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Home My WebLink About03. 201103 Revenue UpdateTOWN OF VAIL REVENUE UPDATE November 3, 2020 Sales Tax Upon receipt of all sales tax returns, September collections are estimated to be $1,741,702 up 8.8% from last year. Year to date collections of $18,466,608 are down (18.2)% from prior year and up 41.9% from amended budget. Inflation as measured by the consumer price index was up 1.4% for September. Real Estate Transfer Tax (RETT) RETT collections through October 27 total $7,615,315 up 43.1% 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 October 27 total $1,893,623 compared to $2,378,844 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 $48.7 million is up 13.8% from amended budget. Year-to-date revenue is down (10.0)% 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. MEMORANDUM November 3, 2020 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: September 2020 Sales Tax Vail will collect an estimated $5,150 in additional September sales tax to bring collections up to $1,741,702. September will be up 8.8% or $141,602 from September 2019 and up 170.6% or $1,098,149 from the amended budget. Year to date will be down (18.2)% or $(4,121,422) from 2019 and up 41.9% or $5,456,746 from amended budget. 2020 AmendedBudget % change % change 20152016201720182019 BudgetVariance from 2019 from BudgetJanuary3,696,798$ 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 4,282,611 147,553$ 3.52% 3.57%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 2,216,259 1,157,256 -47.70% 109.28%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 425,340 75,340 -70.57% 21.53%May584,454 654,462 659,475 830,193 763,756 425,000 500,809 75,809 -34.43% 17.84%June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 1,030,003 467,739 -35.90% 83.19%July1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209 2,072,555 1,198,346 -16.44% 137.08%August1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804 2,124,333 1,225,529 -5.04% 136.35%September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553 1,741,702 1,098,149 8.85% 170.64%YTD Total19,423,334$ 20,026,620$ 19,961,508$ 21,444,046$ 22,588,030$ 13,009,862$ 18,466,608$ 5,456,746$ -18.25% 41.94%October835,649 906,385 936,954 1,106,596 1,165,176 490,116 November997,100 989,320 997,716 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$ 18,466,608$ TOWN OF VAILSALES TAX2020 Budget ComparisonActual CollectionsCollected Sales Tax$0.00$0.20$0.40$0.60$0.80$1.00$1.20$1.40$1.60$1.802015 2016 2017 2018 2019 2020September Sales Tax By Year(in Millions)$0.0$2.0$4.0$6.0$8.0$10.0$12.0$14.0$16.0$18.0$20.0$22.0$24.0201520162017201820192020YTD Sales Tax By YearJan. 1 ‐Sept. 30 (in Millions) Vail Business Review August 2020 November 3, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of August. Overall, August sales tax decreased (5.5)% with retail increasing 17.5%, lodging decreased (19.9)%, food and beverage decreased (17.6)%, and utilities/other decreased by (13.6)%. Excluding the out of town category; sales tax for the month of August was down (12.3)%. 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 191,888.89 175,744.98 9.19% Lodging 94,416.24 111,258.23 ‐15.14% F & B 50,947.80 117,088.17 ‐56.49% Other 4,788.85 11,260.51 ‐57.47% Total 342,041.78 415,351.89 ‐17.65% Retail 71,706.03 82,540.48 ‐13.13% Lodging 147,943.32 235,105.91 ‐37.07% F & B 79,506.38 96,878.15 ‐17.93% Other 5.39 523.11 ‐98.97% Total 299,161.12 415,047.65 ‐27.92% Retail 348,737.65 223,780.10 55.84% Lodging 3,517.83 2,792.00 26.00% F & B 1,496.55 1,630.71 ‐8.23% Other 96,153.72 109,328.86 ‐12.05% Total 449,905.75 337,531.67 33.29% Retail 330,661.45 320,155.71 3.28% Lodging 286,576.64 315,367.23 ‐9.13% F & B 403,405.30 433,798.35 ‐7.01% Other 12,581.17 10,281.10 22.37% Total 1,033,224.56 1,079,602.39 ‐4.30% Retail 942,994.02 802,221.27 17.55% Lodging 532,454.03 664,523.38 ‐19.87% F & B 535,356.03 649,395.38 ‐17.56% Other 113,529.13 131,393.58 ‐13.60% Total 2,124,333.21 2,247,533.60 ‐5.48% Retail Apparel 163,639.68 156,756.17 4.39% Retail Food 167,375.19 161,309.37 3.76% Retail Gallery 163,816.45 6,492.45 2,423.19% Retail Gift 5,368.00 7,397.14 ‐27.43% Retail Home Occupation 92.15 76.45 20.54% Retail Jewelry 34,212.73 33,003.15 3.67% Retail Liquor 55,593.81 46,215.54 20.29% Retail Other 242,559.08 270,427.45 ‐10.31% Retail Sport 110,336.94 120,543.57 ‐8.47% Total 942,994.02 802,221.27 17.55% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review August 2020 Sales Tax August 2020 Collections August 2019 Collections August % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary