HomeMy WebLinkAbout01. 250107_Revenue_Update1
TOWN OF VAIL
REVENUE UPDATE
January 7, 2025
4.0% General Sales Tax
Upon receipt of all sales tax returns, November 2024 collections are estimated to
be $1,741,192, down (8.4%) from 2023 and down (2.1%) from the budget. The
decline in October and November 2024 collections can partially be attributed to
the allocation of Q4 quarterly fillings, which, by comparison, are reflected in the
October and November 2023 totals. Quarterly filings allocated to these months
will be updated in the next revenue update, which will include December 2024
collections.
2024 YTD collections of $36,068,471 are down (0.3%) from 2023 and up 1.3%
from the budget. Inflation as measured by the consumer price index was up 2.7%
for the 12-months ending November 2024. The annual budget totals $40.85
million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, November 2024 collections of the 0.5%
housing sales tax are estimated to be $209,804, down (8.4%) from 2023 and down
(2.8%) from the budget. 2024 YTD collections of $4,371,236 are down (0.4%) from
2023 and up 1.3% from the budget. The annual budget for the housing fund sales
tax totals $4.95 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 26 total $9,346,776, up 16.9% from 2023.
The number of property sales (excluding time-shares) is tracking down (7.9%) from
2023, while the average collection is tracking up 26.0%. Several high-dollar
residential property sales during 2024 increased the town’s average RETT
collection. The proposed amended budget for RETT collections totals $8,212,318.
Construction Use Tax
Use Tax collections through December 24 total $3,078,166 compared to
$2,532,881 in 2023. The proposed amended budget totals $3,118,670.
Lift Tax
Year to date lift tax collections through November 30 total $5,553,154, up 4.8% or
$257,552 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.
Daily Parking Sales
Daily sales from the parking structures from November through December 28th
total approximately $1,648,484, up 0.4% from time last year. This amount includes
daily fees charged to the parking pass holders.
2
Parking Pass Sales
Parking pass sale revenue through December 28th for the 2024/2025 winter
season totals $1,179,275, up 5.3% or $59,644 from this time last year. In order to
provide a better customer service experience while staff explored a new pass sales
system, the annual fees for the Eagle County Local and Vail Local passes and
were automatically renewed for the 2023/2024 winter season. A total of 3,972
passes have been sold this season compared to the 3,996 passes purchased and
utilized to date during the prior winter season.
Summary
Across all funds and excluding one-time grants and reimbursement, year-to-date
total revenue of $97.3 million is up 1.6% from the proposed amended budget and
up 3.8% from prior year. The majority of the positive variance compared to the prior
year is due to increased property tax collections, real estate transfer tax
collections, construction use tax collections, and ski lift tax collections.
2024 Budget % change % change
2019 2020 2021 Budget Variance from 2023 from Budget
January 4,079,994$ 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 6,072,895 158,580 0.53% 2.68%
March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,405,920 370,243 5.78% 6.13%
April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,836,279 (422,519) -18.92% -18.71%
May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,170,007 58,088 4.65% 5.22%
June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,350,146 85,042 3.42% 3.75%
July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,636,007 236,983 6.56% 6.97%
August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 3,033,996 113,396 3.47% 3.88%
September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 2,392,305 (102,838) -4.62% -4.12%
October 1,165,176 1,371,727 1,734,964 1,729,558 1,773,358 1,652,467 1,631,140 (21,327) -8.02% -1.29%
November 1,260,314 1,425,461 1,880,397 1,902,643 1,901,141 1,779,167 1,741,192 (37,975) -8.41% -2.13%
Total 25,013,520$ 21,348,222$ 28,785,318$ 35,174,864$ 36,190,983$ 35,619,584$ 36,068,471$ 448,887$ -0.34% 1.26%
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$ 36,068,471$ 448,887$ -0.34%1.26%
**Please note, October and November 2024 does not include quarterly filings as oppsed to October and November 2023 where quarterly revenue has been allocated to those periods.
Sales tax for these 2024 periods show as less by comparison and will reflect quarterlies in December.
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 702,730 736,788 716,760 740,723 23,963 0.53% 3.34%
March 719,717 738,244 731,610 782,297 50,687 5.97% 6.93%
April 269,018 271,930 273,735 221,206 (52,529) -18.65% -19.19%
May 146,657 132,333 134,640 138,966 4,326 5.01% 3.21%
June 280,460 275,113 274,230 283,659 9,429 3.11% 3.44%
July 424,602 412,849 411,840 438,245 26,405 6.15% 6.41%
August 361,165 352,887 353,925 366,936 13,011 3.98% 3.68%
September 294,861 304,068 302,445 289,963 (12,482) -4.64% -4.13%
October 207,397 213,568 200,475 195,096 (5,379) -8.65% -2.68%
November 230,383 229,092 215,820 209,804 (6,016) -8.42% -2.79%
Total 4,282,477$ 4,387,778$ 4,316,400$ 4,371,236$ 54,836$ -0.38% 1.27%
December 671,982 687,985 633,600 -
Total 4,954,459$ 5,075,763$ 4,950,000$ 4,371,236$ 54,836$ -0.38% 1.27%
Town of Vail Revenue Update
January 7, 2025
4.0% GENERAL SALES TAX
2024 Budget Comparison
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX
2024 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax2022 2023
Vail Business Review
November 2024
January 7, 2025
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
November. 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.
November 4.5% sales tax was down (8.5)% from the prior year. Retail decreased
(17.7)%, lodging increased 4.0%, food and beverage increased 3.9%, and utilities/other
decreased (21.2)%. Excluding the out-of-town category, sales tax for the month of
November was down (6.4)% 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
November 2023
Sales Tax Collections by Business Type
November 2024
Town of Vail Business Review
November Sales Tax Collections by Year
November 2024 Sales Tax
Retail
821,632
Lodging
593,623
Food &
Beverage
380,533
Utilities &
Other
155,160
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
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$700,000R
1,389,683
1,884,888
2,131,788
2,132,094
1,950,949
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2020
2021
2022
2023
2024
General Sales Tax
Housing Sales Tax
• November 2024 retail sales decreased (17.7)%, lodging increased 4.0%, food and beverage
increased 3.9%, and utilities and other decreased (21.2)%.
• The figures above reflect 4.5% sales tax.
Retail
998,243
Lodging
570,793
Food &
Beverage
366,162
Utilities &
Other
196,896
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
(17.7)%
• 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 November 2023 collections were $2,132,094; November 2024 collections were $1,950,949, down
(8.5)% from the prior year.
4.0%3.9%(21.2)%
November 2024 Sales Tax
Town of Vail Business Review
November 2023November 2024
Geographic Area Trends by Year
November Sales Tax
Sales Tax by Location
Other Areas
13%
Lionshead
10%
Out of
Town
43%
Vail Village
34%
• Vail Village sales tax decreased (10.2)%, Lionshead decreased (0.4)%, Other Areas decreased (0.8)%, and
Out of Town decreased (11.2)%. Excluding Out of Town collections, all areas were down (6.4)%.
• The figures above reflect 4.5% sales tax.
241,495
235,269
162,531
216,986
531,107
770,278
454,550
662,355
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000
2020
2021
2022
2023
2024
Vail Village
Out of Town
Lionshead
Other Areas
237,082
285,087
• This chart shows November 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.
266,743
212,175 922,240
730,936
656,523
211,239 818,668
264,519
Other Areas
13%
Lionshead
11%
Out of
Town
42%
Vail Village
34%
688,301
921,317
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
November 2024 Sales Tax
Town of Vail Business Review
Apparel
$139,679
Grocery
$111,585
Gallery
$10,297
Gifts
$2,880
Jewelry
$13,276
Retail Liquor
$31,578
Retail Other
$280,831
Sporting Goods
$130,427
Online Retailers
$101,079
Retail Home
Occupation
$0
• November 2024 accommodations services increased 4.0% from the prior year. Short-term rentals increased
3.6% and hotels and lodges increased 4.3%.
• 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.
325,478
256,161
318,049
252,744
331,722
261,902
$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 133,368 143,785 -7.24%
Lodging 69,684 72,090 -3.34%
F & B 59,496 43,971 35.31%
Other 1,970 6,897 -71.43%
Total 264,519 266,743 -0.83%
Lionshead
Retail 70,070 71,397 -1.86%
Lodging 77,755 81,981 -5.15%
F & B 62,594 55,781 12.21%
Other 821 3,016 -72.79%
Total 211,239 212,175 -0.44%
Out of Town
Retail 358,560 473,957 -24.35%
Lodging 309,659 264,550 17.05%
F & B 481 613 -21.66%
Other 149,968 183,120 -18.10%
Total 818,668 922,240 -11.23%
Vail Village
Retail 259,634 309,103 -16.00%
Lodging 136,526 152,173 -10.28%
F & B 257,962 265,797 -2.95%
Other 2,401 3,863 -37.84%
Total 656,523 730,936 -10.18%
Total - All Areas
Retail 821,632 998,243 -17.69%
Lodging 593,623 570,793 4.00%
F & B 380,533 366,162 3.92%
Other 155,160 196,896 -21.20%
Total 1,950,949 2,132,094 -8.50%
Retail Summary
Retail Apparel 139,679 150,904 -7.44%
Retail Food 111,585 126,332 -11.67%
Retail Gallery 10,297 9,941 3.58%
Retail Gift 2,880 4,447 -35.25%
Retail Home Occupation - 206 -100.00%
Retail Jewelry 13,276 30,203 -56.04%
Retail Liquor 31,578 33,437 -5.56%
Retail Other 280,831 397,413 -29.34%
Retail Sport 130,427 151,040 -13.65%
Retail Online Retailer 101,079 94,321 7.17%
Total 821,632 998,243 -17.69%
**Please note, November 2024 does not include quarterly filings as oppsed to November 2023 where quarterly revenue has been allocated.
The Retail Other category is most affected by quarterly filings.
Town of Vail Business Review
November 4.5% Sales Tax
2024 Collections 2023 Collections YoY % Change