42% February 702,730 736,788 716,760 740,286 23,526 0.47%3.28% March 719,717 738,244 731,610 781,782 50,172 5.90%6.86% April 269,018 271,930 273,735 220,127 (53,608) -19.05%-19.58% May 146,657 132,333 134,640 138,315 3,675 4.52%2.73% June 280,460 275,113 274,230 282,584 8,354 2.72%3.05% July 424,602 412,849 411,840 435,063 23,223 5.38%5.64% August 361,165 352,887 353,925 364,889 10,964 3.40%3.10% September 294,861 304,068 302,445 285,908 (16,537) -5.97%-5.47% Total 3,844,697$ 3,945,118$ 3,900,105$ 3,952,803$ 52,698$ 0.19%1.35% 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$ 3,952,803$ 52,698$ 0.19%1.35% Town of Vail Revenue Update November 5, 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 September 30 September 4% General Sales Tax Collections By Year Through September 30 Town of Vail Revenue Update YTD 4% General Sales Tax Collections By Year November 5, 2024 •August collections of $2,359,863 are down (5.9%) from prior year and are down (5.4%) from the $1,767,393 $2,359,528 $2,441,331 $2,508,064 $2,359,863 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2020 2021 2022 2023 2024 $18,551,034 $25,169,958 $31,542,663 $32,516,484 $32,587,875 $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 $32,587,875 are up 0.2% from prior year and are up 1.2% from the budget. •Inflation as measured by the consumer price index was up 2.4% for the 12-months ending September 2024. September Collections YTD Collections Town of Vail Revenue Update November 5, 2024 September 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through October 2024 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2024 collections are up 9.3% from the prior year. $7,942,577 $9,619,958 $8,290,089 $6,912,566 $7,557,847 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 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 •September collections of $285,908 are down (6.0%) from prior year and are down (5.5%) from the budget. YTD collections of $3,952,803 are up 0.2% from this time last year and are up 1.4% from the budget. $294,861 $304,068 $285,908 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2022 2023 2024 $3,844,697 $3,945,118 $3,952,803 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 2022 2023 2024 Town of Vail Revenue Update November 5, 2024 Construction Use Tax by Year YTD Through October 2024 YTD Lift Tax Collections YTD Through September 2024 •Use Tax collections through October 29 total $2,713,349, compared to $2,112,953 from this time last year. This is an increase of 28.4%. $1,897,133 $3,405,556 $1,923,180 $2,112,953 $2,713,349 $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 •2024 YTD lift tax collections of $5,396,491 are up 6.4% or $325,592 from the same time last year. $3,046,308 $4,347,950 $5,156,434 $5,070,899 $5,396,491 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2020 2021 2022 2023 2024 Vail Business Review September 2024 November 5, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the month of September. 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. September 4.5% sales tax was down (6.8)% from the prior year. Retail decreased (12.6)%, lodging increased 1.6%, food and beverage decreased (5.1)%, and utilities/other decreased (15.8)%. Excluding the out-of-town category, sales tax for the month of September was down (5.8)% compared to prior year. January through September (YTD through Q3) 4.5% sales tax was up 0.2% from the prior year. Retail decreased (1.1)%, lodging increased 1.1%, food and beverage increased 2.0%, and utilities/other decreased (4.2)%. Excluding the out-of-town category, sales tax for January through September was up 1.7% 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 September 2023 Sales Tax Collections by Business Type September 2024 Town of Vail Business Review September Sales Tax Collections by Year September 2024 Sales Tax Retail 950,961 Lodging 804,063 Food & Beverage 708,410 Utilities & Other 157,361 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 1,771,558 2,359,654 2,723,178 2,812,704 2,620,795 $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 • September 2024 retail sales decreased (12.6)%, lodging increased 1.6%, food and beverage decreased (5.1)%, and utilities and other decreased (15.8)%. • The figures above reflect 4.5% sales tax. Retail 1,087,597 Lodging 791,439 Food & Beverage 746,755 Utilities & Other 186,914 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 (12.6)% • 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 September 2023 collections were $2,812,704; September 2024 collections were $2,620,795, down (6.8)% from the prior year. 1.6%(5.1)%(15.8)% September 2024 Sales Tax Town of Vail Business Review September 2023September 2024 Geographic Area Trends by Year September Sales Tax Sales Tax by Location Other Areas 14% Lionshead 14% Out of Town 31% Vail Village 41% • Vail Village sales tax decreased (7.4)%, Lionshead decreased (10.6)%, Other Areas increased 3.9%, and Out of Town decreased (9.2)%. Excluding Out of Town collections, all areas were down(5.8)%. • The figures above reflect 4.5% sales tax. 311,664 349,676 270,684 257,766 322,703 724,299 866,506 1,027,913 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 789,389373,880 413,853 • This chart shows September 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. 401,855 396,550 862,206 1,152,09 1,066,327 354,472 782,516 417,479 Other Areas 16% Lionshead 13% Out of Town 30% Vail Village 41% 1,146,05 Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail September 2024 Sales Tax Town of Vail Business Review Apparel $198,024 Grocery $154,152 Gallery $52,336 Gifts $5,130 Jewelry $32,064 Retail Liquor $41,125 Retail Other $291,305 Sporting Goods $90,073 Online Retailers $85,570 Retail Home Occupation $1,182 • September 2024 accommodations services increased 1.6% from the prior year. Short-term rentals increased 7.7% and hotels and lodges decreased (0.7)%. • 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. 583,998 214,461 575,871 215,568 571,848 232,215 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 171,488                                                  172,887                                                   ‐0.81% Lodging 131,970                                                  120,197                                                  9.79% F & B 103,646                                                  97,683                                                    6.10% Other 10,375                                                    11,088                                                     ‐6.43% Total 417,479                                                  401,855                                                  3.89% Lionshead Retail 52,807                                                    60,957                                                     ‐13.37% Lodging 148,316                                                  167,192                                                   ‐11.29% F & B 147,104                                                  160,889                                                   ‐8.57% Other 6,245                                                      7,512                                                       ‐16.86% Total 354,472                                                  396,550                                                   ‐10.61% Out of Town Retail 381,570                                                  451,537                                                   ‐15.50% Lodging 262,147                                                  246,402                                                  6.39% F & B 3,921                                                      3,101                                                      26.43% Other 134,879                                                  161,167                                                   ‐16.31% Total 782,516                                                  862,206                                                   ‐9.24% Vail Village Retail 345,096                                                  402,216                                                   ‐14.20% Lodging 261,630                                                  257,648                                                  1.55% F & B 453,740                                                  485,081                                                   ‐6.46% Other 5,862                                                      7,147                                                       ‐17.98% Total 1,066,327                                              1,152,093                                               ‐7.44% Total ‐ All Areas Retail 950,961                                                  1,087,597                                               ‐12.56% Lodging 804,063                                                  791,439                                                  1.60% F & B 708,410                                                  746,755                                                   ‐5.13% Other 157,361                                                  186,914                                                   ‐15.81% Total 2,620,795                                              2,812,704                                               ‐6.82% Retail Summary Retail Apparel 198,024                                                  211,968                                                   ‐6.58% Retail Food 154,152                                                  158,566                                                   ‐2.78% Retail Gallery 52,336                                                    23,932                                                    118.68% Retail Gift 5,130                                                      6,930                                                       ‐25.97% Retail Home Occupation 1,182                                                      205                                                         477.45% Retail Jewelry 32,064                                                    64,051                                                     ‐49.94% Retail Liquor 41,125                                                    42,833                                                     ‐3.99% Retail Other 291,305                                                  397,269                                                   ‐26.67% Retail Sport 90,073                                                    101,659                                                   ‐11.40% Retail Online Retailer 85,570                                                    80,184                                                    6.72% Total 950,961                                                  1,087,597                                               ‐12.56% Town of Vail Business Review September 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change January - September 2023 Sales Tax Collections by Business Type January - September 2024 Town of Vail Business Review January - September Sales Tax Collections by Year January - September 2024 Sales Tax Retail 11,998,683 Lodging 14,099,262 Food & Beverage 8,278,773 Utilities & Other 2,128,809 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 18,561,732 25,181,772 35,385,011 36,421,588 36,505,527 $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 General Sales Tax Housing Sales Tax • January - September 2024 retail sales decreased (1.1)%, lodging increased 1.1%, food and beverage increased 2.0%, and utilities and other decreased (4.2)%. • The figures above reflect 4.5% sales tax. Retail 12,132,008 Lodging 13,947,362 Food & Beverage 8,120,268 Utilities & Other 2,221,950 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 (1.1)% • 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 January - September 2023 collections were $36,421,588; January - September 2024 collections were $36,505,527, up 0.2% from the prior year. 1.1% 2.0% (4.2)% January - September 2024 Sales Tax Town of Vail Business Review January - September 2023January - September 2024 Geographic Area Trends by Year January - September Sales Tax Sales Tax by Location Other Areas 15% Lionshead 16% Out of Town 25% Vail Village 44% • Vail Village sales tax decreased (0.3)%, Lionshead increased 4.1%, Other Areas increased 5.1%, and Out of Town decreased (4.1)%. Excluding Out of Town collections, all areas were up 1.7%. • The figures above reflect 4.5% sales tax. 3,137,492 3,761,019 3,573,648 3,772,199 3,049,900 6,686,845 8,800,691 10,961,710 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 15,552,140 8,837,2725,720,507 5,275,092 • This chart shows January - September 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. 