HomeMy WebLinkAbout01. 210803 Revenue Updates TOWN OF VAIL
REVENUE UPDATE
August 3, 2021
Sales Tax
Upon receipt of all sales tax returns, June collections are estimated to be
$2,138,092 up 108.9% from last year and up 113.8% compared to amended
budget. June collections were the highest total June collections on record and
exceeded 2019 collections by 33.1% and 2018 collections by 29.7%. Year to date
collections of $16,378,179 are up 30.4% from 2020 and up 0.7% from 2019.
Compared to amended budget, year to date collections are up 8.7%. Inflation as
measured by the consumer price index was up 5.4% for June. The annual
amended budget totals $27.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through July 27 total $6,384,740 up 101.4% from this time last
year and up 96.6% from this time in 2019. The 2021 amended RETT budget totals
$8,000,000, down 23.4% from 2020 actual collections. 2020 collections of $10.4
million were an all time high compared to a previous five year average of $7.0
million.
Construction Use Tax
Use Tax collections through July 27 total $2,626,929 compared to $839,478 from
this time last year. The 2021 amended budget totals $3,250,000. Construction use
tax is higher due to several large residential projects and construction of the new
Marriott Residence Inn.
Summary
Across all funds, year-to-date total revenue of $53.5 million is up 10.7% from
amended budget and up 35.5% from prior year. 2021 revenue is up 12.8% from
2019 due to increased Real Estate Transfer Tax collections, daily parking sales
during January through April, and construction activities.
2021 Budget % change % change 20162017201820192020Amended BudgetVariance from 2020from BudgetJanuary 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,415,647$ 15,647$ -16.20% 0.46%February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 3,680,000 3,685,577 5,577$ -14.00% 0.15%March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 4,370,000 4,358,172 (11,828) 94.26% -0.27%April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,737,192 87,192 306.34% 5.28%May 654,462 659,475 830,193 763,756 503,828 965,000 1,043,500 78,500 107.11% 8.13%June 1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 1,000,000 2,138,092 1,138,092 108.90% 113.81%YTD Total14,773,103$ 14,496,448$ 15,295,956$ 16,270,588$ 12,560,159$ 15,065,000$ 16,378,179$ 1,313,179$ 30.40% 8.72%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 Total25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 27,500,000$ 16,378,179$ Actual CollectionsCollected Sales Tax August 3, 2021Town of Vail Revenue UpdateSALES TAX2021 Budget Comparison
Through June 30
June Sales Tax Collections by Year
Through June 30
Town of Vail Revenue Update
August 3, 2021
YTD Sales Tax Collections by Year
$14,496,448
$15,295,956
$16,270,588
$12,560,159
$16,378,179
$0 $5,000,000 $10,000,000 $15,000,000
2017
2018
2019
2020
2021
• YTD collections of $16,378,179 are up 30.4% from prior year and up 8.7% from amended budget.
• Inflation as measured by the consumer price index was up 5.4% in June.
• The 2021 amended sales tax budget totals $27.5M.
$1,389,982
$1,648,443
$1,606,748
$1,023,517
$2,138,092
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2017
2018
2019
2020
2021
• June collections of $2,138,092 are up 108.9% from prior year and up 113.8% from amended
budget.
• Collections for the month set the record for the single highest June collections.
Construction Use Tax by Year
YTD Through July
YTD Through July
Town of Vail Revenue Update
August 3, 2021
Real Estate Transfer Tax by Year
$1,013,336
$1,263,237
$1,855,600
$839,478
$2,626,929
$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
$2,750,000
2017 2018 2019 2020 2021
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through July 27 total $6,384,740 up 101.4% from the prior year.
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
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
$3,540,813
$4,352,746
$3,247,376 $3,170,265
$6,384,740
• Use Tax collections through July total $2,626,929 compared to $839,478 from this time last year.
This is an increase of 212.9%
Vail Business Review
May 2021
August 3, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of May.
Overall, May sales tax increased 107.6% with retail increasing 49.9%, lodging increased
730.8%, food and beverage increased 327.5%, and utilities/other increased by 22.9%.
Excluding the out of town category; sales tax for the month of May was up 134.5%.
