HomeMy WebLinkAbout01. 210601 Revenue Update
TOWN OF VAIL
REVENUE UPDATE
June 1, 2021
Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$1,648,704 up 285.7% from last year and up 83.2% compared to budget. April
collections were the highest total April collections on record and exceeded 2019
collections by 14.1%. Year to date collections of $13,066,667 are up 18.4% from
2020 but down 6.0% from 2019. Compared to budget, year to date collections are
up 29.1%. Inflation as measured by the consumer price index was up 4.2% for
April. The annual budget totals $22.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through May 25 total $3,741,163 up 80.7% 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 May 25 total $2,068,794 compared to $575,018 from
this time last year. The 2021 annual budget totals $2,250,000.
Lift Tax
Final lift tax collections for the 2020/2021 ski season total $4,901,090 up 22.8% or
$910,104 from the previous ski season.
Summary
Across all funds, year-to-date total revenue of $35.1 million is up 35.3% from
budget and up 34.7% from prior year. 2021 revenue is up 4.3% from 2019. The
positive variance from budget is due largely from higher than anticipated sales,
use, lift, and real estate transfer taxes.
1
2021 Budget % change % change
2016 2017 2018 2019 2020 Budget Variance from 2020 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,375,000$ 3,407,698$ 32,698$ -16.40% 0.97%
February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 2,925,000 3,671,426 746,426$ -14.33% 25.52%
March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 2,925,000 4,338,839 1,413,839 93.39% 48.34%
April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 900,000 1,648,704 748,704 285.65% 83.19%
YTD Total 12,800,549$ 12,446,991$ 12,817,320$ 13,900,085$ 11,032,814$ 10,125,000$ 13,066,667$ 2,941,667$ 18.43% 29.05%
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$ 13,066,667$
Actual Collections Collected
Sales Tax
June 1, 2021
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
2
Through April 30
April Sales Tax Collections by Year
Through April 30
Town of Vail Revenue Update
June 1, 2021
YTD Sales Tax Collections by Year
$12,446,991
$12,817,320
$13,900,085
$11,032,814
$13,066,667
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000
2017
2018
2019
2020
2021
• YTD collections of $13,067,076 are up 18.4% from prior year and up 29.1% from budget.
• Inflation as measured by the consumer price index was up 4.2% in April.
• The 2021 sales tax budget totals $22.5M.
$1,386,780
$1,233,474
$1,445,071
$427,518
$1,648,704
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000
2017
2018
2019
2020
2021
• April collections of $1,648,704 are up 285.7% from prior year and up 83.2 % from budget.
• Collections for the month set the record for the single highest April collections.
3
Construction Use Tax by Year
YTD Through May
YTD Through May
Town of Vail Revenue Update
June 1, 2021
Real Estate Transfer Tax by Year
$633,725
$1,027,477
$846,824
$575,018
$2,068,794
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$2,000,000
$2,250,000
2017 2018 2019 2020 2021
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through May 25 total $3,741,164 up 80.7% from the prior year.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
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
$2,706,719
$3,073,626
$2,490,959
$2,069,914
$3,741,163
• Use Tax collections through May total $2,068,794 compared to $575,018 from this time last year.
This is an increase of 259.8%
4
Vail Business Review
March 2021
June 1, 2021
The March Vail Business Review breaks down the four percent sales tax collected for
the month of March and the first quarter of 2021.
Overall March sales tax increased 92.5% with retail increasing 88.5%, lodging
increased 110.5%, food and beverage increased 111.2%, and utilities/other decreased
by (2.8)%. Excluding the out of town category, sales tax for the month of March was up
81.7%.
The first quarter of 2021 resulted in a 7.6% increase overall with retail increasing 20.3%,
lodging increased 4.6%, food and beverage increased 1.1% and utilities/other
decreased (11.6)%. Excluding the out of town category, first quarter sales tax is down
(7.3)%.
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
Revenue Manager
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Town of Vail Business Review
March Tax Collections By Year
March 2021 Sales Tax
March 2020March 2021
Sales Tax Collections by Business Type
Retail
$1,438,808
Lodging
$1,839,050
Food &
Beverage
$854,561
Utilities &
Other
$206,420
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
88.5%111.2%
(2.8)%
RLFU
-$8,000,000
$12,000,000
$3,644,378
$4,181,296
$4,243,967
$2,254,332
$4,338,839
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
2017
2018
2019
2020
2021
110.5%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 March sales tax collections were up 92.5% from the prior year.
