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HomeMy WebLinkAbout03. 210406_Revenue_Updates TOWN OF VAIL REVENUE UPDATE April 6, 2021 Sales Tax Upon receipt of all sales tax returns, February collections are estimated to be $3,640,945 down (15.0)% from last year and up 24.5% compared to budget. Inflation as measured by the consumer price index was up 1.3% for February. The annual budget totals $22.5 million. Real Estate Transfer Tax (RETT) RETT collections through March 30 total $1,444,037 down (5.7)% from this time last year. The 2021 annual RETT budget totals $7,000,000, down 32% from 2020 actual collections. Construction Use Tax Use Tax collections through March 30 total $427,970 compared to $257,576 from this time last year. The 2021 annual budget totals $2,250,000. Lift Tax Lift tax collections for the 2020/2021 ski season as of March 29 total $3,424,582 up 1.2% or $40,958 from this time last year. Parking Revenue Season to date: Pass sales from November through March 30 total $1,149,485 down $(618,108) or (35.0)% from prior winter season. The majority of the decrease in pass sales is due to fewer purchases of blue passes and lower prepaid revenue on value passes. Daily sales from the parking structures from November through March 29 total approximately $4,830,261, up $1,291,379, or 36.5% from this time last year. Summary Across all funds, year-to-date total revenue of $17.6 million is up 20.3% from budget and up 0.2% from prior year. The positive variance from budget is due to higher than anticipated sales, use, and lift tax collections. 11 2021 Budget % change % change 2016 2017 2018 2019 2020 Budget Variance from 2020 from Budget January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,375,000$ 3,313,770$ (61,230)$ -18.70% -1.81% February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 2,925,000 3,640,945 715,945$ -15.04% 24.48% YTD Total 7,484,879$ 7,417,804$ 7,415,966$ 8,217,081$ 8,361,778$ 6,300,000$ 6,954,715$ 654,715$ -16.83% 10.39% March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 2,925,000 April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 900,000 May 654,462 659,475 830,193 763,756 503,828 675,000 June 1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 1,350,000 July 2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 2,025,000 August 1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 1,800,000 September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 1,350,000 October 906,385 936,954 1,106,596 1,165,176 1,371,727 900,000 November 989,320 997,716 1,264,600 1,260,314 1,425,461 900,000 December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,375,000 Total 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 22,500,000$ 6,954,715$ Actual Collections Collected Sales Tax April 6, 2021 Town of Vail Revenue Update SALES TAX 2021 Budget Comparison 22 Through February 28/29th February Sales Tax Collections by Year Through February 28/29th Town of Vail Revenue Update April 6, 2021 YTD Sales Tax Collections by Year $7,417,804 $7,415,966 $8,217,081 $8,361,778 $6,954,715 $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 2017 2018 2019 2020 2021 • YTD collections of $6,954,715 are down (16.8)% from prior year and up 10.4% from amended budget. • Inflation as measured by the consumer price index was up 1.3% in February. • The 2021 sales tax budget totals $22.5M. $3,692,592 $3,818,356 $4,137,087 $4,285,633 $3,640,945 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000 2017 2018 2019 2020 2021 • February collections of $3,640,945 are down (15.0)% from prior year and up 24.5% from budget. 33 Real Estate Transfer Tax by Year YTD Through March April 6, 2021 Paid Parking Revenue - Ski Season through March Town of Vail Revenue Update $4,412,067 $3,541,154 $4,830,261 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2018/19 2019/20 2020/21 • Daily sales from the parking structures from November 2020 through March 29, 2021 total $4,830,261, up $1,289,107, or 36.4% from the prior winter. • Due to the Covid-19 pandemic, paid parking stopped on March 14 during 2019/20 season. • This chart shows YTD collections of 1% RETT, segmented by individual home sale value. • 2021 RETT collections through March 30 total $1,444,037 down (5.7)% from the prior year. $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2017 2018 2019 2020 2021 Sales Less Than $2.5 Million Sales $2.5 to $5.0 Million Sales $5 to $10 Million Sales Over $10 Million $1,465,278 $1,294,830 $1,563,122 $1,531,069 $1,444,037 44 Town of Vail Revenue Update April 6, 2021 Construction Use Tax by Year YTD Through March $147,967 $230,100 $231,083 $257,576 $427,970 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 2017 2018 2019 2020 2021 • Use Tax collections through March 30 total $427,970 compared to $257,576 from this time last year. This is an increase of 66.2% 55 Vail Business Review January 2021 April 6, 2021 The Vail Business Review breaks down the four percent sales tax collected for the month of January. Overall, January sales tax decreased (18.7)% with retail decreasing (7.2)%, lodging decreased (24.8)%, food and beverage decreased (23.7)%, and utilities/other decreased by (17.3)%. Excluding the out of town category; sales tax for the month of January decreased (31.6)%. Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets are available on the internet at www.vailgov.com/finance. 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 66 January 2021 Sales Tax Collections by Business Type Town of Vail Business Review January Tax Collections By Year January 2021 Sales Tax January 2020 Retail $1,157,074 Lodging $1,246,417 Food & Beverage $702,722 Utilities & Other $207,556 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 (7.2)%(23.7)% (17.3)% RLFU -$8,000,000 $12,000,000 $3,726,455 $3,597,693 $4,079,071 $4,076,145 $3,313,770 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 2017 2018 2019 2020 2021 (24.8)% • This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales • Overall, 2021 January sales tax collections were down (18.7)% from the prior year. • January 2021 retail sales decreased (7.2)%, lodging decreased (24.8)%, food and beverage decreased (23.7)% and utilities and other decreased (17.3)%. Retail $1,246,124 Lodging $1,657,689 Food & Beverage $921,467 Utilities & Other $250,865 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 7 Town of Vail Business Review January 2021 Sales Tax January 2020 January 2021 Geographic Area Trends by Year January Sales Tax Sales Tax by Location Other Areas 15% Lionshead 18% Out of Town 25% Vail Village 43% Other Areas 14% Lionshead 25% Out of Town 10% Vail Village 51% • Vail Village sales tax decreased (30.5)%, Lionshead decreased (42.2)%, Other Areas decreased (17.7)%, and Out of Town increased 95.0%. Excluding Out of Town collections, all areas were down (31.6)%. • Effective October 1st, 2020, the town of Vail enacted new regulations which shifted collections of some sales tax from local vendors to their marketplace facilitators who file under the out-of-town category. $411,552 $469,897 $621,688 $587,135 $483,131 $964,396 $920,956 $1,030,669 $1,004,374 $580,756 $346,890 $367,466 $422,530 $416,505 $812,254 $2,003,616 $1,839,373 $2,004,185 $2,068,132 $1,437,628 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2017 2018 2019 2020 2021 Other Areas Lionshead Out of Town Vail Village • This chart shows January sales tax collections, by geographic area over time. 88 Retail Business Sales Tax Detail - January 2021 Sales Tax January 2021 Sales Tax Town of Vail Business Review January Sales Tax Accommodation Services Sales Tax by Year Apparel $213,793 Grocery $187,985 Gallery $6,513 Gifts $5,301 Jewelry $28,695 Retail Liquor $73,612 Retail Other $265,169 Sporting Goods $375,902 Retail Home Occupation $103 • Overall, January 2021 accommodations services were down (24.8)%, short-term rentals were up 16.3% and hotels and lodges were down (36.0)%. $1,383,304 $338,797 $1,301,837 $355,852 $832,714 $413,703 $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 Hotels/Lodges Short-Term Rentals 2021 2020 2019 99 Retail 228,190.49 228,635.08 -0.19% Lodging 185,448.63 263,292.05 -29.57% F & B 64,736.40 85,456.11 -24.25% Other 4,755.91 9,751.34 -51.23% Total 483,131.43 587,134.58 -17.71% Retail 194,347.90 237,326.03 -18.11% Lodging 259,017.30 597,916.05 -56.68% F & B 126,077.44 163,283.84 -22.79% Other 1,313.43 5,847.63 -77.54% Total 580,756.07 1,004,373.55 -42.18% Retail 222,766.33 206,338.69 7.96% Lodging 404,852.97 9,062.98 4367.10% F & B 2,850.98 2,954.54 -3.51% Other 181,783.89 198,149.15 -8.26% Total 812,254.17 416,505.36 95.02% Retail 511,769.17 573,824.57 -10.81% Lodging 397,098.32 787,417.58 -49.57% F & B 509,057.22 669,772.74 -24.00% Other 19,703.25 37,116.84 -46.92% Total 1,437,627.96 2,068,131.73 -30.49% Retail 1,157,073.89 1,246,124.36 -7.15% Lodging 1,246,417.22 1,657,688.66 -24.81% F & B 702,722.04 921,467.23 -23.74% Other 207,556.48 250,864.96 -17.26% Total 3,313,769.63 4,076,145.21 -18.70% Retail Apparel 213,793.29 206,375.01 3.59% Retail Food 187,985.16 188,134.61 -0.08% Retail Gallery 6,513.06 8,917.60 -26.96% Retail Gift 5,300.87 5,754.55 -7.88% Retail Home Occupation 103.49 63.82 62.16% Retail Jewelry 28,695.32 21,368.29 34.29% Retail Liquor 73,611.68 62,610.94 17.57% Retail Other 265,168.84 254,389.71 4.24% Retail Sport 375,902.18 498,509.84 -24.59% Total 1,157,073.89 1,246,124.36 -7.15% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January Sales Tax 2021 Collections 2020 Collections YoY % Change Total - All Areas Lionshead Out of Town Vail Village Retail Summary 1010