HomeMy WebLinkAbout05. March Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
March 2, 2021
Sales Tax
Upon receipt of all sales tax returns, January collections are estimated to be
$3,211,435 down (21.2)% from last year and down (4.9)% compared to budget.
Inflation as measured by the consumer price index was up 1.4% for January. The
annual budget totals $22.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through February 24th total $565,339 down (39.6)% 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 February 24 total $277,512 compared to $178,354
from this time last year. The 2021 annual budget totals $2,250,000.
Lift Tax
Lift tax collections for the 2020/2021 ski season through January 31 total
$2,248,732 up 1.2% or $27,225 from this time last year.
Parking Revenue
Season to date:
Pass sales from November through February 24 total $1,093,294 down $(655,953)
or (37.5)% from prior winter season. The majority of the decrease in pass sales is
due to fewer purchases of blue passes and lower prepaid revenue on value
passes.
Daily sales from the parking structures from November through February 22 total
approximately $3,398,825, up $315,027, or 10.2% from this time last year.
Budget % change % change
2016 2017 2018 2019 2020 2021 Budget Variance from 2020 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,375,000$ 3,211,435$ (163,565)$ -21.21% -4.85%
YTD Total 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,375,000$ 3,211,435$ (163,565)$ -21.21% -4.85%
February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 2,925,000
March 4,225,921 3,642,407 4,167,880 4,237,933 2,242,737 2,925,000
April 1,089,749 1,386,780 1,233,474 1,445,071 427,361 900,000
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 1,023,135 1,350,000
July 2,053,773 2,215,649 2,412,425 2,480,292 2,081,354 2,025,000
August 1,849,815 1,863,949 2,195,175 2,237,050 2,135,463 1,800,000
September 1,349,929 1,385,462 1,540,490 1,600,100 1,764,039 1,350,000
October 906,385 936,954 1,106,596 1,165,176 1,369,575 900,000
November 989,320 997,716 1,264,600 1,260,314 1,423,224 900,000
December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,038 3,375,000
Total 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,957,531$ 22,500,000$ 3,211,435$
Actual Collections Collected
Sales Tax
March 2, 2021
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
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Real Estate Transfer Tax by Year
YTD Through February
Town of Vail Revenue Update
March 2, 2021
January Sales Tax Collections by Year
Through January 31st
$3,725,212
$3,597,610
$4,079,994
$4,076,145
$3,211,435
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
2017
2018
2019
2020
2021
• January collections of $3,211,435 are down (21.2)% from prior year and down (4.9)% from
amended budget.
• Inflation as measured by the consumer price index was up 1.4% January.
• The 2021 sales tax budget totals $22.5M.
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through February 24 total $565,339 down (39.6)% from the prior year.
$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 2021
Sales Less Than $2.5 Million Sales $2.5 to $5.0 Million Sales $5 to $10 Million Sales Over $10 Million
$815,176
$514,918
$736,965
$935,641
$565,339
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Paid Parking Revenue - Ski Season through February 22
Town of Vail Revenue Update
March 2, 2021
Construction Use Tax by Year
YTD Through January
$85,955
$155,970
$123,087
$178,354
$277,512
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
2017 2018 2019 2020 2021
• Use Tax collections through February 24 total $277,512 compared to $178,354 from this time last
year. This is an increase of 55.6%
$3,330,375
$3,083,798
$3,398,825
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000
2018/19
2019/20
2020/21
• Daily sales from the parking structures from November 2020 through February 22, 2021 total $3,398,825,
up $315,027, or 10.2% from the prior winter.
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Vail Business Review
December 2020
March 2, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of December and the year.
Overall, December sales tax decreased (14.9)% with retail decreasing (6.3)%, lodging
decreased (20.0)%, food and beverage decreased (23.7)%, and utilities/other
decreased by (9.0)%. Excluding the out of town category; sales tax for the month of
decreased (28.4)%.
The year resulted in a (14.9)% decrease overall with retail decreasing (4.7)%, lodging
decreased (20.5)%, food and beverage decreased (24.0)%, and utilities/other
decreased by (6.8)%. Excluding the out of town category; sales tax for 2020 was down
(20.6)%.
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
December Tax Collections by Year
December 2020 Sales Tax
December 2019December 2020
Sales Tax Collections by Business Type
Retail
$1,527,091
Lodging
$1,273,534
Food &
Beverage
$619,444
Utilities &
Other
$204,969
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
(6.3)%(23.7)%
(9.0)%
Retail
$1,630,230
Lodging
$1,592,400
Food &
Beverage
$811,613
Utilities &
Other
$225,147
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
$3,848,749
$3,723,836
$4,079,221
$4,259,390
$3,625,038
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
2016
2017
2018
2019
2020
(20.0)%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, December 2020 sales tax collections were down (14.9)% from prior year.
• The sales tax budget for 2020 totals $22.5M, compared to $29.3M actual collections in 2019.
• December retail sales decreased (6.3)%, lodging decreased (20.0)%, food and beverage decreased
(23.7)% and utilities and other decreased (9.0)%.
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Town of Vail Business Review
December 2020 Sales Tax
December 2019 December 2020
Geographic Area Trends by Year
December Sales Tax
Sales Tax by Location
Other
Areas
16%
Lionshead
17%
Out of
Town
25%
Vail Village
42%
Other
Areas
14%
Lionshead
22%
Out of
Town
11%
Vail Village
52%
• Vail Village sales tax decreased (31.8)%, Lionshead decreased (36.3)%, Other Areas decreased
(3.7)%, and Out of Town increased 98.1%. Excluding Out of Town collections, all areas were down
(28.4)%.
• 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.
$470,958 $527,165 $623,360 $612,640
$589,724
$934,451 $860,032 $904,781 $955,073
$608,226
$347,005 $324,198 $434,356 $455,386
$902,233
$2,096,335 $2,012,442 $2,116,724
$2,236,291
$1,524,855
$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
$2,200,000
$2,400,000
2016 2017 2018 2019 2020
Other Areas Lionshead Out of Town Vail Village
• This chart shows December sales tax collections, by geographic area over time.
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Retail Business Sales Tax Detail - December 2020 Sales Tax
December 2020 Sales Tax
Town of Vail Business Review
December Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$244,865
Grocery
$286,331
Gallery
$7,237
Gifts
$9,216
Jewelry
$59,694Retail Liquor
$85,670
Retail Other
$399,614
Sporting Goods
$434,314
Retail Home
Occupation
$151
• Overall, December accommodations services were down (20.0)%, short-term rentals were up 40.0% and
hotels and lodges were down (31.9)%.
$1,252,295
$232,627
$1,328,515
$263,886
$904,191
$369,343
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
Hotels/Lodges
Short-Term Rentals 2020 2019 2018
8
Retail 355,820.02 302,479.37 17.63%
Lodging 174,992.93 234,719.38 -25.45%
F & B 53,554.88 66,045.11 -18.91%
Other 5,356.56 9,396.16 -42.99%
Total 589,724.39 612,640.02 -3.74%
Retail 191,291.62 262,696.04 -27.18%
Lodging 301,730.01 555,320.08 -45.67%
F & B 112,391.95 134,784.58 -16.61%
Other 2,811.98 2,271.80 23.78%
Total 608,225.56 955,072.50 -36.32%
Retail 353,352.43 274,851.86 28.56%
Lodging 371,885.22 2,097.37 17631.03%
F & B 1,931.91 1,759.72 9.78%
Other 175,063.01 176,677.52 -0.91%
Total 902,232.57 455,386.47 97.41%
Retail 626,627.36 790,202.68 -20.70%
Lodging 424,926.05 800,263.48 -46.90%
F & B 451,564.76 609,023.52 -25.85%
Other 21,737.22 36,801.30 -40.93%
Total 1,524,855.38 2,236,290.98 -31.81%
Retail 1,527,091.42 1,630,229.94 -6.33%
Lodging 1,273,534.21 1,592,400.31 -20.02%
F & B 619,443.50 811,612.93 -23.68%
Other 204,968.77 225,146.79 -8.96%
Total 3,625,037.90 4,259,389.97 -14.89%
Retail Apparel 244,865.00 263,383.89 -7.03%
Retail Food 286,330.65 241,240.60 18.69%
Retail Gallery 7,237.31 6,661.26 8.65%
Retail Gift 9,216.24 10,066.24 -8.44%
Retail Home Occupation 151.01 100.74 49.90%
Retail Jewelry 59,694.03 68,136.79 -12.39%
Retail Liquor 85,669.59 79,360.06 7.95%
Retail Other 399,613.64 360,593.28 10.82%
Retail Sport 434,313.95 600,687.08 -27.70%
Total 1,527,091.42 1,630,229.94 -6.33%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
December 2020 Sales Tax
December 2020
Collections
December 2019
Collections December % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
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Town of Vail Business Review
Annual Tax Collections By Year
2020 Sales Tax
20192020
Sales Tax Collections by Business Type
Retail
$9,757,008
Lodging
$8,135,173
Food &
Beverage
$5,225,692
Utilities &
Other
$1,839,657
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
(4.7)%(24.0)%
(6.8)%
RLFU
-$8,000,000
$12,000,000
$25,787,800
$25,641,192
$27,913,644
$29,309,305
$24,957,531
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
2016
2017
2018
2019
2020
(20.5)%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales.
• Overall, 2020 sales tax collections were down (14.9)% from the prior year.
• 2020 retail sales decreased (4.7)%, lodging decreased (20.5)%, food and beverage decreased
(24.0)% and utilities and other decreased (6.8)%.
Retail …Lodging
$10,228,834
Food &
Beverage
$6,872,321
Utilities &
Other
$1,974,492
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
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Town of Vail Business Review
2020 Sales Tax
2019 2020
Geographic Area Trends by Year
Annual Sales Tax
Sales Tax by Location
Other
Areas
17%
Lionshead
18%
Out of
Town
20%
Vail Village
45%
Other
Areas
16%
Lionshead
21%
Out of
Town
14%
Vail Village
48%
• Vail Village sales tax decreased (20.0)%, Lionshead decreased (27.6)%, Other Areas decreased
(13.3)%, and Out of Town increased 19.7%. Excluding Out of Town collections, all areas were
down (20.6)%.
• 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.
$3,864,103 $3,361,003 $4,453,507 $4,814,516
$4,176,277
$5,625,287 $5,678,721 $5,761,435 $6,185,649
$4,476,165
$3,376,637 $3,198,663 $3,934,062 $4,187,474
$5,012,483
$12,921,772 $13,402,805 $13,764,640
$14,121,666
$11,292,606
$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
2016 2017 2018 2019 2020Other Areas Lionshead Out of Town Vail Village
• This chart shows annual sales tax collections, by geographic area over time.
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Retail Business Sales Tax Detail - 2020 Sales Tax
2020 Sales Tax
Town of Vail Business Review
Annual Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$1,553,366
Grocery
$1,826,465
Gallery
$230,665
Gifts
$49,321
Jewelry
$292,715Retail Liquor
$592,513
Retail Other
$2,970,978
Sporting Goods
$2,239,476
Retail Home
Occupation
$1,510
• Overall, 2020 accommodations services were down (20.5)%, short-term rentals were up 4.7% and
hotels and lodges were down (26.3)%.
$7,871,187
$1,671,481
$8,310,470
$1,918,364
$6,125,791
$2,009,382
$0 $1,500,000 $3,000,000 $4,500,000 $6,000,000 $7,500,000 $9,000,000
Hotels/Lodges
Short-Term Rentals 2020 2019 2018
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Retail 2,220,761.27 2,028,080.70 9.50%
Lodging 1,337,537.92 1,838,255.80 -27.24%
F & B 556,004.01 842,901.30 -34.04%
Other 61,973.36 105,277.71 -41.13%
Total 4,176,276.56 4,814,515.51 -13.26%
Retail 1,129,124.27 1,483,071.08 -23.87%
Lodging 2,475,902.35 3,492,740.95 -29.11%
F & B 855,753.74 1,188,117.11 -27.97%
Other 15,384.71 21,719.43 -29.17%
Total 4,476,165.07 6,185,648.57 -27.64%
Retail 2,723,901.57 2,448,751.23 11.24%
Lodging 675,485.17 61,665.12 995.41%
F & B 12,488.85 14,322.78 -12.80%
Other 1,600,607.22 1,662,735.04 -3.74%
Total 5,012,482.81 4,187,474.17 19.70%
Retail 3,683,220.93 4,273,755.02 -13.82%
Lodging 3,646,248.04 4,836,171.64 -24.60%
F & B 3,801,445.36 4,826,979.39 -21.25%
Other 161,692.08 184,760.31 -12.49%
Total 11,292,606.41 14,121,666.36 -20.03%
Retail 9,757,008.04 10,233,658.03 -4.66%
Lodging 8,135,173.48 10,228,833.52 -20.47%
F & B 5,225,691.96 6,872,320.58 -23.96%
Other 1,839,657.37 1,974,492.49 -6.83%
Total 24,957,530.85 29,309,304.62 -14.85%
Retail Apparel 1,553,366.36 1,706,325.66 -8.96%
Retail Food 1,826,464.54 1,707,351.89 6.98%
Retail Gallery 230,664.88 55,772.56 313.58%
Retail Gift 49,321.47 61,442.12 -19.73%
Retail Home Occupation 1,509.64 1,402.12 7.67%
Retail Jewelry 292,714.52 291,154.45 0.54%
Retail Liquor 592,512.88 557,102.94 6.36%
Retail Other 2,970,977.64 2,992,548.60 -0.72%
Retail Sport 2,239,476.11 2,860,557.70 -21.71%
Total 9,757,008.04 10,233,658.03 -4.66%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
2020 Sales Tax
2020 Collections 2019 Collections YoY % Change
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