• March 2021 retail sales increased 88.5%, lodging increased 110.5%, food and beverage increased
111.2% and utilities and other decreased (2.8)%.
Retail
$763,424
Lodging
$873,849
Food &
Beverage
$404,705 Utilities &
Other
$212,354
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$2,000,000
6
Geographic Area Trends by Year
March Sales Tax
Sales Tax by Location
Town of Vail Business Review
March 2021 Sales Tax
March 2020March 2021
Other
Areas
14%
Lionshead
20%
Out of
Town
22%
Vail Village
45%
Other
Areas
19%
Lionshead
19%
Out of
Town
17%
Vail Village
45%
• Vail Village sales tax increased 92.7%, Lionshead increased 100.4%, Other Areas increased
37.7%, and Out of Town increased 144.7%. Excluding Out of Town collections, all areas were up
81.7%.
• 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.
$402,116
$557,940 $618,485 $434,565
$598,483
$945,230 $981,941 $1,064,387
$425,660
$853,057
$303,598
$371,284 $359,096 $386,040
$944,808
$1,993,435
$2,270,131 $2,202,000
$1,008,067
$1,942,491
$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 March sales tax collections, by geographic area over time.
7
Retail Business Sales Tax Detail
March 2021 Sales Tax
Town of Vail Business Review
March Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$283,395
Grocery
$209,641
Gallery
$8,179
Gifts
$6,320
Jewelry
$31,017
Retail Liquor
$79,288
Retail Other
$247,679
Sporting Goods
$507,256
Online Retailers
$65,711
Retail Home
Occupation
$320
• Overall, March 2021 accommodations services were up 110.5%, short-term rentals were up 115.4% and
hotels and lodges were up 108.4%.
$1,457,171
$349,486
$622,535
$251,314
$1,297,618
$541,433
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
8
Retail 250,976.69 188,084.57 33.44%
Lodging 273,079.73 190,693.07 43.20%
F & B 69,536.07 50,790.58 36.91%
Other 4,890.26 4,997.14 -2.14%
Total 598,482.75 434,565.35 37.72%
Retail 262,370.05 110,093.39 138.32%
Lodging 429,974.23 246,816.14 74.21%
F & B 158,528.77 66,516.70 138.33%
Other 2,183.96 2,233.72 -2.23%
Total 853,057.01 425,659.95 100.41%
Retail 262,672.97 196,012.02 34.01%
Lodging 507,175.31 3,253.91 15486.63%
F & B 3,044.04 879.08 246.28%
Other 171,915.93 185,894.77 -7.52%
Total 944,808.25 386,039.78 144.74%
Retail 662,788.05 269,234.36 146.18%
Lodging 628,821.02 433,085.84 45.20%
F & B 623,452.14 286,518.64 117.60%
Other 27,429.88 19,228.57 42.65%
Total 1,942,491.09 1,008,067.41 92.69%
Retail 1,438,807.76 763,424.34 88.47%
Lodging 1,839,050.29 873,848.96 110.45%
F & B 854,561.02 404,705.00 111.16%
Other 206,420.03 212,354.20 -2.79%
Total 4,338,839.10 2,254,332.49 92.47%
Retail Apparel 283,395.45 103,981.55 172.54%
Retail Food 209,641.19 158,257.53 32.47%
Retail Gallery 8,179.17 1,553.21 426.60%
Retail Gift 6,319.99 2,099.03 201.09%
Retail Home Occupation 320.15 63.82 401.65%
Retail Jewelry 31,017.42 14,160.31 119.04%
Retail Liquor 79,287.87 46,012.51 72.32%
Retail Other 247,679.43 210,901.01 17.44%
Retail Sport 507,256.09 211,389.28 139.96%
Retail Online Retailer 65,710.98 15,006.09 337.90%
Total 1,438,807.76 763,424.34 88.47%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March Sales Tax
2021 Collections 2020 Collections YoY % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
9
March YTD 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
March YTD Tax Collections By Year
YTD March 2021 Sales Tax
March YTD 2020
Retail
$3,918,091
Lodging
$4,585,638
Food &
Beverage
$2,283,824
Utilities &
Other
$630,410
$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
$5,000,000
20.3%1.1%
(11.6)%
RLFU
-$8,000,000
$12,000,000
$11,063,310
$11,594,738
$12,457,740
$10,615,082
$11,417,963
$0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000
2017
2018
2019
2020
2021
4.6%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 March YTD sales tax collections were up 7.6% from the prior year.
• March YTD 2021 retail sales increased 20.3%, lodging increased 4.6%, food and beverage increased
1.1% and utilities and other decreased (11.6)%.
Retail
$3,256,992
Lodging
$4,385,780
Food &
Beverage
$2,259,312
Utilities &
Other
$712,998
$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
$5,000,000
10
Geographic Area Trends by Year
March YTD Sales Tax
Sales Tax by Location
Town of Vail Business Review
March YTD 2021 Sales Tax
March YTD 2020March YTD 2021
Other
Areas
14%
Lionshead
19%
Out of
Town
22%
Vail Village
43%
Other
Areas
16%
Lionshead
24%
Out of
Town
11%
Vail Village
49%
• Vail Village sales tax decreased (5.1)%, Lionshead decreased (16.2)%, Other Areas decreased
(0.5)%, and Out of Town increased 124.3%. Excluding Out of Town collections, all areas were
down (7.3)%.
• 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.
$1,217,519
$1,572,465 $1,906,821 $1,647,267
$1,639,854
$2,891,751 $2,896,755
$3,151,428
$2,521,312
$2,112,676
$986,156 $1,080,601 $1,136,678 $1,197,667
$2,686,431
$5,967,884 $6,044,917
$6,262,813
$5,248,835
$4,979,002
$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
$5,000,000
$5,500,000
$6,000,000
$6,500,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows March sales tax collections, by geographic area over time.
11
March YTD Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
March YTD 2021 Sales Tax
Town of Vail Business Review
Apparel
$738,570
Grocery
$601,627
Gallery
$23,462
Gifts
$16,851
Jewelry
$94,074
Retail Liquor
$227,662
Retail Other
$731,485
Sporting Goods
$1,299,693
Online Retailers
$183,745
Retail Home
Occupation
$924
• Overall, March YTD 2021 accommodations services were up 4.6%, short-term rentals were up
52.7% and hotels and lodges were down (9.1)%.
$4,317,390
$1,028,165
$3,418,265
$967,515
$3,108,683
$1,476,955
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
12
Retail 731,633.85 647,422.75 13.01%
Lodging 692,840.15 761,980.09 -9.07%
F & B 200,424.77 214,875.97 -6.73%
Other 14,955.17 22,988.60 -34.95%
Total 1,639,853.94 1,647,267.41 -0.45%
Retail 675,204.80 609,496.31 10.78%
Lodging 1,016,902.61 1,496,262.17 -32.04%
F & B 416,076.11 403,270.34 3.18%
Other 4,492.68 12,283.64 -63.43%
Total 2,112,676.20 2,521,312.46 -16.21%
Retail 775,098.81 593,789.29 30.53%
Lodging 1,363,727.00 18,006.86 7473.37%
F & B 7,260.64 5,283.85 37.41%
Other 540,344.36 580,586.88 -6.93%
Total 2,686,430.81 1,197,666.88 124.31%
Retail 1,736,153.26 1,406,283.61 23.46%
Lodging 1,512,168.05 2,109,530.51 -28.32%
F & B 1,660,062.75 1,635,881.70 1.48%
Other 70,617.91 97,139.10 -27.30%
Total 4,979,001.97 5,248,834.92 -5.14%
Retail 3,918,090.72 3,256,991.96 20.30%
Lodging 4,585,637.81 4,385,779.63 4.56%
F & B 2,283,824.27 2,259,311.86 1.08%
Other 630,410.12 712,998.22 -11.58%
Total 11,417,962.92 10,615,081.67 7.56%
Retail Apparel 738,569.81 516,189.55 43.08%
Retail Food 601,626.52 529,869.48 13.54%
Retail Gallery 23,461.50 16,042.87 46.24%
Retail Gift 16,850.51 12,204.94 38.06%
Retail Home Occupation 923.51 191.46 382.35%
Retail Jewelry 94,074.03 61,003.06 54.21%
Retail Liquor 227,661.56 176,930.99 28.67%
Retail Other 731,485.34 679,996.87 7.57%
Retail Sport 1,299,692.72 1,213,861.72 7.07%
Retail Online Retailer 183,745.22 50,701.03 262.41%
Total 3,918,090.72 3,256,991.96 20.30%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March YTD Sales Tax
2021 Collections 2020 Collections YoY % Change
13