HomeMy WebLinkAbout02. 250701 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
July 1, 2025
4.0% General Sales Tax
Upon receipt of all sales tax returns, May 2025 collections are estimated to be
$1,158,304, down (1.6)% from 2024 and up 0.5% from the budget.
2025 YTD collections of $21,913,644 are up 2.8% from 2024 and up 3.1% from
the budget. Inflation as measured by the consumer price index was up 2.4% for
the 12-months ending May 2025. The annual budget totals $42.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, May 2025 collections of the 0.5% housing
sales tax are estimated to be $137,978, are down (1.3)% from 2024 and down
(3.8)% from the budget. 2025 YTD collections of $2,665,783 are up 2.9% from
2024 and up 1.5% from the budget. The annual budget for the housing fund sales
tax totals $5.2 million.
Real Estate Transfer Tax (RETT)
RETT collections through June 25 total $3,930,068, down (8.1)% from 2024. The
number of property sales (excluding time-shares) is tracking down (24.8)% from
2024, while the average collection is tracking up 21.7%. The budget for RETT
collections totals $7.7 million for 2025.
Construction Use Tax
Use Tax collections through June 25 total $1,057,747 compared to $1,458,640 in
2024. The budget totals $2.5 million for 2025.
Lift Tax
Lift tax collections through May 2025 total $5,038,503, up 2.0% or $97,683 from
May 2024. The budget totals $6,915,427.
Summary
Across all funds and excluding one-time grants and reimbursements, year-to-date
total revenue of $53.9 million is up 4.3% from the amended budget and is up 0.1%
from prior year. The majority of the positive variance compared to the budget is
due to higher-than-expected interest earnings, real estate transfer tax collections,
and sales tax collections.
2025 Budget % change % change
2020 2021 2022 2023 2024 Budget Variance from 2024 from Budget
January 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,805,199$ 5,791,927$ 5,983,025$ 191,098$ 3.06% 3.30%
February 4,285,633 3,691,850 5,686,585 6,041,108 6,080,349 6,063,693 6,314,116 250,423 3.84% 4.13%
March 2,243,518 4,364,797 5,912,059 6,055,992 6,412,535 6,162,148 6,296,960 134,812 -1.80% 2.19%
April 427,518 1,751,528 2,234,296 2,264,892 1,842,893 2,082,859 2,161,240 78,381 17.27% 3.76%
May 503,828 1,061,516 1,227,974 1,118,011 1,176,629 1,152,860 1,158,304 5,444 -1.56% 0.47%
YTD 11,536,642$ 14,291,900$ 20,278,039$ 21,391,575$ 21,317,604$ 21,253,487$ 21,913,644$ 660,157$ 2.80% 3.11%
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$ 21,913,644$ 660,157$ 2.80%3.11%
2025 Budget % change % change
2022 2023 2024 Budget Variance from 2024 from Budget
January 645,487$ 720,906$ 705,167$ 711,525$ 728,345$ 16,820$ 3.29% 2.36%
February 702,730 736,788 741,549 753,337 769,568 16,231 3.78% 2.15%
March 719,717 738,244 783,123 769,644 769,365 (279) -1.76% -0.04%
April 269,018 271,930 222,032 249,107 260,527 11,420 17.34% 4.58%
May 146,657 132,333 139,793 143,483 137,978 (5,505) -1.30% -3.84%
YTD 2,483,609$ 2,600,201$ 2,591,664$ 2,627,096$ 2,665,783$ 38,687$ 2.86% 1.47%
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$ 2,665,783$ 38,687$ 2.86% 1.47%
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
July 1, 2025
4.0% GENERAL SALES TAX
2025 Budget Comparison
Actual 4.0% Collections
Through May 31
May 4% General Sales Tax Collections By Year
Through May 31
Town of Vail Revenue Update
YTD 4% General Sales Tax Collections By Year
July 1, 2025
•May collections of $1,158,304 are down (1.6)% from prior year and are up 0.5% from the budget.
$1,061,516
$1,227,974
$1,118,011
$1,176,629
$1,158,304
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
2021
2022
2023
2024
2025
$14,291,900
$20,278,039
$21,391,575
$21,317,604
$21,913,644
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2021
2022
2023
2024
2025
•YTD collections of $21,913,644 are up 2.8% from prior year and are up 3.1% from the budget.
•Inflation as measured by the consumer price index was up 2.4% for the 12-months ending May
2025.
May Collections YTD Collections
Town of Vail Revenue Update
July 1, 2025
May 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through June 2025
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2025
collections are down (8.1)% from the prior year.
$5,073,151 $4,796,758
$2,826,381
$4,274,434 $3,930,068
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
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
•May collections of $137,978 are down (1.3)% from prior year and are down (3.8)% from the budget.
•2025 YTD collections of $2,665,783 are up 2.9% from 2024 and up 1.5% from the budget. The
annual budget for the housing fund sales tax totals $5.2 million.
$146,657
$132,333 $139,793 $137,978
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
2022 2023 2024 2025
$2,483,609 $2,600,201 $2,591,664 $2,665,783
$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
July 1, 2025
Construction Use Tax by Year
YTD Through June 2025
YTD Lift Tax Collections
YTD Through May 2025
•Use Tax collections through June 24 total $1,057,747 compared to $1,458,640 from this time
last year. This is an decrease of (27.5)%.
$2,435,590
$1,092,082
$1,653,078
$1,458,640
$1,057,747
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2021 2022 2023 2024 2025
•2025 YTD lift tax collections of $5,038,503 are up 2.0% or $97,683 from the same time last year.
$3,925,279
$4,702,447
$4,650,293
$4,940,821
$5,038,503
$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
May 2025
July 1, 2025
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
May. 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.
May 4.5% sales tax was down (1.5)% from the prior year. Retail increased 4.7%,
lodging decreased (14.1)%, food and beverage decreased (0.3)%, and utilities/other
decreased (4.9)%. Excluding the out-of-town category, sales tax for the month of May
was down (3.8)% 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
May 2025
Town of Vail Business Review
May Sales Tax Collections by Year
May 2025 Sales Tax
May 2024
Sales Tax Collections by Business Type
617,637
Lodging
233,516
Food &
Beverage
273,707
Utilities &
Other
171,423
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
4.7% (0.3)%
(4.9)%
Retail
1,061,987
1,383,815
1,273,541
1,316,314
1,296,282
$0 $500,000 $1,000,000 $1,500,000
2021
2022
2023
2024
2025
General Sales Tax
Housing Sales Tax
• May 2025 retail sales increased 4.7%, lodging decreased (14.1)%, food and beverage decreased
(0.3)%, and utilities and other decreased (4.9)%.
• The figures above reflect 4.5% sales tax.
Retail
589,863
Lodging
271,702
Food &
Beverage
274,473
Utilities &
Other
180,277
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
(14.1)%
• 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 May 2024 collections were $1,316,314; May 2025 collections were $1,296,282, down from the prior
year (1.5)%.
May 2025 Sales Tax
Town of Vail Business Review
May 2024May 2025
Geographic Area Trends by Year
May Sales Tax
Sales Tax by Location
Other Areas
19%
Lionshead
11%
Out of
Town
45%
Vail Village
25%
• Vail Village sales tax increased 17.6%, Lionshead decreased (43.3)%, Other Areas decreased (9.0)%, and
Out of Town increased 1.3%. Excluding Out of Town collections, all areas were down (3.8)%.
• The figures above reflect 4.5% sales tax.
184,815
203,217
75,742
110,876
480,476
644,020
320,953
425,702
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
2021
2022
2023
2024
2025
Vail Village
Out of Town
Lionshead
Other Areas
653,058316,437
109,771
194,276
• This chart shows May 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.
244,900145,600 598,505
327,310
384,770
82,491
606,061
222,959
Other Areas
17%
Lionshead
6%
Out of
Town
47%
Vail Village
30%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
May 2025 Sales Tax
Town of Vail Business Review
Apparel
$78,618
Grocery
$97,963
Gallery
$6,442
Gifts
$2,485
Jewelry
$29,345
Retail Liquor
$22,363
Retail Other
$274,091
Sporting Goods
$23,641
Online Retailers
$82,688
Retail Home
Occupation
$0
• May 2025 accommodations services decreased (14.1)% from the prior year. Short-term rentals decreased
(8.1)% and hotels and lodges decreased (17.5)%.
• 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.
142,760
119,414
171,650
100,052
141,554
91,961
$0 $50,000 $100,000 $150,000 $200,000
Hotel and Lodges
Short-Term Rentals
2025 2024 2023
Retail 112,319 123,231 -8.85%
Lodging 37,784 39,976 -5.48%
F & B 68,785 75,056 -8.36%
Other 4,071 6,636 -38.65%
Total 222,959 244,900 -8.96%
Retail 13,534 13,756 -1.61%
Lodging 24,666 59,945 -58.85%
F & B 42,754 65,264 -34.49%
Other 1,537 6,635 -76.84%
Total 82,491 145,600 -43.34%
Retail 328,485 316,646 3.74%
Lodging 112,756 117,629 -4.14%
F & B 196 156 25.69%
Other 164,624 164,073 0.34%
Total 606,061 598,505 1.26%
Retail 163,298 136,229 19.87%
Lodging 58,310 54,152 7.68%
F & B 161,971 133,996 20.88%
Other 1,191 2,933 -59.39%
Total 384,770 327,310 17.56%
Retail 617,637 589,863 4.71%
Lodging 233,516 271,702 -14.05%
F & B 273,707 274,473 -0.28%
Other 171,423 180,277 -4.91%
Total 1,296,282 1,316,314 -1.52%
Retail Apparel 78,618 76,815 2.35%
Retail Food 97,963 107,244 -8.65%
Retail Gallery 6,442 1,916 236.23%
Retail Gift 2,485 1,539 61.48%
Retail Home Occupation - 197 -100.00%
Retail Jewelry 29,345 12,170 141.12%
Retail Liquor 22,363 23,922 -6.51%
Retail Other 274,091 267,983 2.28%
Retail Sport 23,641 25,335 -6.69%
Retail Online Retailer 82,688 72,741 13.67%
Total 617,637 589,863 4.71%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
May 4.5% Sales Tax
2025 Collections 2024 Collections YoY % Change