HomeMy WebLinkAbout13. 201201 Revenue UpdateTOWN OF VAIL
REVENUE UPDATE
December 1, 2020
Sales Tax
Upon receipt of all sales tax returns, October collections are estimated to be $1,271,287
up 9.1% from last year, or $106,111. October will be up 159.4% or $781,171 from
amended budget. Year to date collections of $19,755,632 are down (16.8)% or
$(3,997,574) from prior year and up 46.3% or $6,255,654 from amended budget.
Inflation as measured by the consumer price index was up 1.2% for October.
Real Estate Transfer Tax (RETT)
RETT collections through November 24 total $8,734,230 up 37.0% 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 November 24 total $1,936,697 compared to $2,453,281
from this time last year. The 2020 amended budget totals $1,800,000, down (18.9)%
from 2019 collections.
Parking
Preseason parking pass sale revenue through November 20 totals $658,557 down
(42.8)% or $(493,685) compared to the same period last year. As of November 20, a
total of 694 parking passes had been sold, compared to 1,060 last year.
Summary
Across all funds, year-to-date revenue of $52.0 million is up 15.0% from amended
budget. Year-to-date revenue is down (12.7)% from prior year attributed to the
economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and
construction activity. The town’s “Crisis” level recession plan has projected a 21%
decrease across all revenue streams for the full year 2020.
1
2020 AmendedBudget % change % change 20152016201720182019 BudgetVariance from 2019 from BudgetJanuary3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,072,996$ 11,025$ -0.17% 0.27%February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 4,282,616 147,558$ 3.52% 3.57%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 2,216,958 1,157,955 -47.69% 109.34%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 425,568 75,568 -70.55% 21.59%May584,454 654,462 659,475 830,193 763,756 425,000 502,068 77,068 -34.26% 18.13%June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 1,032,653 470,389 -35.73% 83.66%July1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209 2,077,684 1,203,475 -16.23% 137.66%August1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804 2,132,143 1,233,339 -4.69% 137.22%September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553 1,741,658 1,098,105 8.85% 170.63%October835,649 906,385 936,954 1,106,596 1,165,176 490,116 1,271,287 781,171 9.11% 159.38%YTD Total20,258,983$ 20,933,005$ 20,898,462$ 22,550,642$ 23,753,206$ 13,499,978$ 19,755,632$ 6,255,654$ -16.83% 46.34%November997,100 989,320 997,716 1,264,600 1,260,314 767,472 December3,885,849 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$ 19,755,632$ Actual CollectionsCollected Sales TaxDecember 1, 2020Town of Vail Revenue UpdateSALES TAX2020 Budget Comparison2
Through October 31st
Town of Vail Revenue Update
December 1, 2020
YTD Sales Tax Collections by Year
October Sales Tax Collections by Year
$20,933,005
$20,898,462
$22,550,642
$23,753,206
$19,755,632
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2016
2017
2018
2019
2020
• Year to date collections of $19,755,632 are down (16.8)% from prior year and up 46.3% from
amended budget.
• Inflation as measured by the consumer price index was up 1.2% for October.
$906,385
$936,954
$1,106,596
$1,165,176
$1,271,287
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000
2016
2017
2018
2019
2020
• Vail will collect an estimated $26,300 in additional October sales tax to bring collections up to
$1,271,287. October will be up 9.1% from last year.
• October will be 159.4% higher than budget. Amended budget for 2020 sales tax totals $16.8M,
compared to $29.3M actual collections in 2019.
3
YTD Through November
Town of Vail Revenue Update
December 1, 2020
Real Estate Transfer Tax by Year
Construction Use Tax by Year
YTD Through November
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
2016 2017 2018 2019 2020
Sales Less Than $2.5 Million Sales $2.5 to $5.0 Million Sales $5 to $10 Million Sales Over $10 Million
$4,645,311
$5,729,548
$6,569,078 $6,376,609
$8,734,230
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2020 RETT collections through November 23 total $8,734,230 up 37.0% from the prior year.
$1,743,113 $1,753,782
$3,899,634
$2,453,281
$1,936,697
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2016 2017 2018 2019 2020
• Use Tax collections through November 23 total $1,936,697 compared to $2,453,281 from this time
last year. This is a decrease of (21.1)%
4
Town of Vail Revenue Update
December 1, 2020
Pre-Season Parking Pass Sales by Year
Revenue by Pass Type - Prior to Opening DayPasses Sold by Type
• 694 total parking passes have been sold for the 2020/21 ski season as of November 20th, down
(34.5)% or (366) passes from the same period last year.
• YTD, 2020/21 parking pass sales total $658,557, down (42.8)% or $(493,685) from last year. This
includes $57,607 from pre-paid value passes. Prior to the 2019/20 ski season, $129,487 had been
loaded on to pre-paid value passes by opening day.
• Red parking passes were offered for the first time in the 2019/20 ski season. Green parking passes
were eliminated for the 2020/21 season.
• Paid parking began on 11/20/2020. An update on daily parking revenue will be included in the next
revenue update.
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
2018 2019 2020
$940,135
$1,152,242
$658,557
29 34 36353835
434
540
256
42
84
321
266
283
95
140
-
0
100
200
300
400
500
600
700
800
900
1,000
1,100
2018 2019 2020
694
914
1,060
5
Vail Business Review
September 2020
December 1, 2020
The Vail Business Review breaks down the four percent sales tax collected for the
month of September 2020 and year to date collections through the third quarter of 2019.
Overall, September sales tax increased 8.2% with retail increasing 27.3%, lodging
increased 1.5%, food and beverage decreased (4.9)%, and utilities/other decreased by
(9.4)%. Excluding the out of town category; sales tax for the month of increased 8.7%.
Year to date sales tax through the third quarter of 2020 decreased (18.3)% with retail
decreasing (7.9)%, lodging decreased (24.1)%, food and beverage decreased (26.6)%,
and utilities/other decreased by (7.8)%. Excluding the out of town category; sales tax
year to date is down (21.4)%.
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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Town of Vail Business Review
September Tax Collections by Year
September 2020 Sales Tax
Sales Tax Collections by Business Type
September 2019September 2020
Retail
$741,872
Lodging
$447,070
Food &
Beverage
$442,937
Utilities &
Other
$109,779
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
27.3%
(4.9)%
(9.4)%
Retail
$582,747
Lodging
$440,566
Food &
Beverage
$465,728
Utilities &
Other
$121,203
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$1,741,658
$1,600,100
$1,540,490
$1,385,462
$1,349,929
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2020
2019
2018
2017
2016
1.5%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, September 2020 sales tax collections were up 8.2% from prior year.
• COVID-19 impacts to sales tax collections for Summer 2020 were significantly lower than
anticipated. The sales tax budget for 2020 totals $16.8M, compared to $29.3M actual collections in
2019.
• September retail sales increased 27.3%, lodging increased 1.5%, food and beverage decreased
(4.9)% and utilities and other decreased 9.4%. Retail sales increased significantly across all
geographic areas and retailer types.
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Town of Vail Business Review
September 2020 Sales Tax
September 2019 September 2020
Geographic Area Trends by Year
September Sales Tax
Sales Tax by Location
Other
Areas
18%
Lionshead
16%
Out of
Town
18%
Vail Village
48%
Other
Areas
18%
Lionshead
17%
Out of
Town
19%
Vail Village
46%
• Vail Village sales tax increased 15.0%, Lionshead decreased (3.4)%, Other Areas increased
4.7%, and Out of Town increased 5.7%. Excluding Out of Town collections, all areas were up
8.7%.
$180,126
$202,794
$296,825
$309,118
$219,101
$252,226
$252,251 $280,388 $270,980
$278,080 $299,899 $316,983
$664,471
$707,990 $716,336 $734,658
$844,577
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
2016 2017 2018 2019 2020
Other Areas Lionshead Out of Town Vail Village
• This chart shows September sales tax collections, by geographic area over time.
8
Retail Business Sales Tax Detail - September 2020 Sales Tax
Town of Vail Business Review
September 2020 Sales Tax
September Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$141,312
Grocery
$151,019
Gallery
$9,876
Gifts
$4,542Jewelry
$26,672
Retail Liquor
$47,608
Retail Other
$247,016
Sporting Goods
$113,734
Retail Home
Occupation
$92...
• Overall, September accommodations services were up 1.5%, short-term rentals were up 26.3% and
hotels and lodges were down (3.5)%.
• The Town of Vail adopted marketplace facilitator tax rules on October 1st, 2020. This change in
remittance requirements is anticipated to have a positive impact on short-term rental sales tax
collections going forward.
$338,183
$61,890
$366,984
$73,582
$354,173
$92,897
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000
Hotels/Lodges
Short-Term Rentals 2020 2019 2018
9
Retail 170,482.27 125,767.38 35.55%
Lodging 86,726.13 84,357.98 2.81%
F & B 45,863.78 74,236.96 ‐38.22%
Other 6,045.93 10,937.93 ‐44.73%
Total 309,118.11 295,300.25 4.68%
Retail 53,778.82 47,565.94 13.06%
Lodging 150,907.72 156,819.04 ‐3.77%
F & B 66,288.91 75,544.03 ‐12.25%
Other 4.65 458.62 ‐98.99%
Total 270,980.10 280,387.63 ‐3.36%
Retail 215,313.42 198,933.34 8.23%
Lodging 3,574.57 2,358.72 51.55%
F & B 787.02 1,095.78 ‐28.18%
Other 97,308.33 97,511.49 ‐0.21%
Total 316,983.35 299,899.33 5.70%
Retail 302,297.52 210,480.61 43.62%
Lodging 205,861.36 197,030.26 4.48%
F & B 329,997.47 314,851.63 4.81%
Other 6,420.36 12,295.41 ‐47.78%
Total 844,576.71 734,657.91 14.96%
Retail 741,872.04 582,747.27 27.31%
Lodging 447,069.78 440,566.01 1.48%
F & B 442,937.18 465,728.40 ‐4.89%
Other 109,779.27 121,203.45 ‐9.43%
Total 1,741,658.27 1,610,245.12 8.16%
Retail Apparel 141,312.49 105,490.81 33.96%
Retail Food 151,018.63 109,654.45 37.72%
Retail Gallery 9,876.45 6,004.40 64.49%
Retail Gift 4,541.97 3,400.56 33.57%
Retail Home Occupation 92.15 76.45 20.54%
Retail Jewelry 26,672.32 24,630.09 8.29%
Retail Liquor 47,607.72 34,051.94 39.81%
Retail Other 247,016.11 224,368.15 10.09%
Retail Sport 113,734.21 75,070.44 51.50%
Total 741,872.04 582,747.27 27.31%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
September 2020 Sales Tax
September 2020
Collections
September 2019
Collections September % Change
10
Town of Vail Business Review
September YTD Tax Collections by Year
September YTD 2020 Sales Tax
Sales Tax Collections by Business Type
September YTD 2019September YTD 2020
Retail
$6,887,570 Lodging
$6,154,249
Food &
Beverage
$4,070,188
Utilities &
Other
$1,368,065
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
(7.9)%
(26.6)%
(7.8)%
Retail
$7,481,146
Lodging
$8,113,666
Food &
Beverage
$5,541,351
Utilities &
Other
$1,482,921
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$18,480,073
$22,619,084
$21,454,560
$19,972,747
$20,032,057
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2020
2019
2018
2017
2016
(24.1)%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, YTD 2020 through September 30th sales tax collections were down (18.3)% from prior
year.
• YTD September 2020 retail sales decreased (7.9)%, lodging decreased (24.1)%, food and
beverage decreased (26.6)% and utilities and other decreased (7.8)%.
11
Town of Vail Business Review
September YTD 2020 Sales Tax
September YTD 2019 September YTD 2020
Geographic Area Trends by Year
September YTD Sales Tax
Sales Tax by Location
Other
Areas
17%
Lionshead
19%
Out of
Town
16%
Vail Village
47%
Other
Areas
17%
Lionshead
22%
Out of
Town
13%
Vail Village
49%
• Vail Village sales tax decreased (20.4)%, Lionshead decreased (27.2)%, Other Areas decreased
(16.6)%, and Out of Town increased 2.1%. Excluding Out of Town collections, all areas were
down (21.4)%.
$3,062,287 $2,503,224
$3,360,265 $3,750,953
$3,126,809
$4,389,264
$4,527,267 $4,527,186 $4,903,966
$3,570,934
$2,582,100 $2,405,249 $2,841,746 $2,970,403 $3,033,790
$9,998,406
$10,537,007 $10,725,363 $10,993,762
$8,748,539
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
$10,000,000
$11,000,000
$12,000,000
2016 2017 2018 2019 2020
Other Areas Lionshead Out of Town Vail Village
• This chart shows September YTD sales tax collections, by geographic area over time.
12
Retail Business Sales Tax Detail - YTD September 30th 2020
Town of Vail Business Review
September YTD 2020 Sales Tax
September YTD Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$1,116,071
Grocery
$1,309,341
Gallery
$207,948
Gifts
$30,520
Jewelry
$193,146
Retail Liquor
$429,194
Retail Other
$1,973,280
Sporting Goods
$1,627,041
Retail Home
Occupation
$1,029...
• Overall, YTD September accommodations services were down (24.1)%, short-term rentals were down
(9.7)% and hotels and lodges were down (27.4)%.
• The Town of Vail adopted marketplace facilitator tax rules on October 1st, 2020. This change in
remittance requirements is anticipated to have a positive impact on short-term rental sales tax
collections going forward.
$6,234,253
$1,275,394
$6,610,046
$1,503,620
$4,797,080
$1,357,169
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000
Hotels/Lodges
Short-Term Rentals 2020 2019 2018
13
Retail 1,579,855.24 1,497,907.72 5.47%
Lodging 1,075,646.68 1,478,297.79 ‐27.24%
F & B 425,310.42 691,462.75 ‐38.49%
Other 45,996.95 83,284.54 ‐44.77%
Total 3,126,809.29 3,750,952.80 ‐16.64%
Retail 841,811.85 1,137,367.25 ‐25.99%
Lodging 2,051,882.02 2,776,201.36 ‐26.09%
F & B 664,670.40 972,259.80 ‐31.64%
Other 12,569.95 18,137.80 ‐30.70%
Total 3,570,934.22 4,903,966.21 ‐27.18%
Retail 1,810,834.29 1,660,969.51 9.02%
Lodging 37,031.24 55,583.26 ‐33.38%
F & B 9,056.48 12,255.07 ‐26.10%
Other 1,176,868.18 1,241,595.41 ‐5.21%
Total 3,033,790.19 2,970,403.24 2.13%
Retail 2,655,069.08 3,184,901.61 ‐16.64%
Lodging 2,989,689.00 3,803,583.12 ‐21.40%
F & B 2,971,150.59 3,865,373.44 ‐23.13%
Other 132,630.14 139,903.51 ‐5.20%
Total 8,748,538.81 10,993,761.68 ‐20.42%
Retail 6,887,570.46 7,481,146.09 ‐7.93%
Lodging 6,154,248.94 8,113,665.53 ‐24.15%
F & B 4,070,187.89 5,541,351.06 ‐26.55%
Other 1,368,065.22 1,482,921.26 ‐7.75%
Total 18,480,072.51 22,619,083.93 ‐18.30%
Retail Apparel 1,116,070.90 1,302,729.75 ‐14.33%
Retail Food 1,309,341.11 1,287,106.41 1.73%
Retail Gallery 207,948.31 44,698.37 365.23%
Retail Gift 30,520.35 45,760.86 ‐33.30%
Retail Home Occupation 1,028.60 1,099.89 ‐6.48%
Retail Jewelry 193,145.99 203,267.89 ‐4.98%
Retail Liquor 429,194.45 421,829.58 1.75%
Retail Other 1,973,279.93 2,080,407.36 ‐5.15%
Retail Sport 1,627,040.82 2,094,245.97 ‐22.31%
Total 6,887,570.46 7,481,146.09 ‐7.93%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
September YTD 2020 Sales Tax
September YTD 2020
Collections
September YTD 2019
Collections September YTD % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
14