HomeMy WebLinkAbout00. 250603 TOV Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
June 3, 2025
4.0% General Sales Tax
Upon receipt of all sales tax returns, April 2025 collections are estimated to be
$2,125,813, up 15.4% from 2024 and up 2.0% from the budget.
Historically, the timing of the Easter holiday has influenced sales tax collections
for the months of March and April. To account for this variability, collections for
both months are combined. Total sales tax collections for March and April of
2025 are $8,353,494, up 1.2% compared to 2024.
2025 YTD collections of $20,560,802 are up 2.1% from 2024 and up 2.3% from
the budget. Inflation as measured by the consumer price index was up 2.3% for
the 12-months ending April 2025. The annual budget totals $42.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, April 2025 collections of the 0.5% housing
sales tax are estimated to be $256,099, up 15.4% from 2024 and up 2.1% from
the budget. Total housing sales tax collections for March and April of 2025 are
$1,016,808, up 1.2% compared to 2024.
2025 YTD collections of $2,503,495 are up 2.1% from 2024 and up 0.8% from the
budget. The annual budget for the housing fund sales tax totals $5.2 million.
Real Estate Transfer Tax (RETT)
RETT collections through May 27 total $3,443,088, down (7.4)% from 2024. The
number of property sales (excluding time-shares) is tracking down (25.9)% from
2024, while the average collection is tracking up 25.6%. The budget for RETT
collections totals $7.7 million for 2025.
Construction Use Tax
Use Tax collections through May 27 total $860,342 compared to $848,244 in 2024.
The budget totals $2.5 million for 2025.
Lift Tax
Lift tax collections for April 2025 total $5,037,750, up 2.0% or $97,718 from April
2024. The budget totals $6,915,427.
Summary
Across all funds and excluding one-time grants and reimbursements, year-to-date
total revenue of $45.0 million is up 7.2% from the proposed amended budget and
is down (0.1)% from prior year. The majority of the positive variance compared to
the budget is due to higher-than-expected real estate transfer tax collections,
interest earnings, and sales tax collections.
2025 Budget % change % change
2020 2021 2022 2023 2024 Budget Variance from 2024 from Budget
January 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,805,199$ 5,791,927$ 5,941,486$ 149,559$ 2.35% 2.58%
February 4,285,633 3,691,850 5,686,585 6,041,108 6,080,349 6,063,693 6,265,823 202,130 3.05% 3.33%
March 2,243,518 4,364,797 5,912,059 6,055,992 6,412,535 6,162,148 6,227,681 65,533 -2.88% 1.06%
April 427,518 1,751,528 2,234,296 2,264,892 1,842,893 2,082,859 2,125,813 42,954 15.35% 2.06%
YTD 11,032,814$ 13,230,384$ 19,050,065$ 20,273,564$ 20,140,975$ 20,100,627$ 20,560,802$ 460,175$ 2.08% 2.29%
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 2,361,482 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 2,415,397 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 5,811,950 5,789,893 5,776,237 -
Total 24,973,411$ 34,534,683$ 40,776,882$ 42,002,933$ 42,177,661$ 42,064,000$ 20,560,802$ 460,175$ 2.08%2.29%
2025 Budget % change % change
2022 2023 2024 Budget Variance from 2024 from Budget
January 645,487$ 720,906$ 705,167$ 711,525$ 723,153$ 11,628$ 2.55% 1.63%
February 702,730 736,788 741,549 753,337 763,534 10,197 2.96% 1.35%
March 719,717 738,244 783,123 769,644 760,709 (8,935) -2.86% -1.16%
April 269,018 271,930 222,032 249,107 256,099 6,992 15.34% 2.81%
YTD 2,336,952$ 2,467,868$ 2,451,871$ 2,483,613$ 2,503,495$ 19,882$ 2.11% 0.80%
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 671,982 703,050 699,750 712,030 -
Total 4,954,459$ 5,090,828$ 5,110,322$ 5,201,534$ 2,503,495$ 19,882$ 2.11% 0.80%
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
June 3, 2025
4.0% GENERAL SALES TAX2025 Budget Comparison
Actual 4.0% Collections
Town of Vail Revenue Update
YTD 4% General Sales Tax Collections By Year
June 3, 2025
Through April 30
April 4% General Sales Tax Collections By Year
Through April 30
•April collections of $2,125,813 are up 15.4% from prior year and are up 2.0% from the budget.