5,285,484 5,945,713 9,133,321 16,057,070 16,003,917 6,186,768 8,758,300 5,556,543 Other Areas 15% Lionshead 17% Out of Town 24% Vail Village 44% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail January - September 2024 Sales Tax Town of Vail Business Review Apparel $2,588,959 Grocery $1,839,617 Gallery $131,267 Gifts $54,838 Jewelry $433,427Retail Liquor $513,646 Retail Other $3,002,959 Sporting Goods $2,543,475 Online Retailers $887,639 Retail Home Occupation $2,856 • January - September 2024 accommodations services increased 1.1% from the prior year. Short-term rentals decreased (2.4)% and hotels and lodges increased 2.6%. • 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. 9,707,592 4,062,452 9,655,770 4,291,592 9,911,054 4,188,208 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 2,005,067                                              1,956,248                                              2.50% Lodging 2,465,031                                              2,364,793                                              4.24% F & B 1,019,011                                              874,274                                                  16.56% Other 67,433                                                    90,168                                                     ‐25.21% Total 5,556,543                                              5,285,484                                              5.13% Lionshead Retail 1,379,681                                              1,405,209                                               ‐1.82% Lodging 3,064,604                                              2,949,758                                              3.89% F & B 1,611,438                                              1,535,198                                              4.97% Other 131,044                                                  55,548                                                    135.91% Total 6,186,768                                              5,945,713                                              4.05% Out of Town Retail 3,403,617                                              3,538,484                                               ‐3.81% Lodging 3,603,934                                              3,668,669                                               ‐1.76% F & B 17,860                                                    22,738                                                     ‐21.45% Other 1,732,888                                              1,903,431                                               ‐8.96% Total 8,758,300                                              9,133,321                                               ‐4.11% Vail Village Retail 5,210,317                                              5,232,067                                               ‐0.42% Lodging 4,965,693                                              4,964,142                                              0.03% F & B 5,630,463                                              5,688,057                                               ‐1.01% Other 197,443                                                  172,803                                                  14.26% Total 16,003,917                                            16,057,070                                             ‐0.33% Total ‐ All Areas Retail 11,998,683                                            12,132,008                                             ‐1.10% Lodging 14,099,262                                            13,947,362                                            1.09% F & B 8,278,773                                              8,120,268                                              1.95% Other 2,128,809                                              2,221,950                                               ‐4.19% Total 36,505,527                                            36,421,588                                            0.23% Retail Summary Retail Apparel 2,588,959                                              2,582,869                                              0.24% Retail Food 1,839,617                                              1,750,342                                              5.10% Retail Gallery 131,267                                                  209,279                                                   ‐37.28% Retail Gift 54,838                                                    56,954                                                     ‐3.72% Retail Home Occupation 2,856                                                      2,098                                                      36.13% Retail Jewelry 433,427                                                  503,452                                                   ‐13.91% Retail Liquor 513,646                                                  538,067                                                   ‐4.54% Retail Other 3,002,959                                              3,186,456                                               ‐5.76% Retail Sport 2,543,475                                              2,565,346                                               ‐0.85% Retail Online Retailer 887,639                                                  737,143                                                  20.42% Total 11,998,683                                            12,132,008                                             ‐1.10% Town of Vail Business Review January ‐ September 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change