Loading...
HomeMy WebLinkAbout04. 241203 Revenue Update1 TOWN OF VAIL REVENUE UPDATE December 3, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, October 2024 collections are estimated to be $1,615,404, down (8.9%) from 2023 and down (2.2%) from the budget. October 2023 sales tax collections included two large one-time remittances. Excluding these one-time remittances, October 2024 collections are down (3.0%) from 2023. 2024 YTD collections of $34,265,098 are down (0.1%) from 2023 and up 1.3% from the budget. Inflation as measured by the consumer price index was up 2.6% for the 12-months ending October 2024. The annual budget totals $40.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, October 2024 collections of the 0.5% housing sales tax are estimated to be $193,129, down (9.6%) from 2023 and down (3.7%) from the budget. 2024 YTD collections of $4,153,659 are down (0.1%) from 2023 and up 1.5% from the budget. The annual budget for the housing fund sales tax totals $4.95 million. Real Estate Transfer Tax (RETT) RETT collections through November 25 total $8,161,498, up 9.6% from 2023. The number of ordinary property sales (excluding time-shares) is tracking down (0.5)% from 2023, while the average collection is tracking up 9.9%. The proposed amended budget for RETT collections totals $8,212,318. Construction Use Tax Use Tax collections through November 25 total $2,816,588 compared to $2,130,807 in 2023. The proposed amended budget totals $3,118,670. Lift Tax Year to date lift tax collections through October 31 total $5,397,166, up 6.3% or $320,214 from 2023. The proposed amended budget totals $7,014,135. 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 $85.8 million is up 3.0% from the proposed amended budget and up 9.5% from prior year. The majority of the positive variance compared to the prior year is due to increased property tax collections, real estate transfer tax collections, interest earnings, construction use tax collections, and ski lift tax collections. 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,798,584$ 11,214$ -1.91%0.19% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,072,888 158,573 0.53%2.68% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,405,834 370,157 5.78%6.13% April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,829,669 (429,129) -19.22%-19.00% May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,167,237 55,318 4.40%4.97% June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,343,707 78,603 3.14%3.47% July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,616,899 217,875 6.00%6.41% August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 3,029,119 108,519 3.31%3.72% September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 2,385,757 (109,386) -4.88%-4.38% October 1,165,176 1,371,727 1,734,964 1,729,558 1,773,358 1,652,467 1,615,404 (37,063) -8.91%-2.24% Total 23,753,206$ 19,922,761$ 26,904,921$ 33,272,221$ 34,289,842$ 33,840,417$ 34,265,098$ 424,681$ -0.07%1.25% 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$ 34,265,098$ 424,681$ -0.07%1.25% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 704,341$ 3,421$ -2.30%0.49% February 702,730 736,788 716,760 740,722 23,962 0.53%3.34% March 719,717 738,244 731,610 782,287 50,677 5.97%6.93% April 269,018 271,930 273,735 220,380 (53,355) -18.96%-19.49% May 146,657 132,333 134,640 138,619 3,979 4.75%2.96% June 280,460 275,113 274,230 282,854 8,624 2.81%3.14% July 424,602 412,849 411,840 435,857 24,017 5.57%5.83% August 361,165 352,887 353,925 366,326 12,401 3.81%3.50% September 294,861 304,068 302,445 289,145 (13,300) -4.91%-4.40% October 207,397 213,568 200,475 193,129 (7,346) -9.57%-3.66% Total 4,052,094$ 4,158,686$ 4,100,580$ 4,153,659$ 60,425$ -0.12%1.47% November 230,383 229,092 215,820 - December 671,982 687,985 633,600 - Total 4,954,459$ 5,075,763$ 4,950,000$ 4,153,659$ 60,425$ -0.12%1.47% 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 December 3, 2024 4.0% GENERAL SALES TAX2024 Budget Comparison Through October 31 October 4% General Sales Tax Collections By Year Through October 31 Town of Vail Revenue Update YTD 4% General Sales Tax Collections By Year December 3, 2024 •October collections of $1,615,404 are down (8.9%) from prior year and are down (2.2%) from the $1,371,727 $1,734,964 $1,729,558 $1,773,358 $1,615,404 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000 2020 2021 2022 2023 2024 $19,922,761 $26,904,921 $33,272,221 $34,289,842 $34,265,098 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 2020 2021 2022 2023 2024 •YTD collections of $34,265,098 are down (0.1%) from prior year and are up 1.3% from the budget. •Inflation as measured by the consumer price index was up 2.6% for the 12-months ending October 2024. October Collections YTD Collections Town of Vail Revenue Update December 3, 2024 October 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through November 2024 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2024 collections are up 9.6% from the prior year. $8,940,918 $11,567,947 $9,306,355 $7,449,244 $8,161,498 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 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 •October collections of $193,129 are down (9.6%) from prior year and are down (3.7%) from the budget. YTD collections of $4,153,659 are down (0.1%) from this time last year and are up 1.5% from the budget. $207,397 $213,568 $193,129 $0 $50,000 $100,000 $150,000 $200,000 $250,000 2022 2023 2024 $4,052,094 $4,158,686 $4,153,659 $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 December 3, 2024 Construction Use Tax by Year YTD Through November 2024 YTD Lift Tax Collections YTD Through October 2024 •Use Tax collections through November 25 total $2,816,588, compared to $2,130,807 from this time last year. This is an increase of 32.2%. $1,957,225 $3,525,642 $1,978,061 $2,130,807 $2,816,588 $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 $5,397,166 are up 6.3% or $320,214 from the same time last year. $3,113,849 $4,396,842 $5,168,789 $5,076,951 $5,397,166 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2020 2021 2022 2023 2024 Vail Business Review October 2024 December 3, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the month of October. 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. October 4.5% sales tax was down (9.0)% from the prior year. Retail decreased (17.6)%, lodging increased 11.6%, food and beverage increased 4.2%, and utilities/other decreased (40.3)%. Excluding the out-of-town category, sales tax for the month of October was down (3.2)% compared to prior year. May through October, Vail’s Summer Season, 4.5% sales tax was up 1.5% from the prior year. Retail decreased (2.2)%, lodging increased 4.2%, food and beverage increased 6.5%, and utilities/other decreased (7.5)%. Excluding the out-of-town category, sales tax for May through October was up 3.1% 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 Revenue Manager Town of Vail Business Review October Sales Tax Collections by Year October 2024 Sales Tax October 2023 Sales Tax Collections by Business Type October 2024 Retail 703,384 Lodging 521,165 Food & Beverage 435,555 Utilities & Other 149,377 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 RLFU$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000LFU$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 1,387,174 1,736,544 1,945,471 1,988,360 1,809,480 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • October 2024 retail sales decreased (17.6)%, lodging increased 11.6%, food and beverage increased 4.2%, and utilities and other decreased (40.3)%. • The figures above reflect 4.5% sales tax. Retail 853,160 Lodging 467,184 Food & Beverage 417,911 Utilities & Other 250,104 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 (17.6)% • 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 October 2023 collections were $1,988,360; October 2024 collections were $1,809,480, down (9.0)% from the prior year. 11.6%4.2%(40.3)% Town of Vail Business Review October 2023October 2024 Geographic Area Trends by Year October Sales Tax Sales Tax by Location October 2024 Sales Tax Other Areas 14% Lionshead 12% Out of Town 41% Vail Village 33% • Vail Village sales tax decreased (5.2)%, Lionshead decreased (12.1)%, Other Areas increased 9.0%, and Out of Town decreased (17.4)%. Excluding Out of Town collections, all areas were down(3.2)%. • The figures above reflect 4.5% sales tax. 227,518 252,748 123,771 165,302 500,788 708,103 535,097 610,390 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 199,001 327,832 • This chart shows October 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. 280,855 234,480 814,180 658,845 624,654 206,092 672,680 306,053 Other Areas 17% Lionshead 11% Out of Town 37% Vail Village 35% 678,271 740,367 Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail October 2024 Sales Tax Town of Vail Business Review Apparel $133,723 Grocery $130,045 Gallery $4,669 Gifts $3,261 Jewelry $20,267Retail Liquor $29,329 Retail Other $238,745 Sporting Goods $63,900 Online Retailers $79,445 Retail Home Occupation $0 • October 2024 accommodations services increased 11.6% from the prior year. Short-term rentals decreased (0.8)% and hotels and lodges increased 20.2%. • 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. 307,398 217,406 274,690 192,494 330,148 191,017 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 144,814                                                  138,585                                                  4.49% Lodging 83,273                                                    60,735                                                    37.11% F & B 75,472                                                    70,764                                                    6.65% Other 2,494                                                      10,771                                                     ‐76.84% Total 306,053                                                  280,855                                                  8.97% Lionshead Retail 33,043                                                    29,611                                                    11.59% Lodging 77,088                                                    57,737                                                    33.52% F & B 90,679                                                    67,809                                                    33.73% Other 5,282                                                      79,323                                                     ‐93.34% Total 206,092                                                  234,480                                                   ‐12.11% Out of Town Retail 299,948                                                  452,253                                                   ‐33.68% Lodging 232,094                                                  209,664                                                  10.70% F & B 1,447                                                      218                                                         563.90% Other 139,192                                                  152,045                                                   ‐8.45% Total 672,680                                                  814,180                                                   ‐17.38% Vail Village Retail 225,579                                                  232,711                                                   ‐3.06% Lodging 128,710                                                  139,048                                                   ‐7.44% F & B 267,957                                                  279,120                                                   ‐4.00% Other 2,408                                                      7,966                                                       ‐69.77% Total 624,654                                                  658,845                                                   ‐5.19% Total ‐ All Areas Retail 703,384                                                  853,160                                                   ‐17.56% Lodging 521,165                                                  467,184                                                  11.55% F & B 435,555                                                  417,911                                                  4.22% Other 149,377                                                  250,104                                                   ‐40.27% Total 1,809,480                                              1,988,360                                               ‐9.00% Retail Summary Retail Apparel 133,723                                                  123,420                                                  8.35% Retail Food 130,045                                                  120,974                                                  7.50% Retail Gallery 4,669                                                      6,546                                                       ‐28.67% Retail Gift 3,261                                                      4,809                                                       ‐32.18% Retail Home Occupation ‐                                                          280                                                          ‐100.00% Retail Jewelry 20,267                                                    31,302                                                     ‐35.26% Retail Liquor 29,329                                                    29,684                                                     ‐1.19% Retail Other 238,745                                                  399,957                                                   ‐40.31% Retail Sport 63,900                                                    61,179                                                    4.45% Retail Online Retailer 79,445                                                    75,010                                                    5.91% Total 703,384                                                  853,160                                                   ‐17.56% Town of Vail Business Review October 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change Town of Vail Business Review May - October Sales Tax Collections by Year May - October 2024 Sales Tax May - October 2023 Sales Tax Collections by Business Type May - October 2024 Retail 5,923,119 Lodging 4,741,161 Food & Beverage 4,211,585 Utilities & Other 1,056,548 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 RLFU$0$1,000,000$2,000,000$3,000,000$4,000,000$5,000,000$6,000,000 $0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 8,909,487 13,653,647 15,927,278 15,702,857 15,932,413 $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 General Sales Tax Housing Sales Tax • May - October 2024 retail sales decreased (2.2)%, lodging increased 4.2%, food and beverage increased 6.5%, and utilities and other decreased (7.5)%. • The figures above reflect 4.5% sales tax. Retail 6,057,718 Lodging 4,548,435 Food & Beverage 3,954,021 Utilities & Other 1,142,682 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 (2.2)% • 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 May - October 2023 collections were $15,702,857; May - October 2024 collections were $15,932,413, up 1.5% from the prior year. 4.2%6.5%(7.5)% Town of Vail Business Review May - October 2023May - October 2024 Geographic Area Trends by Year May - October Sales Tax Sales Tax by Location May - October 2024 Sales Tax Other Areas 15% Lionshead 13% Out of Town 31% Vail Village 41% • Vail Village sales tax decreased (0.4)%, Lionshead increased 8.6%, Other Areas increased 8.0%, and Out of Town decreased (2.2)%. Excluding Out of Town collections, all areas were up 3.1%. • The figures above reflect 4.5% sales tax. 1,570,796 2,105,185 1,163,766 1,610,369 2,130,490 4,090,609 4,044,434 5,847,484 $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 Vail Village Out of Town Lionshead Other Areas 6,697,715 4,759,8591,994,475 2,475,228 • This chart shows May - October 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. 2,412,000 2,008,939 4,792,964 6,488,953 6,459,971 2,182,318 4,686,099 2,604,024 Other Areas 16% Lionshead 14% Out of Town 29% Vail Village 41% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail May - October 2024 Sales Tax Town of Vail Business Review Apparel $1,242,224 Grocery $1,027,112 Gallery $93,709 Gifts $29,925 Jewelry $208,193 Retail Liquor $255,845 Retail Other $1,974,105 Sporting Goods $537,973 Online Retailers $552,220 Retail Home Occupation $1,680 • May - October 2024 accommodations services increased 4.2% from the prior year. Short-term rentals decreased (0.1)% and hotels and lodges increased 6.2%. • 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. 3,311,228 1,422,528 3,117,053 1,431,382 3,310,625 1,430,536 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 1,107,887                                              1,073,650                                              3.19% Lodging 782,271                                                  716,677                                                  9.15% F & B 664,193                                                  556,865                                                  19.27% Other 49,673                                                    64,809                                                     ‐23.35% Total 2,604,024                                              2,412,000                                              7.96% Lionshead Retail 346,688                                                  347,786                                                   ‐0.32% Lodging 902,820                                                  816,872                                                  10.52% F & B 868,689                                                  733,509                                                  18.43% Other 64,122                                                    110,773                                                   ‐42.11% Total 2,182,318                                              2,008,939                                              8.63% Out of Town Retail 2,304,643                                              2,425,819                                               ‐5.00% Lodging 1,479,382                                              1,434,442                                              3.13% F & B 10,625                                                    12,557                                                     ‐15.39% Other 891,450                                                  920,146                                                   ‐3.12% Total 4,686,099                                              4,792,964                                               ‐2.23% Vail Village Retail 2,163,901                                              2,210,463                                               ‐2.11% Lodging 1,576,688                                              1,580,445                                               ‐0.24% F & B 2,668,079                                              2,651,091                                              0.64% Other 51,303                                                    46,955                                                    9.26% Total 6,459,971                                              6,488,953                                               ‐0.45% Total ‐ All Areas Retail 5,923,119                                              6,057,718                                               ‐2.22% Lodging 4,741,161                                              4,548,435                                              4.24% F & B 4,211,585                                              3,954,021                                              6.51% Other 1,056,548                                              1,142,682                                               ‐7.54% Total 15,932,413                                            15,702,857                                            1.46% Retail Summary Retail Apparel 1,242,224                                              1,201,891                                              3.36% Retail Food 1,027,112                                              974,839                                                  5.36% Retail Gallery 93,709                                                    105,207                                                   ‐10.93% Retail Gift 29,925                                                    33,732                                                     ‐11.29% Retail Home Occupation 1,680                                                      730                                                         130.11% Retail Jewelry 208,193                                                  303,727                                                   ‐31.45% Retail Liquor 255,845                                                  257,409                                                   ‐0.61% Retail Other 1,974,105                                              2,159,101                                               ‐8.57% Retail Sport 537,973                                                  544,170                                                   ‐1.14% Retail Online Retailer 552,220                                                  476,912                                                  15.79% Total 5,922,985                                              6,057,718                                               ‐2.22% Town of Vail Business Review May ‐ October 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change