•Historically, the timing of the Easter holiday has influenced sales tax collections for the months of
March and April. Total sales tax collections for March and April of 2025 totaled $8,353,494, up 1.2%
compared to 2024.
$1,751,528
$2,234,296
$2,264,892
$1,842,893
$2,125,813
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2021
2022
2023
2024
2025
$13,230,384
$19,050,065
$20,273,564
$20,140,975
$20,560,802
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2021
2022
2023
2024
2025
•YTD collections of $20,560,802 are up 2.1% from prior year and are up 2.3% from the budget.
•Inflation as measured by the consumer price index was up 2.3% for the 12-months ending April
2025.
Town of Vail Revenue Update
June 3, 2025
April 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through May 2025
April Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2025
collections are down (7.4)% from the prior year.
$4,056,565 $3,936,168
$2,584,277
$3,717,760 $3,443,088
$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
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
•April collections of $256,099 are up 15.3% from prior year and are up 2.8% from the budget.
Historically, the timing of the Easter holiday has influenced sales tax collections for the months of
March and April. Total housing sales tax collections for March and April of 2025 totaled $1,016,808,
up 1.2% compared to 2024.
•2025 YTD collections of $2,503,495 are up 2.1% from 2024 and up 0.8% from the budget. The
annual budget for the housing fund sales tax totals $5.2 million.
$269,018 $271,930
$222,032
$256,099
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2022 2023 2024 2025
$2,336,952 $2,467,868 $2,451,871 $2,503,495
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2022 2023 2024 2025
Town of Vail Revenue Update
June 3, 2025
Construction Use Tax by Year
YTD Through May 2025
YTD Lift Tax Collections
YTD Through April 2025
•Use Tax collections through May 27 total $860,342 compared to $848,244 from this time last
year. This is an increase of 1.4%.
$2,138,087
$965,715 $1,074,782
$848,244 $860,342
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2021 2022 2023 2024 2025
•2025 YTD lift tax collections of $5,037,750 are up 2.0% or $97,718 from the same time last year.
$3,919,631
$4,677,161
$4,650,293
$4,940,032
$5,037,750
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2021
2022
2023
2024
2025
Vail Business Review
April 2025 and Ski Season 2024-2025
June 3, 2025
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
April and the 2024-2025 Ski Season. 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.
April 4.5% sales tax was up 15.3% compared to the prior year. This is largely
influenced by the timing of the Easter holiday which occurred in April 2025 and March
2024. In April, retail increased 15.3%, lodging increased 19.3%, food and beverage
increased 22.5%, and utilities/other decreased (7.1)%. Excluding the out-of-town
category, sales tax for the month of April was up 19.3% compared to the prior year.
Ski Season 4.5% sales tax was up 1.7% from the prior year. Retail increased 2.3%,
lodging increased 0.4%, food and beverage increased 4.6%, and utilities/other
decreased (2.5)%. Excluding the out-of-town category, sales tax for the Ski Season was
down (0.2)% compared to the 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
April Sales Tax Collections by Year
April 2025 Sales Tax
April 2024
Sales Tax Collections by Business Type
April 2025
971,382
Lodging
620,496 Food &
Beverage
565,165
Utilities &
Other
224,816
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
15.3%22.5%(7.1)%
Retail
1,797,641
2,503,608
2,538,103
2,065,645
2,381,859
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2021
2022
2023
2024
2025
General Sales Tax
Housing Sales Tax
• April 2025 retail sales increased 15.3%, lodging increased 19.3%, food and beverage increased
22.5%, and utilities and other decreased (7.1)%.
• The figures above reflect 4.5% sales tax.
Retail
842,475
Lodging
520,019 Food &
Beverage
461,287
Utilities &
Other
241,864
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
19.3%
• 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 April 2024 collections were $2,065,645; April 2025 collections were $2,381,859, up over the prior
year 15.3%.
Town of Vail Business Review
April 2024April 2025
Geographic Area Trends by Year
April Sales Tax
Sales Tax by Location
April 2025 Sales Tax
Other Areas
14%
Lionshead
14%
Out of
Town
34%
Vail Village
38%
• Vail Village sales tax increased 24.6%, Lionshead increased 14.2%, Other Areas increased 9.6%, and Out
of Town increased 7.6%. Excluding Out of Town collections, all areas were up 19.3%.
• The figures above reflect 4.5% sales tax.
262,797
327,185
225,131
378,713
611,750
774,394
697,963
1,023,316
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000
2021
2022
2023
2024
2025
Vail Village
Out of Town
Lionshead
Other Areas
1,074,875799,805347,466
315,958
• This chart shows April 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.
294,461
282,237 697,872
791,076
985,839
322,409 750,759
322,853
Other Areas
14%
Lionshead
14%
Out of
Town
31%
Vail Village
41%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
April 2025 Sales Tax
Town of Vail Business Review
Apparel
$159,611
Grocery
$140,363
Gallery
$9,720
Gifts
$5,470
Jewelry
$44,150
Retail Liquor
$34,166
Retail Other
$322,411
Sporting Goods
$156,735
Online Retailers
$98,755
Retail Home
Occupation
$0
• April 2025 accommodations services increased 19.3% from the prior year. Short-term rentals increased 14.3%
and hotels and lodges increased 21.4%.
• 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 that advertise and rent properties on
these platforms.
447,523
234,212
370,445
149,574
449,570
170,926
$0 $100,000 $200,000 $300,000 $400,000 $500,000
Hotel and Lodges
Short-Term Rentals
2025 2024 2023
Retail 143,587 133,218 7.78%
Lodging 103,320 92,178 12.09%
F & B 73,016 64,469 13.26%
Other 2,930 4,596 -36.26%
Total 322,853 294,461 9.64%
Retail 85,187 70,162 21.42%
Lodging 138,957 121,776 14.11%
F & B 92,184 87,281 5.62%
Other 6,081 3,019 101.44%
Total 322,409 282,237 14.23%
Retail 372,775 323,998 15.05%
Lodging 165,816 149,607 10.83%
F & B 929 628 47.85%
Other 211,238 223,638 -5.54%
Total 750,759 697,872 7.58%
Retail 369,833 315,098 17.37%
Lodging 212,403 156,457 35.76%
F & B 399,036 308,909 29.18%
Other 4,567 10,611 -56.96%
Total 985,839 791,076 24.62%
Retail 971,382 842,475 15.30%
Lodging 620,496 520,019 19.32%
F & B 565,165 461,287 22.52%
Other 224,816 241,864 -7.05%
Total 2,381,859 2,065,645 15.31%
Retail Apparel 159,611 138,840 14.96%
Retail Food 140,363 124,355 12.87%
Retail Gallery 9,720 4,794 102.77%
Retail Gift 5,470 3,101 76.43%
Retail Home Occupation - 197 -100.00%
Retail Jewelry 44,150 31,750 39.05%
Retail Liquor 34,166 34,467 -0.88%
Retail Other 322,411 272,282 18.41%
Retail Sport 156,735 153,517 2.10%
Retail Online Retailer 98,755 79,171 24.74%
Total 971,382 842,475 15.30%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
April 4.5% Sales Tax
2025 Collections 2024 Collections YoY % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Ski Season 2024-2025
Town of Vail Business Review
Ski Season Sales Tax Collections by Year
Ski Season 2024-2025 Sales Tax
Ski Season 2023-2024
Sales Tax Collections by Business Type
10,451,153
Lodging
13,100,446
Food &
Beverage
6,447,009 Utilities &
Other
1,690,846
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
2.3%4.6%(2.5)%
Retail
18,315,841
29,098,525
31,239,293
31,159,707
31,689,454
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000
20-21
21-22
22-23
23-24
24-25
General Sales Tax
Housing Sales Tax
• Ski Season 2024-2025 retail sales increased 2.3%, lodging increased 0.4%, food and beverage
increased 4.6%, and utilities and other decreased (2.5)%.
• The figures above reflect 4.5% sales tax.
Retail
10,214,375
Lodging
13,047,946
Food &
Beverage
6,162,809
Utilities &
Other
1,734,578
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
0.4%
• 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 Ski Season 2023-2024 collections were $31,159,707; Ski Season 2024-2025 collections were
$31,689,454, up from the prior year 1.7%.
Ski Season 2024-2025 Sales Tax
Town of Vail Business Review
Ski Season 2023-2024Ski Season 2024-2025
Geographic Area Trends by Year
Ski Season Sales Tax
Sales Tax by Location
Other Areas
14%
Lionshead
18%
Out of
Town
23%
Vail Village
45%
• Vail Village sales tax increased 1.0%, Lionshead decreased (2.5)%, Other Areas decreased (1.4)%, and Out
of Town increased 8.0%. Excluding Out of Town collections, all areas were down (0.2)%.
• The figures above reflect 4.5% sales tax.
2,723,790
4,163,460
3,102,125
5,185,715
4,784,038
7,067,108
7,705,889
12,682,242
$0 $3,000,000 $6,000,000 $9,000,000 $12,000,000 $15,000,000
20-21
21-22
22-23
23-24
24-25
Vail Village
Out of Town
Lionshead
Other Areas
13,709,7857,751,572
5,497,3954,280,541
• This chart shows Ski Season 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.
4,442,638
5,486,666 7,318,339 13,912,063
14,053,657
5,350,056 7,907,060
4,378,681
Other Areas
14%
Lionshead
17%
Out of
Town
25%
Vail Village
44%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
Ski Season 2024-2025 Sales Tax
Town of Vail Business Review
Apparel
$2,218,717
Grocery
$1,346,283
Gallery
$59,983
Gifts
$58,306
Jewelry
$426,177
Retail Liquor
$372,433
Retail Other
$2,472,953
Sporting Goods
$2,678,442
Online Retailers
$816,994
Retail Home
Occupation
$865
• Ski Season 2024-2025 accommodations services increased 0.4% over the prior year. Short-term rentals
decreased (0.2)% and hotels and lodges increased 0.7%.
• 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 that advertise and rent properties on
these platforms.
8,952,740
4,010,817
9,117,224
3,930,722
9,179,230
3,921,216
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000
Hotel and Lodges
Short-Term Rentals
24-25 23-24 22-23
Retail 1,393,638 1,516,794 -8.12%
Lodging 2,310,126 2,270,731 1.73%
F & B 643,207 618,703 3.96%
Other 31,711 36,410 -12.91%
Total 4,378,681 4,442,638 -1.44%
Retail 1,404,578 1,477,227 -4.92%
Lodging 2,785,316 2,840,755 -1.95%
F & B 1,129,423 1,086,739 3.93%
Other 30,738 81,944 -62.49%
Total 5,350,056 5,486,666 -2.49%
Retail 2,938,565 2,507,201 17.21%
Lodging 3,487,629 3,369,713 3.50%
F & B 12,811 11,720 9.30%
Other 1,468,054 1,429,705 2.68%
Total 7,907,060 7,318,339 8.04%
Retail 4,714,372 4,713,153 0.03%
Lodging 4,517,375 4,566,746 -1.08%
F & B 4,661,568 4,445,646 4.86%
Other 160,343 186,518 -14.03%
Total 14,053,657 13,912,063 1.02%
Retail 10,451,153 10,214,374 2.32%
Lodging 13,100,446 13,047,946 0.40%
F & B 6,447,009 6,162,809 4.61%
Other 1,690,846 1,734,578 -2.52%
Total 31,689,454 31,159,707 1.70%
Retail Apparel 2,218,717 2,169,229 2.28%
Retail Food 1,346,283 1,394,148 -3.43%
Retail Gallery 59,983 62,115 -3.43%
Retail Gift 58,306 44,537 30.92%
Retail Home Occupation 865 1,542 -43.90%
Retail Jewelry 426,177 409,498 4.07%
Retail Liquor 372,433 413,530 -9.94%
Retail Other 2,472,953 2,150,094 15.02%
Retail Sport 2,678,442 2,906,478 -7.85%
Retail Online Retailer 816,994 663,204 23.19%
Total 10,451,153 10,214,374 2.32%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Ski Season 4.5% Sales Tax
2025 Collections 23-24 Collections YoY % Change