Loading...
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 5 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 6 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. 7 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. 11 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