Loading...
HomeMy WebLinkAbout01. 250204 Revenue Update1 TOWN OF VAIL REVENUE UPDATE February 4, 2025 4.0% General Sales Tax Upon receipt of all sales tax returns, December 2024 collections are estimated to be $5,773,478, up 1.4% from 2023 and up 10.4% from the budget. 2024 YTD collections of $42,141,470 are up 0.6% from 2023 and up 3.2% from the budget. Inflation as measured by the consumer price index was up 2.9% for the 12-months ending December 2024. The annual budget totals $40.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, December 2024 collections of the 0.5% housing sales tax are estimated to be $694,562, up 1% from 2023 and up 9.6% from the budget. 2024 YTD collections of $5,103,142 are up 0.5% from 2023 and up 3.1% 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 31 total $9,350,560, up 17% from 2023. The number of property sales (excluding time-shares) is tracking up 5.7% from 2023, while the average collection is tracking up 10.2%. Several high-dollar residential property sales during 2024 increased the town’s average RETT collection. The amended budget for RETT collections totals $8,212,318. Construction Use Tax Use Tax collections through December 31 total $3,074,696 compared to $2,532,881 in 2023. The amended budget totals $3,118,670. Lift Tax Year to date lift tax collections through December 31 total $6,745,551, up 3.2% or $209,117 from 2023. The amended budget totals $7,014,135. Daily Parking Sales Daily sales from the parking structures from November through January 26th total approximately $2,819,996, down (2.5)% from time last year. This amount includes daily fees charged to the parking pass holders. Parking Pass Sales Parking pass sale revenue through January 26th for the 2024/2025 winter season totals $1,227,894, up 7.5% or $85,438 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 4,354 passes have been sold this season compared to the 4,168 passes purchased and utilized to date during the prior winter season. Had the town not waived fees for local and passes, pass sales would be up $28,500 or 0.2% from the prior year. 2 *2023/24 Season figures represent November 2023 through January 2024. Summary Across all funds and excluding one-time grants and reimbursements, year-to-date total revenue of $100.0 million is up 2.9% from the proposed amended budget and up 7.2% from prior year. The majority of the positive variance compared to the prior year is due to increased property tax collections, real estate transfer tax collections, interest earnings, construction use tax collections, and ski lift tax collections. Pass Type 2024/25 Season Sales 2023/24 Season Sales* 2023/24 Auto- Renewed Passes Utilized* Total 2023/24 Pass Sales/Utilized* Change from prior season Premier 20 25 - 25 (5) Vail Village Business Premier 69 60 - 60 9 Lionshead Business Premier 7 3 - 3 4 Employee 481 418 - 418 63 Employee Plus 329 351 - 351 (22) Eagle County Local* 1,833 373 1,288 1,661 172 Vail Local* 1,615 336 1,314 1,650 (35) Total 4,354 1,566 2,602 4,168 186 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,805,176$ 17,806$ -1.80%0.31% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,108 5,914,315 6,079,487 165,172 0.64%2.79% March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,992 6,035,677 6,412,513 376,836 5.89%6.24% April 1,445,071 427,518 1,751,528 2,234,296 2,264,892 2,258,798 1,842,871 (415,927) -18.63%-18.41% May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 1,176,599 64,680 5.24%5.82% June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 2,356,739 91,635 3.71%4.05% July 2,480,292 2,084,644 3,491,668 3,507,973 3,412,277 3,399,024 3,643,148 244,124 6.77%7.18% August 2,237,050 2,138,838 2,877,550 2,997,389 2,932,111 2,920,600 3,051,775 131,175 4.08%4.49% September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 2,411,391 (83,752) -3.85%-3.36% October 1,165,176 1,371,727 1,734,964 1,729,558 1,773,358 1,652,467 1,747,536 95,069 -1.46%5.75% November 1,260,314 1,425,461 1,880,397 1,902,643 1,901,141 1,779,167 1,840,755 61,588 -3.18%3.46% December 4,237,178 3,625,189 5,749,365 5,602,018 5,691,428 5,230,416 5,773,478 543,062 1.44%10.38% Total 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 41,882,411$ 40,850,000$ 42,141,470$ 1,291,470$ 0.62%3.16% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 705,164$ 4,244$ -2.18%0.61% February 702,730 736,788 716,760 741,547 24,787 0.65%3.46% March 719,717 738,244 731,610 783,121 51,511 6.08%7.04% April 269,018 271,930 273,735 222,029 (51,706) -18.35%-18.89% May 146,657 132,333 134,640 139,789 5,149 5.63%3.82% June 280,460 275,113 274,230 284,482 10,252 3.41%3.74% July 424,602 412,849 411,840 439,137 27,297 6.37%6.63% August 361,165 352,887 353,925 369,158 15,233 4.61%4.30% September 294,861 304,068 302,445 292,349 (10,096) -3.85%-3.34% October 207,397 213,568 200,475 209,628 9,153 -1.84%4.57% November 230,383 229,092 215,820 222,177 6,357 -3.02%2.95% December 671,982 687,985 633,600 694,562 60,962 0.96%9.62% Total 4,954,459$ 5,075,763$ 4,950,000$ 5,103,142$ 153,142$ 0.54%3.09% 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 February 4, 2025 4.0% GENERAL SALES TAX2024 Budget Comparison Town of Vail Revenue Update YTD 4% General Sales Tax Collections By Year February 4, 2025 Through December 31 December 4% General Sales Tax Collections By Year Through December 31 •December collections of $5,773,478 are up 1.4% from prior year and are up 10.4% from the $3,625,189 $5,749,365 $5,602,018 $5,691,428 $5,773,478 $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 $24,973,411 $34,534,683 $40,776,882 $41,882,411 $42,141,470 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 2020 2021 2022 2023 2024 •YTD collections of $42,141,470 are up 0.6% from prior year and are up 3.2% from the budget. •Inflation as measured by the consumer price index was up 2.9% for the 12-months ending December 2024. Town of Vail Revenue Update February 4, 2025 December 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through December 2024 December Collections YTD Collections •This chart shows YTD collections of 1% RETT, segmented by real property values. 2024 collections are up 17% from the prior year. $10,448,525 $13,371,555 $9,603,456 $7,994,852 $9,350,560 $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 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million •December collections of $694,562 are up 1.0% from prior year and are up 9.6% from the budget. YTD collections of $5,103,142 are up 0.5% from this time last year and are up 3.1% from the budget. $671,982 $687,985 $694,562 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2022 2023 2024 $4,954,459 $5,075,763 $5,103,142 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2022 2023 2024 Town of Vail Revenue Update February 4, 2025 Construction Use Tax by Year YTD Through December 2024 YTD Lift Tax Collections YTD Through December 2024 •Use Tax collections through December 31 total $3,074,696, compared to $2,532,881 from this time last year. This is an increase of 21.4%. $2,078,577 $3,682,745 $2,189,830 $2,532,881 $3,074,696 $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 $6,745,551 are up 3.2% or $209,117 from the same time last year. $4,095,812 $5,518,890 $6,473,618 $6,536,433 $6,745,551 $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 Business Review December 2024 February 4, 2025 The Vail Business Review breaks down the 4.5% sales tax collected for the month of December and the year. 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. December 4.5% sales tax was up 0.4% from the prior year. Retail decreased (1.2)%, lodging increased 2.3%, food and beverage increased 1.6%, and utilities/other decreased (7.8)%. Excluding the out-of-town category, sales tax for the month of December was down (0.7)% compared to prior year. The year’s 4.5% sales tax was up 0.6% from the prior year. Retail decreased (1.0)%, lodging increased 1.8%, food and beverage increased 3.3%, and utilities/other decreased (7.3)%. Excluding the out-of-town category, sales tax for the year was up 1.4% 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 Town of Vail Business Review December Sales Tax Collections by Year December 2024 Sales Tax December 2023 Sales Tax Collections by Business Type December 2024 Retail 2,334,631 Lodging 2,653,472 Food & Beverage 1,196,196 Utilities & Other 283,691 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000$800,000$900,000U$0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 3,677,570 5,850,891 6,391,345 6,443,056 6,467,990 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • December 2024 retail sales decreased (1.2)%, lodging increased 2.3%, food and beverage increased 1.6%, and utilities and other decreased (7.8)%. • The figures above reflect 4.5% sales tax. Retail 2,363,130 Lodging 2,594,683 Food & Beverage 1,177,510 Utilities & Other 307,732 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (1.2)% • 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 December 2023 collections were $6,443,056; December 2024 collections were $6,467,990, up 0.4% from the prior year. 2.3%1.6%(7.8)% Town of Vail Business Review December 2023December 2024 Geographic Area Trends by Year December Sales Tax Sales Tax by Location December 2024 Sales Tax Other Areas 14% Lionshead 16% Out of Town 24% Vail Village 46% • Vail Village sales tax decreased (1.1)%, Lionshead decreased (1.0)%, Other Areas increased 0.7%, and Out of Town increased 3.9%. Excluding Out of Town collections, all areas were down (0.7)%. • The figures above reflect 4.5% sales tax. 582,344 822,054 606,808 1,039,135 955,044 1,501,616 1,533,374 2,488,086 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 1,083,351 864,589 • This chart shows December 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. 906,013 1,049,515 1,556,846 2,930,681 2,898,559 1,039,373 1,618,099 911,960 Other Areas 14% Lionshead 16% Out of Town 25% Vail Village 45% 2,805,529 1,637,876 Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail December 2024 Sales Tax Town of Vail Business Review Apparel $495,088 Grocery $332,376 Gallery $6,867 Gifts $15,513 Jewelry $97,522Retail Liquor $83,168 Retail Other $522,622 Sporting Goods $626,461 Online Retailers $154,808 Retail Home Occupation $206 • December 2024 accommodations services increased 2.3% from the prior year. Short-term rentals increased 3.6% and hotels and lodges increased 1.8%. • 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. 1,810,732 705,074 1,870,052 724,631 1,903,047 750,426 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 346,279                                                  364,347                                                   ‐4.96% Lodging 449,981                                                  431,836                                                  4.20% F & B 108,967                                                  100,483                                                  8.44% Other 6,733                                                      9,346                                                       ‐27.96% Total 911,960                                                  906,013                                                  0.66% Lionshead Retail 305,148                                                  325,426                                                   ‐6.23% Lodging 532,852                                                  519,835                                                  2.50% F & B 197,206                                                  197,531                                                   ‐0.16% Other 4,166                                                      6,723                                                       ‐38.04% Total 1,039,373                                              1,049,515                                               ‐0.97% Out of Town Retail 598,701                                                  548,348                                                  9.18% Lodging 779,559                                                  748,517                                                  4.15% F & B 1,263                                                      2,425                                                       ‐47.89% Other 238,576                                                  257,556                                                   ‐7.37% Total 1,618,099                                              1,556,846                                              3.93% Vail Village Retail 1,084,502                                              1,125,008                                               ‐3.60% Lodging 891,080                                                  894,494                                                   ‐0.38% F & B 888,759                                                  877,071                                                  1.33% Other 34,217                                                    34,107                                                    0.32% Total 2,898,559                                              2,930,681                                               ‐1.10% Total ‐ All Areas Retail 2,334,631                                              2,363,130                                               ‐1.21% Lodging 2,653,472                                              2,594,683                                              2.27% F & B 1,196,196                                              1,177,510                                              1.59% Other 283,691                                                  307,732                                                   ‐7.81% Total 6,467,990                                              6,443,056                                              0.39% Retail Summary Retail Apparel 495,088                                                  519,393                                                   ‐4.68% Retail Food 332,376                                                  325,112                                                  2.23% Retail Gallery 6,867                                                      9,918                                                       ‐30.76% Retail Gift 15,513                                                    11,488                                                    35.03% Retail Home Occupation 206                                                         160                                                         29.10% Retail Jewelry 97,522                                                    133,993                                                   ‐27.22% Retail Liquor 83,168                                                    91,555                                                     ‐9.16% Retail Other 522,622                                                  435,005                                                  20.14% Retail Sport 626,461                                                  685,927                                                   ‐8.67% Retail Online Retailer 154,808                                                  150,578                                                  2.81% Total 2,334,631                                              2,363,130                                               ‐1.21% Town of Vail Business Review December 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change Town of Vail Business Review Sales Tax Collections by Year 2024 Sales Tax 2023 Sales Tax Collections by Business Type 2024 Retail 16,183,308 Lodging 17,887,629 Food & Beverage 10,412,470 Utilities & Other 2,761,389 $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 $18,000,000 $0$100,000$200,000$300,000$400,000$500,000$600,000$700,000 25,019,974 34,651,544 45,846,448 46,978,912 47,244,795 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 2020 2021 2022 2023 2024 General Sales Tax Housing Sales Tax • 2024 retail sales decreased (1.0)%, lodging increased 1.8%, food and beverage increased 3.3%, and utilities and other decreased (7.3)%. • The figures above reflect 4.5% sales tax. Retail 16,339,488 Lodging 17,580,090 Food & Beverage 10,081,788 Utilities & Other 2,977,547 $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 $18,000,000 (1.0)% • 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 2023 collections were $46,978,912; total 2024 collections were $47,244,795, up 0.6% from the prior year. 1.8% 3.3% (7.3)% Town of Vail Business Review 20232024 Geographic Area Trends by Year Annual Sales Tax Sales Tax by Location 2024 Sales Tax Other Areas 14% Lionshead 16% Out of Town 27% Vail Village 43% • Vail Village sales tax decreased (0.2)%, Lionshead increased 3.0%, Other Areas increased 4.7%, and Out of Town decreased (1.8)%. Excluding Out of Town collections, all areas were up 1.4%. • The figures above reflect 4.5% sales tax. 4,184,477 5,017,899 4,472,456 5,202,521 5,056,639 9,688,762 11,306,402 14,742,362 $0 $4,000,000 $8,000,000 $12,000,000 $16,000,000 $20,000,000 2020 2021 2022 2023 2024 Vail Village Out of Town Lionshead Other Areas 19,762,671 12,155,982 7,247,051 6,680,744 • This chart shows annual 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. 6,649,147 7,447,658 12,449,109 20,432,998 20,385,375 7,668,442 12,229,938 6,961,040 Other Areas 15% Lionshead 16% Out of Town 26% Vail Village 43% Retail Business 4.5% Sales Tax Detail 2024 Sales Tax Town of Vail Business Review Accommodation Services Sales Tax by Year Apparel $3,392,520 Grocery $2,430,597 Gallery $153,880 Gifts $76,964 Jewelry $558,234Retail Liquor $658,781 Retail Other $4,306,892 Sporting Goods $3,364,387 Online Retailers $1,237,578 Retail Home Occupation $3,474 • 2024 accommodations services increased 1.8% from the prior year. Short-term rentals decreased (0.8)% and hotels and lodges increased 2.9%. • 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. 12,151,200 5,241,093 12,121,664 5,458,426 12,474,752 5,412,877 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 Hotel and Lodges Short-Term Rentals 2024 2023 2022 Cascade Village / East Vail / Sandstone / West Vail Retail 2,522,435                                              2,514,127                                              0.33% Lodging 3,069,521                                              2,929,455                                              4.78% F & B 1,289,239                                              1,089,494                                              18.33% Other 79,846                                                    116,071                                                   ‐31.21% Total 6,961,040                                              6,649,147                                              4.69% Lionshead Retail 1,803,641                                              1,837,352                                               ‐1.83% Lodging 3,759,522                                              3,609,377                                              4.16% F & B 1,961,917                                              1,856,319                                              5.69% Other 143,362                                                  144,610                                                   ‐0.86% Total 7,668,442                                              7,447,658                                              2.96% Out of Town Retail 4,985,372                                              5,033,654                                               ‐0.96% Lodging 4,926,856                                              4,891,400                                              0.72% F & B 21,058                                                    25,930                                                     ‐18.79% Other 2,296,651                                              2,498,126                                               ‐8.07% Total 12,229,938                                            12,449,109                                             ‐1.76% Vail Village Retail 6,871,860                                              6,954,355                                               ‐1.19% Lodging 6,131,730                                              6,149,858                                               ‐0.29% F & B 7,140,256                                              7,110,046                                              0.42% Other 241,529                                                  218,739                                                  10.42% Total 20,385,375                                            20,432,998                                             ‐0.23% Total ‐ All Areas Retail 16,183,308                                            16,339,488                                             ‐0.96% Lodging 17,887,629                                            17,580,090                                            1.75% F & B 10,412,470                                            10,081,788                                            3.28% Other 2,761,389                                              2,977,547                                               ‐7.26% Total 47,244,795                                            46,978,912                                            0.57% Retail Summary Retail Apparel 3,392,520                                              3,375,668                                              0.50% Retail Food 2,430,597                                              2,322,781                                              4.64% Retail Gallery 153,880                                                  235,691                                                   ‐34.71% Retail Gift 76,964                                                    77,604                                                     ‐0.82% Retail Home Occupation 3,474                                                      2,743                                                      26.64% Retail Jewelry 558,234                                                  698,951                                                   ‐20.13% Retail Liquor 658,781                                                  692,743                                                   ‐4.90% Retail Other 4,306,892                                              4,395,697                                               ‐2.02% Retail Sport 3,364,387                                              3,480,305                                               ‐3.33% Retail Online Retailer 1,237,578                                              1,057,304                                              17.05% Total 16,183,308                                            16,339,488                                             ‐0.96% Town of Vail Business Review Annual 4.5% Sales Tax 2024 Collections   2023 Collections YoY % Change