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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 2 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. 3 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 4 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% 5 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 6 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 7 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. 8 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 9 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 10