HomeMy WebLinkAbout01. 210907_Revenue_Update TOWN OF VAIL
REVENUE UPDATE
September 7, 2021
Sales Tax
Upon receipt of all sales tax returns, July collections are estimated to be
$3,393,395 up 62.8% from last year and up 61.6% compared to amended budget.
July collections were the highest total July collections on record and exceeded
2019 collections by 36.8% and 2018 collections by 40.7%. Year to date collections
of $19,779,097 are up 35.1% from 2020 and up 5.5% from 2019. Compared to
amended budget, year to date collections are up 15.2%. Inflation as measured by
the consumer price index was up 4.3% for July. The annual amended budget
totals $27.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through August 31 total $7,560,360 up 56.4% from this time last
year and up 101.0% 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 August 31 total $3,001,047 compared to $1,078,585
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 $57.2 million is up 16.6% from
amended budget and up 43.2% from prior year. 2021 revenue is up 24.7% from
2019 due to an increase in grant funding, real estate transfer tax, property tax
collections, sales tax, daily parking sales during January through April, and
construction activities.
1
2021 Budget % change % change
2016 2017 2018 2019 2020 Amended Budget Variance from 2020 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,415,647$ 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 4,358,410 (11,590) 94.27% -0.27%
April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,742,018 92,018 307.47% 5.58%
May 654,462 659,475 830,193 763,756 503,828 965,000 1,048,591 83,591 108.12% 8.66%
June 1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 1,000,000 2,135,458 1,135,458 108.64% 113.55%
July 2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 2,100,000 3,393,395 1,293,395 62.78% 61.59%
YTD Total 16,826,876$ 16,712,097$ 17,708,381$ 18,750,881$ 14,644,803$ 17,165,000$ 19,779,097$ 2,614,097$ 35.06% 15.23%
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$ 19,779,097$
Actual Collections
Collected Sales Tax
September 7, 2021
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
2
Through July 31
July Sales Tax Collections by Year
Through July 31
Town of Vail Revenue Update
September 7, 2021
YTD Sales Tax Collections by Year
$16,712,097
$17,708,381
$18,750,881
$14,644,803
$19,779,097
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2017
2018
2019
2020
2021
• YTD collections of $19.8M are up 35.1% from prior year and up 15.2% from amended budget.
YTD collections are up 5.5% from this time in 2019.
• Inflation as measured by the consumer price index was up 4.3% in July.
• The 2021 amended sales tax budget totals $27.5M.
$2,215,649
$2,412,425
$2,480,292
$2,084,644
$3,393,395
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000
2017
2018
2019
2020
2021
• July collections of $3.4M are up 62.8% from prior year and up 61.6% from amended budget. July
collections are up 36.8% from 2019.
• Collections for the month set the record for the single highest July collections.
3
Construction Use Tax by Year
YTD Through August
YTD Through August
Town of Vail Revenue Update
September 7, 2021
Real Estate Transfer Tax by Year
$1,169,230
$3,373,368
$2,029,397
$1,078,585
$3,001,047
$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
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through August 31 total $7,560,360 up 56.4% 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
$8,000,000
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
$4,429,483
$4,770,117
$3,761,157
$4,835,382
$7,560,360
• Use Tax collections through August total $3,001,047 compared to $1,078,585 from this time last
year. This is an increase of 178.2%
4
Vail Business Review
June 2021
September 7, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of June and year to date through the second quarter of 2021.
Overall, June sales tax increased 109.1% with retail increasing 69.0%, lodging
increased 228.8%, food and beverage increased 129.7%, and utilities/other increased
by 27.6%. Excluding the out of town category; sales tax for the month of increased
96.0%.
Year to date through the second quarter of 2021 resulted in a 30.4% increase overall
with retail increasing 38.3%, lodging increased 27.9%, food and beverage increased
33.1%, and utilities/other increased by 1.8%. Excluding the out of town category; Year
to date sales tax for 2021 were up 13.4%.
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
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Town of Vail Business Review
June Tax Collections By Year
June 2021 Sales Tax
June 2020June 2021
Sales Tax Collections by Business Type
Retail
$839,969
Lodging
$640,875 Food &
Beverage
$527,880
Utilities &
Other
$127,285
-$50,000
$100,000
$250,000
$400,000
$550,000
$700,000
$850,000
$1,000,000
69.0%
129.7%
27.6%
RLFU
-$8,000,000
$12,000,000
$1,390,656
$1,650,119
$1,606,749
$1,021,556
$2,136,011
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2017
2018
2019
2020
2021
228.8%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 June sales tax collections were up 109.1% from the prior year and up 32.9% from
• June 2021 retail sales increased 69.0%, lodging increased 228.8%, food and beverage increased
129.7% and utilities and other increased 27.6%.
Retail
$497,101
Lodging
$194,904
Food &
Beverage
$229,822 Utilities &
Other
$99,729
-$50,000
$100,000
$250,000
$400,000
$550,000
$700,000
$850,000
$1,000,000
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Town of Vail Business Review
June 2021 Sales Tax
June 2020June 2021
Geographic Area Trends by Year
June Sales Tax
Sales Tax by Location
Other
Areas
15%
Lionshead
12%
Out of
Town
31%
Vail Village
42%
Other
Are…
Lionshead
15%
Out of
Town
26%
Vail Village
40%
• Vail Village sales tax increased 119.0%, Lionshead increased 65.6%, Other Areas increased
70.8%, and Out of Town increased 146.3%. Excluding Out of Town collections, all areas were up
96.0%.
• 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.
$208,613
$336,377 $313,539
$192,770
$329,188
$238,367
$266,213 $271,882
$151,099
$250,233
$252,299
$277,085 $285,251
$265,656
$654,236$691,378
$770,444 $736,077
$412,031
$902,353
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
2017 2018 2019 2020 2021Other Areas Lionshead Out of Town Vail Village
• This chart shows June sales tax collections, by geographic area over time.
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Retail Business Sales Tax Detail
June 2021 Sales Tax
Town of Vail Business Review
June Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$167,087
Grocery
$147,933
Gallery
$5,128
Gifts
$5,035
Jewelry
$32,264Retail Liquor
$43,176
Retail Other
$285,986
Sporting Goods
$89,659
Online Retailers
$63,522
Retail Home
Occupation
$178
• Overall, June 2021 accommodations services were up 228.8%, short-term rentals were up 619.9% and
hotels and lodges were up 157.3%.
$359,643
$63,779
$164,785
$30,120
$424,046
$216,830
$0 $100,000 $200,000 $300,000 $400,000 $500,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
8
Retail 154,225.85 135,939.65 13.45%
Lodging 106,183.56 22,143.07 379.53%
F & B 62,447.53 31,893.99 95.80%
Other 6,331.41 2,793.60 126.64%
Total 329,188.35 192,770.31 70.77%
Retail 60,583.09 21,924.31 176.33%
Lodging 97,688.69 100,047.43 -2.36%
F & B 91,305.08 29,065.68 214.13%
Other 656.33 61.73 963.23%
Total 250,233.19 151,099.15 65.61%
Retail 319,200.32 172,324.66 85.23%
Lodging 219,472.96 747.43 29263.55%
F & B 954.58 490.17 94.75%
Other 114,608.37 92,093.86 24.45%
Total 654,236.23 265,656.12 146.27%
Retail 305,959.98 166,912.25 83.31%
Lodging 217,530.16 71,966.38 202.27%
F & B 373,173.23 168,372.40 121.64%
Other 5,689.37 4,779.67 19.03%
Total 902,352.74 412,030.71 119.00%
Retail 839,969.24 497,100.87 68.97%
Lodging 640,875.36 194,904.32 228.82%
F & B 527,880.42 229,822.24 129.69%
Other 127,285.48 99,728.86 27.63%
Total 2,136,010.51 1,021,556.29 109.09%
Retail Apparel 167,087.37 80,601.92 107.30%
Retail Food 147,933.47 108,646.57 36.16%
Retail Gallery 5,128.09 3,102.16 65.31%
Retail Gift 5,034.96 2,482.39 102.83%
Retail Home Occupation 177.75 186.90 -4.89%
Retail Jewelry 32,264.45 22,100.55 45.99%
Retail Liquor 43,176.37 35,277.75 22.39%
Retail Other 285,986.29 179,967.35 58.91%
Retail Sport 89,658.93 47,796.84 87.58%
Retail Online Retailer 63,521.56 16,938.44 275.01%
Total 839,969.24 497,100.87 68.97%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
June Sales Tax
2021 Collections 2020 Collections YoY % Change
9
Town of Vail Business Review
June YTD Tax Collections By Year
June YTD 2021 Sales Tax
June YTD 2020 June YTD 2021
Sales Tax Collections by Business Type
Retail
$5,995,441
Lodging
$5,922,646
Food &
Beverage
$3,403,542
Utilities &
Other
$1,064,072
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
38.3%33.1%
1.8%
RLFU
-$8,000,000
$12,000,000
$14,499,951
$15,305,937
$16,271,056
$12,568,186
$16,385,701
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000
2017
2018
2019
2020
2021
27.9%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 YTD June sales tax collections were up 30.4% from the prior year and up 0.7% from
2019.
• YTD June 2021 retail sales increased 38.3%, lodging increased 27.9%, food and beverage
increased 33.1% and utilities and other increased 1.8%.
Retail
$4,334,726
Lodging
$4,632,633
Food &
Beverage
$2,555,496
Utilities &
Other
$1,045,332
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
10
Town of Vail Business Review
June YTD 2021 Sales Tax
June YTD 2020June YTD 2021
Geographic Area Trends by Year
June YTD Sales Tax
Sales Tax by Location
Other
Areas
15%
Lionshead
16%
Out of
Town
27%
Vail Village
42%
Other
Are…
Lionshead
21%
Out of
Town
16%
Vail Village
46%
• Vail Village sales tax increased 19.6%, Lionshead decreased (1.3)%, Other Areas increased
15.0%, and Out of Town increased 121.6%. Excluding Out of Town collections, all areas were up
13.4%.
• 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.
$1,743,971
$2,300,318 $2,625,976
$2,105,708 $2,422,030
$3,477,190 $3,445,684 $3,748,328
$2,701,616
$2,665,768
$1,697,962 $1,942,952 $2,018,063 $1,974,030
$4,374,165
$7,580,828 $7,616,983 $7,878,689
$5,786,832
$6,923,739
$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
Other Areas Lionshead Out of Town Vail Village
• This chart shows June YTD sales tax collections, by geographic area over time.
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Retail Business Sales Tax Detail
June YTD 2021 Sales Tax
Town of Vail Business Review
June YTD Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$1,103,468
Grocery
$965,151
Gallery
$41,709
Gifts
$28,163
Jewelry
$172,524
Retail Liquor
$332,534
Retail Other
$1,451,074
Sporting Goods
$1,567,025
Online Retailers
$332,423
Retail Home
Occupation
$1,370
• Overall, YTD June 2021 accommodations services were up 27.9%, short-term rentals were up 92.4%
and hotels and lodges were up 9.7%.
$5,072,029
$1,185,063
$3,617,076
$1,015,557
$3,969,271
$1,953,375
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
12
Retail 1,139,540.62 999,823.10 13.97%
Lodging 906,089.09 803,051.70 12.83%
F & B 345,065.73 272,760.95 26.51%
Other 31,334.25 30,072.66 4.20%
Total 2,422,029.69 2,105,708.41 15.02%
Retail 830,847.96 640,847.34 29.65%
Lodging 1,239,936.02 1,607,235.25 -22.85%
F & B 589,318.81 441,187.58 33.58%
Other 5,664.76 12,345.37 -54.11%
Total 2,665,767.55 2,701,615.54 -1.33%
Retail 1,576,686.46 1,052,040.22 49.87%
Lodging 1,844,244.69 19,766.32 9230.24%
F & B 10,449.48 6,082.05 71.81%
Other 942,784.02 896,141.60 5.20%
Total 4,374,164.65 1,974,030.19 121.59%
Retail 2,448,365.87 1,642,014.84 49.11%
Lodging 1,932,376.47 2,202,579.39 -12.27%
F & B 2,458,707.66 1,835,465.24 33.96%
Other 84,289.36 106,772.53 -21.06%
Total 6,923,739.36 5,786,832.00 19.65%
Retail 5,995,440.91 4,334,725.50 38.31%
Lodging 5,922,646.27 4,632,632.66 27.85%
F & B 3,403,541.68 2,555,495.82 33.19%
Other 1,064,072.39 1,045,332.16 1.79%
Total 16,385,701.25 12,568,186.14 30.37%
Retail Apparel 1,103,468.02 621,371.35 77.59%
Retail Food 965,151.09 805,729.63 19.79%
Retail Gallery 41,709.39 22,568.86 84.81%
Retail Gift 28,162.73 14,897.20 89.05%
Retail Home Occupation 1,369.60 752.16 82.09%
Retail Jewelry 172,524.45 91,220.06 89.13%
Retail Liquor 332,533.81 263,825.87 26.04%
Retail Other 1,451,073.88 1,139,275.72 27.37%
Retail Sport 1,567,025.13 1,285,209.38 21.93%
Retail Online Retailer 332,422.81 89,875.44 269.87%
Total 5,995,440.91 4,334,725.66 38.31%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
June YTD Sales Tax
2021 Collections 2020 Collections YoY % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
13