Loading...
HomeMy WebLinkAbout01. 250401 Revenue Update1 TOWN OF VAIL REVENUE UPDATE April 1, 2025 4.0% General Sales Tax Upon receipt of all sales tax returns, February 2025 collections are estimated to be $6,151,840, up 1.2% from 2024 and up 1.5% from the budget. 2025 YTD collections of $11,993,697 are up 0.9% from 2024 and up 1.2% from the budget. Inflation as measured by the consumer price index was up 2.8% for the 12-months ending February 2025. The annual budget totals $42.1 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, February 2025 collections of the 0.5% housing sales tax are estimated to be $749,345, up 1.1% from 2024 and down (0.5)% from the budget. 2025 YTD collections of $1,460,076 are down (0.3%) from 2024 and up 0.9% from the budget. The annual budget for the housing fund sales tax totals $5.2 million. Real Estate Transfer Tax (RETT) RETT collections through March 25 total $1,853,129, down (7.7)% from 2024. The budget for RETT collections totals $7.7 million for 2025. Construction Use Tax Use Tax collections through March 25 total $294,157 compared to $218,833 in 2024. The budget totals $2.5 million for 2025. Lift Tax Lift tax collections for February 2025 total $3,244,838, up 3.5% or $109,910 from February 2024. The budget totals $6,915,427. Daily Parking Sales Daily sales from the parking structures from November through March 24th total approximately $6,491,368, down (2.1)% from time last year. This amount includes daily fees charged to the parking pass holders. 2 Parking Pass Sales Parking pass sale revenue through March 24th for the 2024/2025 winter season totals $1,232,669, up 7.9% or $90,288 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 4,535 passes have been sold this season compared to the 4,437 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 $(16,437) or (1.3)% from the prior season. *2023/24 Season figures represent November 2023 through February 2024. Pass Type 2024/25 Season Sales 2023/24 Season Sales* 2023/24 Auto- Renewed Passes Utilized* Total 2023/24 Pass Sales/Utilized* Change from prior season Premier 21 25 - 25 (4) Vail Village Business Premier 69 60 - 60 9 Lionshead Business Premier 7 5 - 3 2 Employee 488 427 - 427 61 Employee Plus 330 351 - 351 (21) Eagle County Local* 1,917 396 1,453 1,849 68 Vail Local* 1,703 357 1,363 1,720 (17) Total 4,535 1,621 2,816 4,437 98 Preliminary 2025 Budget % change % change 2020 2021 2022 2023 2024 Budget Variance from 2024 from Budget January 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,805,199$ 5,791,927$ 5,841,857$ 49,930$ 0.63% 0.86% February 4,285,633 3,691,850 5,686,585 6,041,108 6,079,509 6,063,693 6,151,840 88,147 1.19% 1.45% YTD 8,361,778$ 7,114,060$ 10,903,710$ 11,952,680$ 11,884,708$ 11,855,620$ 11,993,697$ 138,077$ 0.92% 1.16% 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 1,176,629 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 3,643,192 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 1,753,419 1,752,419 - November 1,425,461 1,880,397 1,902,643 1,901,141 1,844,461 1,843,961 - December 3,625,189 5,749,365 5,602,018 5,691,428 5,815,002 5,776,237 - Total 24,973,411$ 34,534,683$ 40,776,882$ 41,882,411$ 42,198,944$ 42,064,000$ 11,993,697$ 138,077$ 0.92% 1.16% Preliminary 2025 Budget % change % change 2022 2023 2024 Budget Variance from 2024 from Budget January 645,487$ 720,906$ 705,167$ 711,525$ 710,732$ (793)$ 0.79% -0.11% February 702,730 736,788 741,549 753,337 749,345 (3,992)$ 1.05% -0.53% YTD 1,348,217$ 1,457,694$ 1,446,716$ 1,464,862$ 1,460,076$ (4,786)$ 0.92% -0.33% March 719,717 738,244 783,123 769,644 - April 269,018 271,930 222,032 249,107 - May 146,657 132,333 139,793 143,483 - 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 207,397 213,568 210,364 217,051 - November 230,383 229,092 222,639 228,495 - December 671,982 687,985 699,750 712,030 - Total 4,954,459$ 5,075,763$ 5,110,322$ 5,201,534$ 1,460,076$ (4,786)$ 0.92% -0.33% 0.5% HOUSING SALES TAX 2025 Budget Comparison 4.0% Collected Sales Tax Actual 0.5% Collections 0.5% Collected Sales Tax Town of Vail Revenue Update April 1, 2025 4.0% GENERAL SALES TAX 2025 Budget Comparison Actual 4.0% Collections Town of Vail Revenue Update YTD 4% General Sales Tax Collections By Year April 1, 2025 Through February 28 February 4% General Sales Tax Collections By Year Through February 28 •February collections of $6,151,840 are up 1.2% from prior year and are up 1.5% from the budget. $3,691,850 $5,686,585 $6,041,108 $6,079,509 $6,151,840 $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 $7,114,060 $10,903,710 $11,952,680 $11,884,708 $11,993,697 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 2021 2022 2023 2024 2025 •YTD collections of $11,993,697 are up 0.9% from prior year and are up 1.2% from the budget. •Inflation as measured by the consumer price index was up 2.8% for the 12-months ending February 2025. Town of Vail Revenue Update April 1, 2025 February 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through March 2025 February Collections YTD Collections •This chart shows YTD collections of 1% RETT, segmented by real property values. 2025 collections are down (7.7)% from the prior year. $1,517,141 $1,564,967 $1,204,645 $2,007,242 $1,853,129 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 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 •February collections of $749,345 are up 1.1% from prior year and are down (0.5%) from the budget. YTD collections of $1,460,076 are up 0.9% from this time last year and are down (0.3)% from the budget. $702,730 $736,788 $741,549 $749,345 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2022 2023 2024 2025 $1,348,217 $1,457,694 $1,446,716 $1,460,076 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2022 2023 2024 2025 Town of Vail Revenue Update March 4, 2025 Construction Use Tax by Year YTD Through March 2025 YTD Lift Tax Collections YTD Through February 2025 •Use Tax collections through March 25 total $294,157 compared to $218,833 from this time last year. This is an increase of 34.4%. $574,257 $227,296 $570,080 $218,833 $294,157 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 2021 2022 2023 2024 2025 •2025 YTD lift tax collections of $3,244,838 are up 3.5% or $109,910 from the same time last year. $2,442,619 $2,894,759 $2,929,120 $3,134,928 $3,244,838 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2021 2022 2023 2024 2025 Vail Business Review February 2025 April 1, 2025 The Vail Business Review breaks down the 4.5% sales tax collected for the month of February. 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. February 4.5% sales tax was up 1.2% from the prior year. Retail increased 0.6%, lodging decreased (0.6)%, food and beverage increased 5.9%, and utilities/other increased 1.5%. Excluding the out-of-town category, sales tax for the month of February was up 0.7% 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 Revenue Manager February 2025 Town of Vail Business Review February Sales Tax Collections by Year February 2025 Sales Tax February 2024 Sales Tax Collections by Business Type 1,925,751 Lodging 3,186,930 Food & Beverage 1,458,525 Utilities & Other 329,659 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 $2,400,000 $2,800,000 $3,200,000 0.6% 5.9%1.5% Retail 3,693,712 6,409,815 6,769,365 6,822,437 6,900,866 $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 • February 2025 retail sales increased 0.6%, lodging decreased (0.6)%, food and beverage increased 5.9%, and utilities and other increased 1.5%. • The figures above reflect 4.5% sales tax. Retail 1,915,116 Lodging 3,205,109 Food & Beverage 1,377,513 Utilities & Other 324,699 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 $2,400,000 $2,800,000 $3,200,000 (0.6)% • 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. 2022-2025 above include the 0.5% increase to sales tax, depicted in light blue. 2021 shows 4.0% sales tax collections. • Total February 2024 collections were $6,822,437; February 2025 collections were $6,900,866, up from the prior year 1.2%. February 2025 Sales Tax Town of Vail Business Review February 2024February 2025 Geographic Area Trends by Year February Sales Tax Sales Tax by Location Other Areas 15% Lionshead 19% Out of Town 20% Vail Village 46% • Vail Village sales tax increased 2.9%, Lionshead increased 1.8%, Other Areas decreased (7.2)%, and Out of Town increased 2.9%. Excluding Out of Town collections, all areas were up 0.7%. • The figures above reflect 4.5% sales tax. 538,639 947,473.29 673,635 1,263,893.68 880,156 1,360,984.03 1,601,281 2,837,463.83 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 2021 2022 2023 2024 2025 Vail Village Out of Town Lionshead Other Areas 3,023,9821,466,922 1,312,734 965,727 • This chart shows February 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. 1,055,2081,279,317 1,359,443 3,128,468 3,220,125 1,302,810 1,399,150 978,780 Other Areas 14% Lionshead 19% Out of Town 20% Vail Village 47% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail February 2025 Sales Tax Town of Vail Business Review Apparel $439,944 Grocery $259,541 Gallery $5,605 Gifts $9,600 Jewelry $75,062Retail Liquor $80,854 Retail Other $277,145 Sporting Goods $575,018 Online Retailers $202,982 Retail Home Occupation $0 • February 2025 accommodations services decreased (0.6)% from the prior year. Short-term rentals decreased (8.3)% and hotels and lodges increased 2.7%. • 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. 2,256,009 925,432 2,259,818 945,291 2,320,569 866,361 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 Hotel and Lodges Short-Term Rentals 2025 2024 2023 Retail 259,139                                                  281,095                                                   ‐7.81% Lodging 588,200                                                  643,055                                                   ‐8.53% F & B 125,267                                                  124,718                                                  0.44% Other 6,174                                                      6,340                                                       ‐2.61% Total 978,780                                                  1,055,208                                               ‐7.24% Retail 312,840                                                  325,380                                                   ‐3.85% Lodging 708,045                                                  706,070                                                  0.28% F & B 276,436                                                  241,191                                                  14.61% Other 5,490                                                      6,677                                                       ‐17.78% Total 1,302,810                                              1,279,317                                              1.84% Retail 400,022                                                  367,776                                                  8.77% Lodging 723,246                                                  726,890                                                   ‐0.50% F & B 1,839                                                      1,960                                                       ‐6.15% Other 274,043                                                  262,817                                                  4.27% Total 1,399,150                                              1,359,443                                              2.92% Retail 953,750                                                  940,864                                                  1.37% Lodging 1,167,440                                              1,129,094                                              3.40% F & B 1,054,983                                              1,009,643                                              4.49% Other 43,952                                                    48,866                                                     ‐10.06% Total 3,220,125                                              3,128,468                                              2.93% Retail 1,925,751                                              1,915,116                                              0.56% Lodging 3,186,930                                              3,205,109                                               ‐0.57% F & B 1,458,525                                              1,377,513                                              5.88% Other 329,659                                                  324,699                                                  1.53% Total 6,900,866                                              6,822,437                                              1.15% Retail Apparel 439,944                                                  440,168                                                   ‐0.05% Retail Food 259,541                                                  263,259                                                   ‐1.41% Retail Gallery 5,605                                                      9,551                                                       ‐41.32% Retail Gift 9,600                                                      7,666                                                      25.24% Retail Home Occupation ‐                                                          326                                                          ‐100.00% Retail Jewelry 75,062                                                    64,038                                                    17.22% Retail Liquor 80,854                                                    87,030                                                     ‐7.10% Retail Other 277,145                                                  341,840                                                   ‐18.93% Retail Sport 575,018                                                  597,682                                                   ‐3.79% Retail Online Retailer 202,982                                                  103,555                                                  96.01% Total 1,925,751                                              1,915,116                                              0.56% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review February 4.5% Sales Tax 2025 Collections   2024 Collections YoY % Change