HomeMy WebLinkAbout02. 200707 Revenue UpdatesTOWN OF VAIL REVENUE UPDATE July 7, 2020
Sales Tax Upon receipt of all sales tax returns, May collections are estimated to be $431,169; down 43.6% from last year. Year to date collections of $11,346,051 are down 22.6%
from prior year and up 13.1% from amended budget. Inflation as measured by the
consumer price index was up 0.1% for May.
The 2020 original budget of $28,524,000 was amended to $16,800,000 in May. This is a total decrease of 41% from the 2020 original budget and a 43% decrease compared to
2019 collections of $29,405,827.
Real Estate Transfer Tax (RETT) RETT collections through June 30 total $2,394,197 down 18.7% from the prior year.
The 2020 annual RETT budget totals $6,300,000, down 12.8% from 2019 collections.
Construction Use Tax Use Tax collections through June 30 total $673,880 compared to $1,706,822 from this
time last year. The 2020 amended budget totals $1,800,000, down 18.9% from 2019
collections.
Summary
Across all funds, year-to-date revenue of $27.2 million is up 0.2% from amended budget. Year-to-date revenue is down 16.0% from prior year attributed to the economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and construction activity. The town’s “Crisis” level recession plan has projected a 21% decrease across
all revenue streams for the full year 2020.
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MEMORANDUM
July 7, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: May 2020 Sales Tax and COVID-19 Impact Reporting
Vail will collect an estimated $39,984 in additional May sales tax to bring
collections up to $431,169. Due to the economic impacts of COVID 19 on the
business community, the Vail Town Council elected to defer sales tax payments
until August 2020; businesses are still required to file regular sales tax returns
while deferring payments. A further analysis of the deferred May sales tax
payments has been provided on page four of this update.
May will be down (43.6)% or $(332,587) from May 2019 and up 1.5% or $6,169
from the amended budget.
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2020 Amended2020 YTD Budget % change % change 20152016201720182019BudgetTotal Variance from 2019 from BudgetJanuary3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,023,457$ -$ 4,023,457$ (38,514)$ -1.39% -0.95%February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 3,076,032 1,190,902 4,266,933 131,875$ 3.14%3.19%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 1,484,139 784,721 2,268,861 1,209,858 -46.46% 114.24%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 346,971 8,660 355,631 5,631 -75.39%1.61%May584,454 654,462 659,475 830,193 763,756 425,000 391,185 39,984 431,169 6,169 -43.55%1.45%YTD Total13,300,089$ 13,455,011$ 13,106,466$ 13,647,513$ 14,663,841$ 10,031,032$ 9,321,784$ 2,024,267$ 11,346,051$ 1,315,019$ -22.63% 13.11%June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 July1,937,989 2,053,773 2,215,649 2,412,425 2,498,020 874,209 August1,702,579 1,849,815 1,863,949 2,195,175 2,247,250 898,804 September 1,240,277 1,349,929 1,385,462 1,540,490 1,609,132 643,553 October835,649 906,385 936,954 1,106,596 1,234,105 490,116 November997,100 989,320 997,716 1,264,600 1,263,064 767,472 December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 16,800,000$ Actual CollectionsTOWN OF VAILSALES TAX2020 Budget ComparisonCollected Sales TaxDeferred Sales Tax0501001502002503003504004505005506006507007508008509002015 2016 2017 2018 2019 2020May Sales Tax By Year(in Thousands)3
May Sales Tax Collected Vs. Deferred
1,095 Businesses filed and paid their May Town of Vail sales tax for a total of $391,185 collected revenue. 112 Businesses
have not yet paid their May taxes for a total of $39,984.
Town of Vail COVID-19 Sales Tax Impact Reporting
In same period, prior year; Retail businesses comprised 44% of all sales tax collected; Accommodation Services were 18%;
Food and Beverage were 23%; and Other businesses were 15%.
Deferred Sales Tax by Business Type Paid Sales Tax by Business Type
Overall, 112 businesses filed returns for May without payment. Of these 112 outstanding returns; 65 businesses are located
in Vail Village, 14 in Outlying Neighborhoods, 21 in Lionshead, and 12 Out of Town.
Deferred Vs. Collected Sales Tax By Business Location
May Tax Payments Collected Vs. Deferred
Collected
$391,185
91%
Deferred
$39,984
9%
1,095 Collected
Payments
91%
112 Deferred
Payments
9%
Accommodation
Services
$10,380 - 3%
Other
$95,520
24%
Food and
Beverage
$38,147
10%
Retail
$247,138
63%
Accommodation
Services
$9,228- 23%
Other
$58
0%
Food and
Beverage
$10,666
27%
Retail
$20,031
50%
137.6
55.0
8.1
190.5
1.6
35.0
3.0
0.3
OUTLYING NEIGHBORHOODS
VAIL VILLAGE
LIONSHEAD VILLAGE
OUT OF TOWN
Deferred Revenue Collected Revenue (in Thousands)
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Vail Business Review
April 2020
July 7, 2020
The Vail Business Review breaks down the four percent sales tax collected for the
month of April.
Overall April sales tax decreased (75.4)% with retail decreasing (65.8)%, lodging
decreased (95.9)%, food and beverage decreased (94.8)%, and utilities/other
decreased by (25.7)%. Excluding the out of town category; sales tax for the month of
April was Down (85.7)%.
Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets are
available on the internet at www.vailgov.com. You can subscribe to have the Vail
Business Review and the sales tax worksheet e-mailed to you automatically from
www.vailgov.com.
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 at (970) 479-2119.
Sincerely,
Alex Jakubiec
Town of Vail
Revenue Manager
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Retail 103,341.42 124,881.35 ‐17.25%
Lodging 1,219.19 60,814.52 ‐98.00%
F & B 8,965.40 49,015.89 ‐81.71%
Other 1,796.50 3,915.48 ‐54.12%
Total 115,322.51 238,627.24 ‐51.67%
Retail 3,241.31 73,881.93 ‐95.61%
Lodging 7,204.62 111,682.95 ‐93.55%
F & B 3,087.74 55,018.79 ‐94.39%
Other ‐ 1,374.17 ‐100.00%
Total 13,533.67 241,957.84 ‐94.41%
Retail 84,919.85 181,681.78 ‐53.26%
Lodging 91.30 5,302.36 ‐98.28%
F & B ‐ 745.69 ‐100.00%
Other 110,886.41 145,116.39 ‐23.59%
Total 195,897.56 332,846.22 ‐41.14%
Retail 16,197.57 226,139.16 ‐92.84%
Lodging 5,765.75 169,645.98 ‐96.60%
F & B 5,266.91 231,093.15 ‐97.72%
Other 3,647.81 6,172.92 ‐40.91%
Total 30,878.04 633,051.21 ‐95.12%
Retail 207,700.15 606,584.22 ‐65.76%
Lodging 14,280.86 347,445.81 ‐95.89%
F & B 17,320.05 335,873.52 ‐94.84%
Other 116,330.72 156,578.96 ‐25.70%
Total 355,631.78 1,446,482.51 ‐75.41%
Retail Apparel 5,480.53 85,263.19 ‐93.57%
Retail Food 81,426.33 110,112.98 ‐26.05%
Retail Gallery 2,222.85 545.59 307.42%
Retail Gift ‐ 2,695.24 ‐100.00%
Retail Home Occupation ‐ 105.35 ‐100.00%
Retail Jewelry 698.83 12,527.30 ‐94.42%
Retail Liquor 23,892.48 31,889.98 ‐25.08%
Retail Other 85,673.41 216,301.39 ‐60.39%
Retail Sport 6,152.78 147,143.20 ‐95.82%
Total 205,547.21 606,584.22 ‐66.11%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
April 2020 Sales Tax
April 2020 Collections April 2019 Collections April % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
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