HomeMy WebLinkAbout02. 210706 Revenue Update TOWN OF VAIL
REVENUE UPDATE
July 6, 2021
Sales Tax
Upon receipt of all sales tax returns, May collections are estimated to be $965,557
up 91.6% from last year and up 0.17% compared to amended budget. May
collections were the highest total May collections on record and exceeded 2019
collections by 26.4% and 2018 collections by 16.3%. Year to date collections of
$14,065,726 are up 21.9% from 2020 but down (4.1)% from 2019. Compared to
amended budget, year to date collections are flat. Inflation as measured by the
consumer price index was up 5.0% for May. The annual amended budget totals
$27.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through June 29 total $5,261,175 up 117.9% from this time last
year and up 78.9% from this time in 2019. The 2021 annual RETT budget totals
$8,000,000, down 23.4% from 2020 actual collections.
Construction Use Tax
Use Tax collections through June 29 total $2,400,060 compared to $733,781 from
this time last year. The 2021 amended budget totals $3,250,000.
Summary
Across all funds, year-to-date total revenue of $40.5 million is up 2.3% from
amended budget and up 33.7% from prior year. 2021 revenue is up 7.3% from
2019 due to increased Real Estate Transfer Tax collections, daily parking sales
during January through April, and construction activities.
2021 Budget % change % change
2016 2017 2018 2019 2020 Amended Budget Variance from 2020 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,412,300$ 12,300$ -16.29% 0.36%
February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 3,680,000 3,682,130 2,130$ -14.08% 0.06%
March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 4,370,000 4,352,300 (17,700) 93.99% -0.41%
April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,653,439 3,439 286.75% 0.21%
May 654,462 659,475 830,193 763,756 503,828 965,000 965,557 557 91.64% 0.06%
YTD Total 13,455,011$ 13,106,466$ 13,647,513$ 14,663,841$ 11,536,642$ 14,065,000$ 14,065,726$ 726$ 21.92% 0.01%
June 1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 1,000,000
July 2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 2,100,000
August 1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 2,100,000
September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 1,770,000
October 906,385 936,954 1,106,596 1,165,176 1,371,727 1,370,000
November 989,320 997,716 1,264,600 1,260,314 1,425,461 1,425,000
December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,670,000
Total 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 27,500,000$ 14,065,726$
Actual Collections
Collected Sales Tax
July 6, 2021
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
Through May 31
May Sales Tax Collections by Year
Through May 31
Town of Vail Revenue Update
July 6, 2021
YTD Sales Tax Collections by Year
$13,106,466
$13,647,513
$14,663,841
$11,536,642
$14,065,726
$0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000 $15,000,000
2017
2018
2019
2020
2021
• YTD collections of $14,065,726 are up 21.9% from prior year and flat with amended budget.
• Inflation as measured by the consumer price index was up 5.0% in May.
• The 2021 sales tax budget totals $27.5M.
$659,475
$830,193
$763,756
$503,828
$965,557
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000
2017
2018
2019
2020
2021
• May collections of $965,557 are up 91.6% from prior year and up 0.1% from amended budget.
• Collections for the month set the record for the single highest May collections.
Construction Use Tax by Year
YTD Through June
YTD Through June
Town of Vail Revenue Update
July 6, 2021
Real Estate Transfer Tax by Year
$882,464
$1,162,368
$1,706,962
$733,781
$2,400,060
$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
$2,500,000
2017 2018 2019 2020 2021
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through June 29 total $5,261,175 up 117.9% from the prior year.
-$500,000
$500,000
$1,500,000
$2,500,000
$3,500,000
$4,500,000
$5,500,000
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
$3,186,630
$3,675,305
$2,944,293
$2,414,347
$5,261,175
• Use Tax collections through June total $2,400,060 compared to $733,781 from this is an increase of
227.1%
Vail Business Review
April 2021
July 6, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of April and the 2020/2021 ski season
Overall, April sales tax increased 286.8% with retail increasing 149.9%, lodging
increased 1,967.3%, food and beverage increased 2,019.5%, and utilities/other
increased by 30.4%. Excluding the out of town category; sales tax for the month of April
was down 593.1%.
The ski season 2020/2021 resulted in an overall 9.6% increase from the prior year.
Retail increased 18.7%, lodging increased 6.8%, food and beverage increased 4.8%
and utilities and other decreased (5.0)%.
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
April 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
April Tax Collections By Year
April 2021 Sales Tax
April 2020
Retail
$647,777
Lodging
$469,880 Food &
Beverage
$368,569
Utilities &
Other
$167,178
$0
$150,000
$300,000
$450,000
$600,000
$750,000
149.9%
2,019.5%30.4%
$1,387,343
$1,233,941
$1,444,250
$427,455
$1,653,403
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000
2017
2018
2019
2020
2021
1,967.3%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 April sales tax collections were up 286.8% from the prior year.
