HomeMy WebLinkAbout03. May Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
May 4, 2021
Sales Tax
Upon receipt of all sales tax returns, March collections are estimated to be
$4,311,665 up 92.2% from last year and up 47.4% compared to budget. March
collections were the highest total on record for a single month and exceeded March
2019 collections by 1.7%. Year to date collections of $11,373,185 are up 7.2%
from 2020 but down 8.7% from 2019. Compared to budget, year to date collections
are up 23.3%. Inflation as measured by the consumer price index was up 2.6% for
March. The annual budget totals $22.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through April 26 total $2,955,008 up 65.0% 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 April 26 total $1,129,241 compared to $370,942 from
this time last year. The 2021 annual budget totals $2,250,000.
Lift Tax
Lift tax collections for the 2020/2021 ski season total $4,651,090 up 16.9% or
$671,343 from this time last year.
Parking Revenue
Season to date:
Pass sales from November through April total $1,157,629 down $(609,964) or
(34.5)% 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 exceeded $5 million for the first time with
record breaking collections for the 2020/2021 ski season. Daily sales collections
for November through April totaled approximately $5,203,566, up $1,664,834, or
47.0% from this time last year and up $386,480, or 8.0% from the 2018/2019 ski
season.
Summary
Across all funds, year-to-date total revenue of $30.2 million is up 24.7% from
budget and up 20.1% from prior year. The positive variance from budget is due
largely from higher than anticipated sales, use, lift, and real estate transfer taxes.
2021 Budget % change % change
2016 2017 2018 2019 2020 Budget Variance from 2020 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,375,000$ 3,396,872$ 21,872$ -16.66% 0.65%
February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 2,925,000 3,664,648 739,648$ -14.49% 25.29%
March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 2,925,000 4,311,665 1,386,665 92.18% 47.41%
YTD Total 11,710,800$ 11,060,211$ 11,583,846$ 12,455,014$ 10,605,296$ 9,225,000$ 11,373,185$ 2,148,185$ 7.24% 23.29%
April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 900,000
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 1,023,517 1,350,000
July 2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 2,025,000
August 1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 1,800,000
September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 1,350,000
October 906,385 936,954 1,106,596 1,165,176 1,371,727 900,000
November 989,320 997,716 1,264,600 1,260,314 1,425,461 900,000
December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,375,000
Total 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 22,500,000$ 11,373,185$
Actual Collections Collected
Sales Tax
May 4, 2021
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
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March Sales Tax Collections by Year
Through March 31st
Town of Vail Revenue Update
May 4, 2021
YTD Sales Tax Collections by Year
Through March 31st
$11,060,211
$11,583,846
$12,455,014
$10,605,296
$11,373,185
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000
2017
2018
2019
2020
2021
• YTD collections of $11,373,185 are up 7.2% from prior year and up 23.3% from budget.
• Inflation as measured by the consumer price index was up 2.6% in March.
• The 2021 sales tax budget totals $22.5M.
$3,642,407
$4,167,880
$4,237,933
$2,243,518
$4,311,665
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000
2017
2018
2019
2020
2021
• March collections of $4,311,665 are up 92.2% from prior year and up 47.4% from budget.
• March collections set a single-month record for all-time high sales tax collections.
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YTD Through April
Town of Vail Revenue Update
May 4, 2021
Paid Parking Revenue - Through End of Ski Season
Real Estate Transfer Tax by Year
$4,816,611
$3,538,732
$5,203,566
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2018/19
2019/20
2020/21
• Daily sales from the parking structures from November 2020 through April 2021 total $5,203,566,
up $1,664,834, or 47.0% from the prior winter.
• Due to the Covid-19 pandemic, paid parking stopped on March 14 during 2019/20 season.
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through April 26 total $2,955,008 up 65.0% from the prior year.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
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
$2,064,903 $2,029,854 $2,030,090
$1,791,330
$2,955,008
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YTD Through April
Construction Use Tax by Year
Town of Vail Revenue Update
May 4, 2021
$278,509
$675,314
$578,721
$370,942
$1,129,241
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
2017 2018 2019 2020 2021
• Use Tax collections through April 26 are $1,129,241, compared to $370,942 from this time last
year. This is an increase of 204.4%
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Vail Business Review
February 2021
May 4, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of January.
Overall, January sales tax decreased (14.5)% with retail increasing 1.1%, lodging
decreased (21.0)%, food and beverage decreased (22.2)%, and utilities/other
decreased by (15.9)%. Excluding the out of town category; sales tax for the month of
decreased (27.9)%.
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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February 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
February Tax Collections By Year
February 2021 Sales Tax
February 2020
Retail
$1,271,290
Lodging
$1,464,064
Food &
Beverage
$726,490
Utilities &
Other
$202,748
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
1.1%(22.2)%
(15.9)%
RLFU
-$8,000,000
$12,000,000
$3,694,225
$3,818,439
$4,136,164
$4,285,628
$3,664,592
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
2017
2018
2019
2020
2021
(21.0)%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 February sales tax collections were down (14.5)% from the prior year.
• February 2021 retail sales increased 1.1%, lodging decreased (21.0)%, food and beverage
decreased (22.2)% and utilities and other decreased (15.9)%.
Retail
$1,257,092
Lodging
$1,854,213
Food &
Beverage
$933,140
Utilities &
Other
$241,182
$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
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Geographic Area Trends by Year
February Sales Tax
Sales Tax by Location
Town of Vail Business Review
February 2021 Sales Tax
February 2020February 2021
Other
Areas
15%
Lionshead
18%
Out of
Town
24%
Vail Village
43%
Other
Areas
15%
Lionshead
25%
Out of
Town
9%
Vail Village
51%
• Vail Village sales tax decreased (27.8)%, Lionshead decreased (38.2)%, Other Areas decreased
(13.5)%, and Out of Town increased 117.0%. Excluding Out of Town collections, all areas were
down (27.9)%.
• 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.
$403,999
$343,321
$666,736 $625,538
$541,017
$982,125 $993,931 $1,056,371 $1,091,279
$674,349
$336,744
$544,971
$355,760 $396,174
$859,628
$1,971,358 $1,936,215 $2,057,297
$2,172,636
$1,589,597
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows February sales tax collections, by geographic area over time.
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February Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
February 2021 Sales Tax
Town of Vail Business Review
Apparel
$241,078
Grocery
$202,622
Gallery
$8,695
Gifts
$5,229
Jewelry
$32,354
Retail Liquor
$74,757
Retail Other
$290,036
Sporting Goods
$416,209
Retail Home
Occupation
$309
• Overall, February 2021 accommodations services were down (21.0)%, short-term rentals were up
14.3% and hotels and lodges were down (29.6)%.
$1,477,966
$339,586
$1,493,762
$360,451
$1,051,925
$412,139
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000
Hotels/Lodges
Short-Term Rentals 2021 2020 2019
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Retail 250,683.46 230,703.11 8.66%
Lodging 218,886.92 307,965.96 -28.92%
F & B 66,152.30 78,629.28 -15.87%
Other 5,294.71 8,240.12 -35.74%
Total 541,017.39 625,538.47 -13.51%
Retail 218,486.85 262,076.89 -16.63%
Lodging 323,397.29 651,529.99 -50.36%
F & B 131,469.90 173,469.80 -24.21%
Other 995.29 4,202.29 -76.32%
Total 674,349.33 1,091,278.97 -38.21%
Retail 244,178.15 201,087.79 21.43%
Lodging 440,695.91 5,689.96 7645.15%
F & B 1,314.41 1,450.23 -9.37%
Other 173,439.32 187,946.34 -7.72%
Total 859,627.79 396,174.32 116.98%
Retail 557,941.57 563,224.69 -0.94%
Lodging 481,083.63 889,027.09 -45.89%
F & B 527,553.39 679,590.32 -22.37%
Other 23,018.59 40,793.69 -43.57%
Total 1,589,597.18 2,172,635.79 -26.84%
Retail 1,271,290.03 1,257,092.47 1.13%
Lodging 1,464,063.75 1,854,213.00 -21.04%
F & B 726,490.00 933,139.63 -22.15%
Other 202,747.91 241,182.44 -15.94%
Total 3,664,591.69 4,285,627.54 -14.49%
Retail Apparel 241,077.88 205,832.99 17.12%
Retail Food 202,622.16 183,477.35 10.43%
Retail Gallery 8,695.36 5,572.05 56.05%
Retail Gift 5,229.47 4,351.36 20.18%
Retail Home Occupation 308.56 63.82 383.49%
Retail Jewelry 32,354.09 25,474.47 27.01%
Retail Liquor 74,757.33 68,307.55 9.44%
Retail Other 290,036.42 260,043.67 11.53%
Retail Sport 416,208.76 503,969.22 -17.41%
Total 1,271,290.03 1,257,092.47 1.13%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
February Sales Tax
2021 Collections 2020 Collections YoY % Change
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