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Home My WebLink About06. February Revenue Updates1 TOWN OF VAIL REVENUE UPDATE February 4, 2020 Sales Tax Upon receipt of all sales tax returns, December collections are estimated to be $4,220,916 up 3.7% from last year and up 7.5% compared to budget. Year to date collections of $29,322,712 are up 5.2% from prior year and up 8.3% from budget. Inflation as measured by the consumer price index was up 2.3% for December. The 2019 annual budget totals $27.1 million. 2020 budget totals $28.5 million, a 2.7% decrease from 2019 year to date collections. Real Estate Transfer Tax (RETT) RETT collections through December 31 total $7,217,631 down 5.6% from the prior year. 2018 was a record year, with annual collections totaling $7.6M, up 21% from 2017. The 2019 amended budget totals $6,500,000. During 2019 there were a total of 10 properties sold over $10 million, 21 properties sold between $5 and $10 million and 51 properties sold between $2.5 and $5 million. These properties accounted for 64% of the total RETT collections. January collections total $559,255. The 2020 RETT budget totals $6,300,000. Construction Use Tax Use Tax collections through December 31 total $2,468,972 compared to $3,689,131 from this time last year. The majority of the variance from prior year is due to use tax collections from Vail Health remodel. The 2019 amended budget totals $2,520,000. January collections total $29,671. The 2020 budget totals $2,220,000. Parking Revenue Season to date: Pass sales from November through January 30th total $1,686,463 up $121,758 or 7.8% from prior winter season. The majority of the increase in pass sales was largely due to purchases by local businesses and increased interest in value passes. 2 Daily sales from the parking structures from November through January 26th total approximately $1,915,027, down $245,294, or 11.4% from the prior winter season. Summary Across all funds, year-to-date total revenue of $74.9 million is up 3.7% from amended budget and down 5.0% from prior year. The majority of the increase from budget is related to sales tax collections whereas the decrease from prior year is related to construction use tax collections, construction related fees, and reimbursements from the Vail Reinvestment Authority for projects within the district. MEMORANDUM February 4, 2020 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: December 2019 Sales Tax Vail will collect an estimated $49,000 in additional December sales tax to bring collections up to $4,220,916. December will be up 3.7% or $150,046 from December 2018 and up 7.5% or $294,316 from budget. Year to date will be up 5.2% or $1,436,600 from 2018 and up 8.3% or $2,242,712 from budget. 2019 2019 YTD Budget % change % change 2014 2015201620172018 Budget CollectionsVariance from 2018 from BudgetJanuary 3,483,245$ 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 3,858,900$ 4,079,744$ 220,844$ 13.40% 5.72%February 3,477,419 3,593,947 3,746,055 3,692,592 3,818,356 3,872,440 4,135,058 262,618 8.29% 6.78%March 3,788,185 4,053,961 4,225,921 3,642,407 4,167,880 4,197,400 4,236,012 38,612 1.63% 0.92%April 1,280,641 1,370,929 1,089,749 1,386,780 1,233,474 1,313,380 1,444,529 131,149 17.11% 9.99%May 607,729 584,454 654,462 659,475 830,193 717,620 763,506 45,886 -8.03% 6.39%June 1,153,247 1,242,400 1,318,092 1,389,982 1,648,443 1,462,320 1,606,469 144,149 -2.55% 9.86%July 1,829,102 1,937,989 2,053,773 2,215,649 2,412,425 2,274,720 2,497,740 223,020 3.54% 9.80%August 1,674,813 1,702,579 1,849,815 1,863,949 2,195,175 2,003,920 2,247,010 243,090 2.36% 12.13%September 1,054,015 1,240,277 1,349,929 1,385,462 1,540,490 1,462,320 1,608,882 146,562 4.44% 10.02%October 752,295 835,649 906,385 936,954 1,106,596 947,800 1,225,291 277,491 10.73% 29.28%November 962,344 997,100 989,320 997,716 1,264,600 1,042,580 1,257,556 214,976 -0.56% 20.62%December 3,818,096 3,885,849 3,840,919 3,695,305 4,070,870 3,926,600 4,220,916 294,316 3.69% 7.50%Total23,881,131$ 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 27,080,000$ 29,322,712$ 2,242,712$ 5.15% 8.28%Actual CollectionsTOWN OF VAILSALES TAX2019 Budget Comparison $22,000,000 $23,000,000 $24,000,000 $25,000,000 $26,000,000 $27,000,000 $28,000,000 $29,000,000 $30,000,0002014 2015 2016 2017 2018 2019Annual Tax Collections $3,600,000 $3,700,000 $3,800,000 $3,900,000 $4,000,000 $4,100,000 $4,200,000 $4,300,0002014 2015 2016 2017 2018 2019December Tax Collections by Year Vail Business Review November 2019 February 4, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of November 2019. Overall November sales tax decreased 0.9% with retail increasing 7.1%, lodging decreased 13.0%, food and beverage decreased 7.0%, and utilities/other increased by 5.9%. Excluding the out of town category; sales tax for the month of November was down 6.1%. Electronic filing and payment of Vail sales tax is now mandatory. Please visit https://vail.munirevs.com 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 Sales Tax Administrator Retail 116,202.24 115,517.11 0.59% Lodging 63,659.91 68,801.56 ‐7.47% F & B 26,638.54 47,501.09 ‐43.92% Other 5,158.16 4,395.58 17.35% Total 211,658.85 236,215.34 ‐10.40% Retail 54,187.81 63,656.99 ‐14.88% Lodging 65,948.34 84,865.29 ‐22.29% F & B 45,143.55 50,852.73 ‐11.23% Other 515.82 783.99 ‐34.21% Total 165,795.52 200,159.00 ‐17.17% Retail 247,416.45 211,313.73 17.08% Lodging 1,839.29 1,836.44 0.16% F & B 125.87 516.72 ‐75.64% Other 133,516.75 126,131.63 5.86% Total 382,464.09 339,798.52 12.56% Retail 172,392.40 160,434.94 7.45% Lodging 125,575.24 139,795.24 ‐10.17% F & B 192,565.70 185,631.91 3.74% Other 6,669.96 6,397.46 4.26% Total 497,203.30 492,259.56 1.00% Retail 590,198.90 550,922.77 7.13% Lodging 257,022.79 295,298.54 ‐12.96% F & B 264,473.66 284,502.45 ‐7.04% Other 145,860.69 137,708.66 5.92% Total 1,257,556.04 1,268,432.42 ‐0.86% Retail Apparel 73,458.72 76,729.11 ‐4.26% Retail Food 89,011.70 85,748.35 3.81% Retail Gallery 2,817.32 3,683.61 ‐23.52% Retail Gift 2,921.09 3,326.91 ‐12.20% Retail Home Occupation 100.74 196.55 ‐48.74% Retail Jewelry 9,238.47 6,736.27 37.15% Retail Liquor 30,864.00 30,829.06 0.11% Retail Other 262,907.73 234,075.76 12.32% Retail Sport 118,879.13 109,597.15 8.47% Total 590,198.90 550,922.77 7.13% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review November 2019 Sales Tax November 2019 Collections November 2018 Collections November % Change