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HomeMy WebLinkAbout04. 201006 Revenue UpdateTOWN OF VAIL REVENUE UPDATE October 6, 2020 Sales Tax Upon receipt of all sales tax returns, August collections are estimated to be $1,910,059 down (14.6)% from last year. Year to date collections of $16,397,911 are down (21.9)% from prior year and up 32.6% from amended budget. Inflation as measured by the consumer price index was up 1.3% for August. Real Estate Transfer Tax (RETT) RETT collections through September 30 total $6,064,301 up 26.9% 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 September 30 total $1,700,370 compared to $2,273,467 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 $43.0 million is up 13.7% from amended budget. Year-to-date revenue is down (15.7)% 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.   MEMORANDUM October 6, 2020 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: August 2020 Sales Tax Vail will collect an estimated $57,820 in additional August sales tax to bring collections up to $1,910,059. August will be down (14.6)% or $(326,990) from August 2019 and up 112.5% or $1,011,255 from the amended budget. Year to date will be down (21.9)% or $(4,590,020) from 2019 and up 32.6% or $4,031,602 from amended budget. 2020 Amended Budget % change % change 2015201620172018 2019 Budget Variance from 2019 from BudgetJanuary 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,072,766$ 10,795$ -0.18% 0.27%February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 4,282,381 147,323$ 3.51% 3.56%March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 2,214,601 1,155,598 -47.74% 109.12%April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 425,310 75,310 -70.57% 21.52%May 584,454 654,462 659,475 830,193 763,756 425,000 501,888 76,888 -34.29% 18.09%June 1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 1,030,714 468,450 -35.85% 83.31%July 1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209 1,960,192 1,085,983 -20.97% 124.22%August 1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804 1,910,059 1,011,255 -14.62% 112.51%YTD Total18,183,057$ 18,676,691$ 18,576,046$ 19,903,556$ 20,987,931$ 12,366,309$ 16,397,911$ 4,031,602$ -21.87% 32.60%September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553 October 835,649 906,385 936,954 1,106,596 1,165,176 490,116 November 997,100 989,320 997,716 1,264,600 1,260,314 767,472 December 3,885,849 3,840,919 3,695,305 4,070,870 4,237,178 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 16,800,000$ TOWN OF VAILSALES TAX2020 Budget ComparisonActual CollectionsCollected Sales Tax0.000.200.400.600.801.001.201.401.601.802.002.202.402015 2016 2017 2018 2019 2020August Sales Tax By Year(in Millions) Vail Business Review July 2020 October 6, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of July. Overall, July sales tax decreased (21.6)% with retail decreasing (10.3)%, lodging decreased (35.9)%, food and beverage decreased (22.0)%, and utilities/other decreased by (15.0)%. Excluding the out of town category; sales tax for the month of July was down (21.7)%. 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 Retail 215,178.46                                192,534.53                                11.76% Lodging 48,310.60                                  131,346.18                                 ‐63.22% F & B 55,737.89                                  76,629.59                                   ‐27.26% Other 5,029.77                                    11,396.44                                   ‐55.87% Total 324,256.72                                411,906.74                                 ‐21.28% Retail 73,658.39                                  93,629.30                                   ‐21.33% Lodging 133,912.56                                253,423.02                                 ‐47.16% F & B 78,922.02                                  112,298.65                                 ‐29.72% Other 212.18                                        1,151.55                                     ‐81.57% Total 286,705.15                                460,502.52                                 ‐37.74% Retail 154,707.99                                204,388.54                                 ‐24.31% Lodging 1,116.49                                    4,845.05                                     ‐76.96% F & B 690.86                                        2,289.27                                     ‐69.82% Other 99,199.78                                  107,719.83                                 ‐7.91% Total 254,033.11                                319,242.69                                 ‐20.43% Retail 375,589.07                                422,371.67                                 ‐11.08% Lodging 302,529.97                                368,525.80                                 ‐17.91% F & B 408,635.62                                505,899.30                                 ‐19.23% Other 6,760.12                                    10,589.14                                   ‐36.16% Total 1,093,514.78                            1,307,385.91                             ‐16.36% Retail 819,133.91                                912,924.04                                 ‐10.27% Lodging 485,869.62                                758,140.06                                 ‐35.91% F & B 543,986.39                                697,116.81                                 ‐21.97% Other 111,201.85                                130,856.96                                 ‐15.02% Total 1,960,191.77                            2,499,037.86                             ‐21.56% Retail Apparel 184,082.76                                203,175.76                                 ‐9.40% Retail Food 185,077.14                                180,898.14                                2.31% Retail Gallery 11,504.01                                  10,515.33                                  9.40% Retail Gift 5,713.18                                    6,621.65                                     ‐13.72% Retail Home Occupation ‐                                              76.45                                           ‐100.00% Retail Jewelry 40,676.54                                  40,577.52                                  0.24% Retail Liquor 62,144.28                                  56,001.80                                  10.97% Retail Other 211,906.38                                276,860.05                                 ‐23.46% Retail Sport 118,029.62                                138,197.36                                 ‐14.59% Total 819,133.91                                912,924.04                                 ‐10.27% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review July 2020 Sales Tax July 2020 Collections  July 2019 Collections July % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary