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