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
Town of Vail Business Review
May Tax Collections By Year
May 2021 Sales Tax
May 2020May 2021
Sales Tax Collections by Business Type
Retail
$483,550
Lodging
$222,201
Food &
Beverage
$209,369 Utilities &
Other
$128,380
$0
$150,000
$300,000
$450,000
$600,000
49.9%
327.5%
22.9%
RLFU
-$8,000,000
$12,000,000
$661,266
$831,060
$762,935
$502,781
$1,043,500
$0 $250,000 $500,000 $750,000 $1,000,000
2017
2018
2019
2020
2021
730.8%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 May sales tax collections were up 107.6% from the prior year.
• May 2021 retail sales increased 49.9%, lodging increased 730.8%, food and beverage increased
327.5% and utilities and other increased 22.9%.
Retail
$322,615
Lodging
$26,747
Food &
Beverage
$48,972
Utilities &
Other
$104,447
$0
$150,000
$300,000
$450,000
$600,000
Town of Vail Business Review
May 2021 Sales Tax
May 2020May 2021
Geographic Area Trends by Year
May Sales Tax
Sales Tax by Location
Other
Areas
18%
Lionshead
7%
Out of
Town
44%
Vail Village
31%
Other
Are…
Lionshead
3%Out of
Town
50%
Vail Village
18%
• Vail Village sales tax increased 249.1%, Lionshead increased 481.5%, Other Areas increased
29.5%, and Out of Town increased 81.2%. Excluding Out of Town collections, all areas were up
134.5%.
• 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.
$136,124
$179,989 $166,705
$143,920 $186,437
$70,363 $93,631 $83,234 $13,227 $76,917
$220,931 $278,668
$265,328 $253,953
$460,051
$233,848
$278,771
$247,667
$91,682
$320,094
$0
$100,000
$200,000
$300,000
$400,000
$500,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows May sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
May 2021 Sales Tax
Town of Vail Business Review
May Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$66,720
Grocery
$86,214
Gallery
$8,539
Gifts
$1,238
Jewelry
$20,733
Retail Liquor
$23,610
Retail Other
$201,784
Sporting Goods
$31,732
Online Retailers
$42,857
Retail Home
Occupation
$122
• Overall, May 2021 accommodations services were up 730.8%, short-term rentals were up 834.5% and
hotels and lodges were up 680.0%.
$108,232
$32,753
$17,957
$8,789
$140,064
$82,137
$0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
Retail 107,231.99 112,340.48 ‐4.55%
Lodging 32,400.60 12,165.13 166.34%
F & B 40,863.37 17,025.59 140.01%
Other 5,940.74 2,388.79 148.69%
Total 186,436.70 143,919.99 29.54%
Retail 20,401.26 5,743.40 255.21%
Lodging 32,383.05 1,719.50 1783.29%
F & B 23,903.13 5,763.82 314.71%
Other 229.89 ‐ 0.00%
Total 76,917.33 13,226.72 481.53%
Retail 234,469.53 152,153.31 54.10%
Lodging 103,594.11 600.93 17138.87%
F & B 1,070.70 238.64 348.67%
Other 120,917.10 100,959.82 19.77%
Total 460,051.45 253,952.70 81.16%
Retail 121,447.24 52,377.73 131.87%
Lodging 53,823.38 12,261.07 338.98%
F & B 143,531.63 25,944.23 453.23%
Other 1,292.05 1,098.80 17.59%
Total 320,094.30 91,681.84 249.14%
Retail 483,550.02 322,614.92 49.88%
Lodging 222,201.13 26,746.64 730.76%
F & B 209,368.83 48,972.28 327.53%
Other 128,379.78 104,447.41 22.91%
Total 1,043,499.77 502,781.25 107.55%
Retail Apparel 66,720.21 18,643.85 257.87%
Retail Food 86,214.42 85,391.97 0.96%
Retail Gallery 8,539.33 1,131.72 654.55%
Retail Gift 1,237.53 209.87 489.67%
Retail Home Occupation 122.35 186.90 ‐34.54%
Retail Jewelry 20,732.91 7,399.50 180.19%
Retail Liquor 23,609.98 27,718.54 ‐14.82%
Retail Other 201,784.34 151,590.27 33.11%
Retail Sport 31,731.68 17,164.87 84.86%
Retail Online Retailer 42,857.26 13,177.43 225.23%
Total 483,550.02 322,614.92 49.88%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
May Sales Tax
2021 Collections 2020 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary