HomeMy WebLinkAbout08. November Revenue Update TOWN OF VAIL
REVENUE UPDATE
November 2, 2021
Sales Tax
Upon receipt of all sales tax returns, September collections are estimated to be
$2,303,072 up 30.3% from last year and flat compared to amended budget
(adjusted in tonight’s 3rd budget supplemental). September collections were the
highest total September collections on record and exceeded 2019 collections by
43.9% and 2018 collections by 49.5%. Year to date collections of $25,034,833 are
up 35.0% from 2020 and up 10.8% from 2019. Compared to amended budget,
year to date collections are up 0.8%. Inflation as measured by the consumer price
index was up 5.4% for September. The annual amended budget totals $31.4
million.
Real Estate Transfer Tax (RETT)
RETT collections through October 26 total $9,854,432 up 24.1% from this time last
year and up 85.1% from this time in 2019. The 2021 amended RETT budget totals
$10,500,000.
Construction Use Tax
Use Tax collections through October 26 total $3,399,546 compared to $1,897,133
from this time last year. The 2021 amended budget totals $3,450,000. 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 $66.8 million is up 1.1% from
amended budget and 30.6% from prior year. In comparing to the town’s last
“normal” fiscal year, 2021 revenue is also up 24.4% from 2019. Reasons for the
increase include grant funding as well as growth in real estate transfer tax,
property tax collections, sales tax, daily parking sales during January through
April, and construction activities.
1
2021Budget % change % change % change 20162017201820192020Amended BudgetVariance from 2020 from 2019 from BudgetJanuary 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,415,867$ 15,867$ -16.20% -16.28% 0.47%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% -10.91% 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% 2.84% -0.27%April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,745,62395,623 308.32% 20.80% 5.80%May654,462 659,475 830,193 763,756 503,828 965,000 1,052,87987,879 108.98% 37.86% 9.11%June1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 2,140,000 2,143,0333,033 109.38% 33.38% 0.14%July2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 3,480,000 3,481,7301,730 67.02% 40.38% 0.05%August1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 2,850,000 2,848,642(1,358) 33.19% 27.34% -0.05%September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 2,300,000 2,303,0723,072 30.31% 43.93% 0.13%YTD Total20,026,620$ 19,961,508$ 21,444,046$ 22,588,030$ 18,551,034$ 24,835,000$ 25,034,833$ 199,833$ 34.95% 10.83% 0.80%October906,385 936,954 1,106,596 1,165,176 1,371,727 1,270,000 November989,320 997,716 1,264,600 1,260,314 1,425,461 1,345,000 December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,940,000 Total25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 31,390,000$ 25,034,833$ Actual CollectionsCollected Sales TaxNovember 2, 2021Town of Vail Revenue UpdateSALES TAX2021 Budget Comparison2
Through September 30
September Sales Tax Collections by Year
Through September 30
Town of Vail Revenue Update
November 2, 2021
YTD Sales Tax Collections by Year
$19,961,508
$21,444,046
$22,588,030
$18,551,034
$25,034,833
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2017
2018
2019
2020
2021
• YTD collections of $25.0M are up 35.0% from prior year and up 0.8% from amended budget.
YTD collections are up 10.8% from this time in 2019.
• Inflation as measured by the consumer price index was up 5.4% in September.
• The 2021 amended sales tax budget totals $31.4M.
$1,385,462
$1,540,490
$1,600,100
$1,767,393
$2,303,072
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2017
2018
2019
2020
2021
• September collections of $2.3M are up 30.3% from prior year and up 0.1% from amended
budget. September collections are up 43.9% from 2019.
• Collections for the month set the record for the single highest September collections.
3
Construction Use Tax by Year
YTD Through October
YTD Through October
Town of Vail Revenue Update
November 2, 2021
Real Estate Transfer Tax by Year
$1,664,202
$3,843,931
$2,378,984
$1,897,133
$3,399,546
$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
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through October 26 total $9,854,432 up 24.1% 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
$9,000,000
$10,000,000
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
$5,225,139
$6,009,001
$5,323,469
$7,942,576
$9,854,432
• Use Tax collections through October 26 total $3,399,546 compared to $1,897,133 from this time
last year. This is an increase of 79.2%
4
Vail Business Review
August 2021
November 2, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of August.
Overall, August sales tax increased 33.2% with retail increasing 7.7%, lodging
increased 76.9%, food and beverage increased 36.3%, and utilities/other increased by
24.5%. Excluding the out of town category; sales tax for the month of August was up
27.8%.
Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets are
available on the internet at www.vailgov.com. You can subscribe to have the Vail
Business Review and the sales tax worksheet e-mailed to you automatically from
www.vailgov.com.
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
August Tax Collections By Year
August 2021 Sales Tax
August 2020August 2021
Sales Tax Collections by Business Type
Retail
$1,021,440 Lodging
$951,609
Food &
Beverage
$732,299
Utilities &
Other
$143,180
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
7.7%36.3%
24.5%
RLFU
-$8,000,000
$12,000,000
$1,866,129
$2,197,957
$2,247,610
$2,138,642
$2,848,528
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2017
2018
2019
2020
2021
76.9%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
•Overall, 2021 August sales tax collections were up 33.2% from the prior year and up 26.7% from
2019.
• August 2021 retail sales increased 7.7%, lodging increased 76.9%, food and beverage increased
36.3% and utilities and other increased 24.5%.
Retail
$948,460
Lodging
$537,840
Food &
Beverage
$537,379
Utilities &
Other
$114,964
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
6
Town of Vail Business Review
August 2021 Sales Tax
August 2020August 2021
Geographic Area Trends by Year
August Sales Tax
Sales Tax by Location
Other
Areas
16%
Lionshead
13%
Out of
Town
24%
Vail Village
47%
Other
Areas
16%
Lionshead
14%
Out of
Town
21%
Vail Village
49%
• Vail Village sales tax increased 27.5%, Lionshead increased 24.1%, Other Areas increased
32.0%, and Out of Town increased 53.2%. Excluding Out of Town collections, all areas were up
27.8%.
•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.
$258,077 $369,953 $413,577 $342,683
$452,275
$367,100
$398,282 $415,167
$300,388
$372,782
$245,662 $316,541 $338,152
$453,836
$695,120
$995,290
$1,113,181 $1,080,714 $1,041,735
$1,328,352
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
2017 2018 2019 2020 2021Other Areas Lionshead Out of Town Vail Village
• This chart shows August sales tax collections, by geographic area over time.
7
Retail Business Sales Tax Detail
August 2021 Sales Tax
Town of Vail Business Review
August Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$218,499
Grocery
$203,100
Gallery
$9,334
Gifts
$7,982
Jewelry
$53,631
Retail Liquor
$52,044
Retail Other
$286,901
Sporting Goods
$130,261
Online Retailers
$59,410
Retail Home
Occupation
$277
• Overall, August 2021 accommodations services were up 76.9%, short-term rentals were up 121.2% and
hotels and lodges were up 63.0%.
$549,037
$115,502
$409,437
$128,403
$667,549
$284,061
$0 $250,000 $500,000 $750,000
Hotel and Lodges
Short-Term Rentals 2021 2020 2019
8