• April 2021 retail sales increased 149.9%, lodging increased 1,967.3%, food and beverage
increased 2,019.5% and utilities and other increased 30.4%.
Retail
$259,176
Lodging
$22,729
Food &
Beverage
$17,389
Utilities &
Other
$128,161
$0
$150,000
$300,000
$450,000
$600,000
$750,000
Geographic Area Trends by Year
April Sales Tax
Sales Tax by Location
Town of Vail Business Review
April 2021 Sales Tax
April 2020April 2021
Other
Areas
16%
Lionshead
13%
Out of
Town
29%
Vail Village
42%
Other
Areas
28%
Lionshead
4%Out of
Town
60%
Vail Village
8%
• Vail Village sales tax increased 1,964.1%, Lionshead increased 1,332.7%, Other Areas increased
114.9%, and Out of Town increased 85.4%. Excluding Out of Town collections, all areas were up
593.1%.
• 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.
$181,939
$211,887
$238,044 $120,376
$258,716
$276,710
$189,196
$241,484
$15,581
$223,234
$240,191
$308,803
$331,867
$257,916
$478,289
$688,504
$524,055
$632,855
$33,582
$693,164
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows April sales tax collections, by geographic area over time.
April Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
April 2021 Sales Tax
Town of Vail Business Review
Apparel
$121,700
Grocery
$125,565
Gallery
$4,398
Gifts
$2,928
Jewelry
$20,753Retail Liquor
$38,086
Retail Other
$148,326
Sporting Goods
$143,635
Online Retailers
$42,299
Retail Home
Occupation
$87
• Overall, April 2021 accommodations services were up 1,967.3%, short-term rentals were up 1,768.8% and
hotels and lodges were up 2,082.9%.
$288,861
$57,780
$14,370
$8,359
$313,672
$156,208
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
Retail 143,737.50 104,120.22 38.05%
Lodging 73,337.56 5,388.36 1261.04%
F & B 38,606.82 8,965.40 330.62%
Other 3,033.79 1,901.67 59.53%
Total 258,715.67 120,375.65 114.92%
Retail 74,556.25 3,683.32 1924.16%
Lodging 90,600.53 8,810.13 928.37%
F & B 58,034.49 3,087.74 1779.51%
Other 43.01 - 0.00%
Total 223,234.28 15,581.19 1332.72%
Retail 162,638.34 134,931.49 20.53%
Lodging 157,230.48 411.09 38146.91%
F & B 740.86 69.39 967.68%
Other 157,678.95 122,504.45 28.71%
Total 478,288.63 257,916.43 85.44%
Retail 266,844.71 16,441.24 1523.02%
Lodging 148,711.19 8,118.97 1731.65%
F & B 271,186.52 5,266.91 5048.87%
Other 6,421.80 3,754.96 71.02%
Total 693,164.22 33,582.09 1964.09%
Retail 647,776.80 259,176.28 149.94%
Lodging 469,879.76 22,728.56 1967.35%
F & B 368,568.69 17,389.44 2019.50%
Other 167,177.55 128,161.08 30.44%
Total 1,653,402.80 427,455.35 286.80%
Retail Apparel 121,700.13 5,936.04 1950.19%
Retail Food 125,564.71 81,821.61 53.46%
Retail Gallery 4,397.52 2,292.12 91.85%
Retail Gift 2,927.68 - 0.00%
Retail Home Occupation 87.30 186.90 -53.29%
Retail Jewelry 20,753.19 716.96 2794.62%
Retail Liquor 38,085.90 23,898.58 59.36%
Retail Other 148,326.23 128,869.64 15.10%
Retail Sport 143,635.37 6,395.89 2145.74%
Retail Online Retailer 42,298.77 9,058.54 366.95%
Total 647,776.80 259,176.28 149.94%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
April Sales Tax
2021 Collections 2020 Collections YoY % Change
Town of Vail Business Review
Ski Season Tax Collections By Year
Ski Season 2020-2021 Sales Tax
Ski Season 2019-2020Ski Season 2020-2021
Sales Tax Collections by Business Type
Retail
$6,790,414
Lodging
$6,708,402
Food &
Beverage
$3,508,513
Utilities &
Other
$1,156,727
$0
$1,500,000
$3,000,000
$4,500,000
$6,000,000
$7,500,000
18.7%4.8%(5.0)%
RLFU
-$8,000,000
$12,000,000
$17,293,651
$17,554,243
$19,253,660
$16,568,337
$18,164,056
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2016-17
2017-18
2018-19
2019-20
2020-21
6.8%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross
sales
• Ski season tax collections are from November 1st through April 30th.
• Overall, 2020-21 Ski Season sales tax collections were up 9.6% from the prior year.
• Ski Season 2020-21 retail sales increased 18.7%, lodging increased 6.8%, food and beverage
increased 4.8% and utilities and other decreased (5.0)%.
Retail
$5,719,511
Lodging
$6,283,590
Food &
Beverage
$3,348,094
Utilities &
Other
$1,217,141
$0
$1,500,000
$3,000,000
$4,500,000
$6,000,000
$7,500,000
Town of Vail Business Review
Ski Season 2020-2021 Sales Tax
Ski Season 2019-2020Ski Season 2020-2021
Geographic Area Trends by Year
Ski Season 2020-2021
Sales Tax by Location
Other
Areas
15%
Lionshead
17%
Out of
Town
26%
Vail Village
42%
Other
Areas
16%
Lionshead
22%
Out of
Town
14%
Vail Village
48%
• Vail Village sales tax decreased (4.3)%, Lionshead decreased (15.4)%, Other Areas increased
5.3%, and Out of Town increased 103.8%. Excluding Out of Town collections, all areas were
down (5.4)%.
• 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.
$2,041,399 $2,466,808
$3,004,018 $2,597,856
$2,736,752
$4,253,454
$4,111,066
$4,498,553
$3,675,242 $3,109,584
$1,798,445 $1,956,682 $2,245,775 $2,280,030
$4,646,984
$9,200,354 $9,019,687
$9,505,315
$8,015,210 $7,670,736
$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
2016-17 2017-18 2018-19 2019-20 2020-21
Other Areas Lionshead Out of Town Vail Village
• This chart shows Ski Season sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
Ski Season 2020-2021 Sales Tax
Town of Vail Business Review
Ski Season 2020-2021
Accommodation Services Sales Tax by Year
Apparel
$1,196,051
Grocery
$1,127,810
Gallery
$41,988
Gifts
$32,360
Jewelry
$195,987
Retail Liquor
$389,771
Retail Other
$1,438,456
Sporting Goods
$1,994,384
Online Retailers
$372,675
Retail Home
Occupation
$1.306
• Overall, 2020-21 Ski Season accommodations services were up 6.8%, short-term rentals were up 58.2%
and hotels and lodges were down (6.8)%.
$6,070,681
$1,206,033
$4,970,322
$1,313,269
$4,630,513
$2,077,889
$0 $1,500,000 $3,000,000 $4,500,000 $6,000,000 $7,500,000
Hotels/Lodges
Short-Term Rentals 2020-21 2019-20
2018-19
Retail 1,379,574.56 1,169,227.85 17.99%
Lodging 1,000,928.91 1,072,707.51 -6.69%
F & B 327,080.51 316,525.02 3.33%
Other 29,168.15 39,395.25 -25.96%
Total 2,736,752.13 2,597,855.63 5.35%
Retail 1,003,793.26 930,091.05 7.92%
Lodging 1,473,816.84 2,144,216.69 -31.27%
F & B 624,611.42 585,415.52 6.70%
Other 7,362.23 15,518.76 -52.56%
Total 3,109,583.75 3,675,242.02 -15.39%
Retail 1,575,522.49 1,232,972.16 27.78%
Lodging 2,044,416.76 21,960.65 9209.45%
F & B 9,975.22 7,238.84 37.80%
Other 1,017,069.66 1,017,857.93 -0.08%
Total 4,646,984.14 2,280,029.59 103.81%
Retail 2,831,523.41 2,387,220.28 18.61%
Lodging 2,189,239.65 3,044,705.57 -28.10%
F & B 2,546,846.15 2,438,915.06 4.43%
Other 103,126.63 144,369.10 -28.57%
Total 7,670,735.84 8,015,210.00 -4.30%
Retail 6,790,413.73 5,719,511.34 18.72%
Lodging 6,708,402.16 6,283,590.42 6.76%
F & B 3,508,513.30 3,348,094.44 4.79%
Other 1,156,726.68 1,217,141.04 -4.96%
Total 18,164,055.86 16,568,337.24 9.63%
Retail Apparel 1,196,050.94 860,125.36 39.06%
Retail Food 1,127,809.51 942,066.14 19.72%
Retail Gallery 41,988.28 27,813.57 50.96%
Retail Gift 32,359.64 25,192.27 28.45%
Retail Home Occupation 1,305.64 579.85 125.17%
Retail Jewelry 195,987.21 139,095.28 40.90%
Retail Liquor 389,770.68 311,053.63 25.31%
Retail Other 1,438,455.79 1,371,792.52 4.86%
Retail Sport 1,994,383.97 1,939,820.50 2.81%
Retail Online Retailer 372,674.85 101,972.23 265.47%
Total 6,790,786.50 5,719,511.34 18.73%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Ski Season Sales Tax
Ski Season 2020-2021 Ski Season 2019-2020 YoY % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary