Loading...
HomeMy WebLinkAbout00. 250304_Revenue_Update1 TOWN OF VAIL REVENUE UPDATE March 4, 2025 4.0% General Sales Tax Upon receipt of all sales tax returns, January 2025 collections are estimated to be $5,841,857, up 0.6% from 2024 and up 0.9% from the budget. Inflation as measured by the consumer price index was up 3.0% for the 12-months ending January 2024. The annual budget totals $42.1 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, January 2025 collections of the 0.5% housing sales tax are estimated to be $710,732, up 0.8% from 2024 and down (0.1)% from the budget. The annual budget for the housing fund sales tax totals $5.2 million. Real Estate Transfer Tax (RETT) RETT collections through February 24 total $997,508, down (28.5)% from 2024. The number of property sales (excluding time-shares) is tracking down (50.0)% from 2024, while the average collection amount is tracking up 39.5%. The budget for RETT collections totals $7.7 million for 2025. Construction Use Tax Use Tax collections through February 24 total $273,699 compared to $112,415 in 2024. The budget totals $2.5 million for 2025. Lift Tax Lift tax collections for January 2025 total $1,635,073, up 1.6% or $25,666 from January 2024. The amended budget totals $6,915,427. Daily Parking Sales Daily sales from the parking structures from November through February 24th total approximately $4,865,567, down (2.4)% from time last year. This amount includes daily fees charged to the parking pass holders. 2 Parking Pass Sales Parking pass sale revenue through February 24th for the 2024/2025 winter season totals $1,230,244, up 7.7% or $88,463 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 4,487 passes have been sold this season compared to the 4,438 passes purchased and utilized to date during the prior winter season. Had the town not waived fees for local passes, pass sales would be down $(18,110) or (1.5)% from the prior season. *2023/24 Season figures represent November 2023 through February 2024. Pass Type 2024/25 Season Sales 2023/24 Season Sales* 2023/24 Auto- Renewed Passes Utilized* Total 2023/24 Pass Sales/Utilized* Change from prior season Premier 21 25 - 25 (4) Vail Village Business Premier 69 60 - 60 9 Lionshead Business Premier 7 5 - 3 2 Employee 487 426 - 426 61 Employee Plus 330 351 - 351 (21) Eagle County Local* 1,896 393 1,437 1,830 66 Vail Local* 1,677 352 1,389 1,741 (64) Total 4,487 1,612 2,826 4,438 49 Preliminary 2025 Budget % change % change 2020 2021 Budget Variance from 2024 from Budget January 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,805,199$ 5,791,927$ 5,841,857$ 49,930$ 0.63%0.86% YTD 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,805,199$ 5,791,927$ 5,841,857$ 49,930$ 0.63%0.86% February 4,285,633 3,691,850 5,686,585 6,041,108 6,079,509 6,063,693 - March 2,243,518 4,364,797 5,912,059 6,055,992 6,412,535 6,162,148 - April 427,518 1,751,528 2,234,296 2,264,892 1,842,893 2,082,859 - May 503,828 1,061,516 1,227,974 1,118,011 1,176,622 1,152,860 - June 1,023,517 2,149,312 2,317,931 2,272,457 2,356,761 2,355,770 - July 2,084,644 3,491,668 3,507,973 3,412,277 3,643,186 3,629,309 - August 2,138,838 2,877,550 2,997,389 2,932,111 3,052,213 3,038,643 - September 1,767,393 2,359,528 2,441,331 2,508,064 2,417,132 2,414,174 - October 1,371,727 1,734,964 1,729,558 1,773,358 1,753,393 1,752,419 - November 1,425,461 1,880,397 1,902,643 1,901,141 1,844,431 1,843,961 - December 3,625,189 5,749,365 5,602,018 5,691,428 5,814,947 5,776,237 - Total 24,973,411$ 34,534,683$ 40,776,882$ 41,882,411$ 42,198,819$ 42,064,000$ 5,841,857$ 49,930$ 0.63%0.86% 2022 2023 2024 2025 Sales Tax Budget % change % change Collections Collections Collections Budget Variance from 2024 from Budget January 645,487$ 720,906$ 705,167$ 711,525$ 710,732$ (793)$ 0.79%-0.11% YTD 645,487$ 720,906$ 705,167$ 711,525$ 710,732$ (793)$ 0.79%-0.11% February 702,730 736,788 741,549 753,337 - March 719,717 738,244 783,123 769,644 - April 269,018 271,930 222,032 249,107 - May 146,657 132,333 139,792 143,483 - June 280,460 275,113 284,485 291,846 - July 424,602 412,849 439,142 448,039 - August 361,165 352,887 369,212 377,205 - September 294,861 304,068 293,066 299,772 - October 207,397 213,568 210,360 217,051 - November 230,383 229,092 222,635 228,495 - December 671,982 687,985 699,743 712,030 - Total 4,954,459$ 5,075,763$ 5,110,306$ 5,201,534$ 710,732$ (793)$ 0.79%-0.11% Town of Vail Revenue Update March 4, 2025 4.0% GENERAL SALES TAX2025 Budget Comparison Actual 4.0% Collections 0.5% HOUSING SALES TAX 2025 Budget Comparison 4.0% Collected Sales Tax202320242022 Town of Vail Revenue Update March 4, 2025 4% General Sales Tax Collections By Year Through January 31 0.5% Housing Sales Tax Collections By Year Through January 31 •January collections of $710,732 are up 0.8%from prior year and are down (0.1)% from the budget. $645,487 $720,906 $705,167 $710,732 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2022 2023 2024 2025 $3,422,209 $5,217,125 $5,911,572 $5,805,199 $5,841,857 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2021 2022 2023 2024 2025 •January collections of $5,841,857 are up 0.6% from prior year and are up 0.9%from the budget. •Inflation as measured by the consumer price index was up 3.0% in January. Town of Vail Revenue Update March 4, 2025 Real Estate Transfer Tax by Year YTD Through February 2025 Construction Use Tax by Year YTD Through February 2025 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2025 collections down up (28.5)% from the prior year. $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2021 2022 2023 2024 2025 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million $691,318 $813,884 $821,806 $1,394,309 $997,508 •Use Tax collections through February 26 total $273,699 compared to $112,415 from this time last year. This is an increase of 143.5%. $292,969 $134,088 $233,048 $112,415 $273,699 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2021 2022 2023 2024 2025 Town of Vail Revenue Update March 4, 2025 Lift Tax Collections YTD Through January 2025 •2025 YTD lift tax collections of $1,635,073 are up 1.6% or $25,655 from the same time last year. $1,550,169 $1,452,347 $1,503,415 $1,609,419 $1,635,073 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2021 2022 2023 2024 2025 Vail Business Review January 2025 March 4, 2025 The Vail Business Review breaks down the 4.5% sales tax collected for the month of January. 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. January 4.5% sales tax was up 0.7% from the prior year. Retail decreased (2.4)%, lodging increased 2.2%, food and beverage increased 6.9%, and utilities/other decreased (17.2)%. Excluding the out-of-town category, sales tax for the month of January 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 January Sales Tax Collections by Year January 2025 Sales Tax January 2024 Sales Tax Collections by Business Type January 2025 1,874,514 Lodging 3,006,695 Food & Beverage 1,362,064 Utilities & Other 308,883 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 $2,400,000 $2,800,000 $3,200,000 (2.4)% 6.9%(17.2)% Retail 3,422,713 5,874,614 6,632,414 6,508,964 6,552,155 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 2021 2022 2023 2024 2025 General Sales Tax Housing Sales Tax • January 2025 retail sales decreased (2.4)%, lodging increased 2.2%, food and beverage increased 6.9%, and utilities and other decreased (17.2)%. • The figures above reflect 4.5% sales tax. Retail 1,919,910 Lodging 2,941,644 Food & Beverage 1,274,444 Utilities & Other 372,965 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 $2,400,000 $2,800,000 $3,200,000 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. 2022-2025 above include the 0.5% increase to sales tax, depicted in light blue. 2021 shows 4.0% sales tax collections. • Total January 2024 collections were $6,508,964; January 2025 collections were $6,552,155, up from the prior year 0.7%. Town of Vail Business Review January 2024January 2025 Geographic Area Trends by Year January Sales Tax Sales Tax by Location January 2025 Sales Tax Other Areas 14% Lionshead 20% Out of Town 22% Vail Village 44% • Vail Village sales tax increased 4.2%, Lionshead decreased (7.3)%, Other Areas increased 4.8%, 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. 495,315 858,392 584,509 1,052,160 891,189 1,379,034 1,451,701 2,585,028 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2021 2022 2023 2024 2025 Vail Village Out of Town Lionshead Other Areas 3,038,179 1,464,5781,247,104882,553 • This chart shows January sales tax collections by geographic area over time. • 2022-2025 include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales tax collections are shown in darker shades. 911,770 1,299,925 1,435,844 2,861,424 2,981,782 1,205,657 1,409,347 955,370 Other Areas 15% Lionshead 18% Out of Town 21% Vail Village 46% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail January 2025 Sales Tax Town of Vail Business Review Apparel $434,835 Grocery $243,257 Gallery $8,040 Gifts $10,308 Jewelry $86,677Retail Liquor $69,902 Retail Other $325,531 Sporting Goods $572,828 Online Retailers $123,134 Retail Home Occupation $0 • January 2025 accommodations services increased 2.2% from the prior year. Short-term rentals increased 5.4% and hotels and lodges increased 0.9%. • 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. 1,947,405 975,147 2,061,099 880,545 2,078,839 927,855 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 Hotel and Lodges Short-Term Rentals 2025 2024 2023 Retail 258,154                                                  310,670                                                   ‐16.90% Lodging 561,541                                                  485,280                                                  15.71% F & B 132,582                                                  111,996                                                  18.38% Other 3,093                                                      3,825                                                       ‐19.14% Total 955,370                                                  911,770                                                  4.78% Retail 308,630                                                  316,630                                                   ‐2.53% Lodging 641,898                                                  673,655                                                   ‐4.71% F & B 246,666                                                  251,791                                                   ‐2.04% Other 8,463                                                      57,849                                                     ‐85.37% Total 1,205,657                                              1,299,925                                               ‐7.25% Retail 361,291                                                  401,832                                                   ‐10.09% Lodging 780,880                                                  755,533                                                  3.35% F & B 3,154                                                      2,564                                                      22.98% Other 264,022                                                  275,915                                                   ‐4.31% Total 1,409,347                                              1,435,844                                               ‐1.85% Retail 946,439                                                  890,778                                                  6.25% Lodging 1,022,375                                              1,027,176                                               ‐0.47% F & B 979,662                                                  908,093                                                  7.88% Other 33,306                                                    35,376                                                     ‐5.85% Total 2,981,782                                              2,861,424                                              4.21% Retail 1,874,514                                              1,919,910                                               ‐2.36% Lodging 3,006,695                                              2,941,644                                              2.21% F & B 1,362,064                                              1,274,444                                              6.88% Other 308,883                                                  372,965                                                   ‐17.18% Total 6,552,155                                              6,508,964                                              0.66% Retail Apparel 434,835                                                  421,491                                                  3.17% Retail Food 243,257                                                  287,798                                                   ‐15.48% Retail Gallery 8,040                                                      8,027                                                      0.17% Retail Gift 10,308                                                    9,711                                                      6.15% Retail Home Occupation ‐                                                          326                                                          ‐100.00% Retail Jewelry 86,677                                                    58,745                                                    47.55% Retail Liquor 69,902                                                    78,938                                                     ‐11.45% Retail Other 325,531                                                  357,205                                                   ‐8.87% Retail Sport 572,828                                                  579,943                                                   ‐1.23% Retail Online Retailer 123,134                                                  117,728                                                  4.59% Total 1,874,514                                              1,919,910                                               ‐2.36% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January 4.5% Sales Tax 2025 Collections   2024 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary