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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 2 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 3 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. 4 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 5 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)%. 6 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. 7 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 9 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 10 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. 11 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 12 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 13