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Home My WebLink About02c. September Revenue UpdateTOWN OF VAIL REVENUE UPDATE September 1, 2020 Sales Tax Upon receipt of all sales tax returns, July collections are estimated to be $2,027,721 down (18.3)% from last year. Year to date collections of $14,536,449 are down (22.5)% from prior year and up 26.8% from amended budget. Inflation as measured by the consumer price index was up 1.0% for July. Real Estate Transfer Tax (RETT) RETT collections through August 26 total $4,750,432 up 26.3% from the prior year. The 2020 annual RETT budget totals $6,300,000, down (12.8)% from 2019 collections. Construction Use Tax Use Tax collections through August 26 total $1,080,856 compared to $2,029,257 from this time last year. The 2020 amended budget totals $1,800,000, down (18.9)% from 2019 collections. Summary Across all funds, year-to-date revenue of $38.6 million is up 9.3% from amended budget. Year-to-date revenue is down (14.4)% from prior year attributed to the economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and construction activity. The town’s “Crisis” level recession plan has projected a 21% decrease across all revenue streams for the full year 2020. 1 MEMORANDUM September 1, 2020 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: July 2020 Sales Tax Vail will collect an estimated $107,649 in additional July sales tax to bring collections up to $2,027,721. July will be down (18.3)% or $(452,572) from July 2019 and up 132.0% or $1,153,512 from the amended budget. Year to date will be down (22.5)% or $(4,214,432) from 2019 and up 26.8% or $3,068,944 from amended budget. 2 2020 Amended2020 YTD Budget % change % change 20152016201720182019BudgetTotal Variance from 2019 from BudgetJanuary3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,071,206$ -$ 4,071,206$ 9,235$ -0.22%0.23%February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 4,245,385 28,368 4,273,753 138,695$ 3.30%3.35%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 2,197,269 13,812 2,211,081 1,152,078 -47.83% 108.79%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 424,140126 424,266 74,266 -70.64% 21.22%May584,454 654,462 659,475 830,193 763,756 425,000 499,393113 499,506 74,506 -34.60% 17.53%June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 1,028,165751 1,028,916 466,652 -35.96% 83.00%July1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209 2,007,025 20,696 2,027,721 1,153,512 -18.25% 131.95%YTD Total16,480,478$ 16,826,876$ 16,712,097$ 17,708,381$ 18,750,881$ 11,467,505$ 14,472,584$ 63,865$ 14,536,449$ 3,068,944$ -22.48% 26.76%August1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804 September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553 October835,649 906,385 936,954 1,106,596 1,165,176 490,116 November997,100 989,320 997,716 1,264,600 1,260,314 767,472 December 3,885,849 3,840,919 3,695,305 4,070,870 4,237,178 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 16,800,000$ Actual CollectionsTOWN OF VAILSALES TAX2020 Budget ComparisonCollected Sales TaxDeferred Sales Tax0.000.200.400.600.801.001.201.401.601.802.002.202.402.602015 2016 2017 2018 2019 2020July Sales Tax By Year(in Millions)3 Vail Business Review June 2020 September 1, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of June. Overall, June sales tax decreased (36.0)% with retail decreasing (14.1)%, lodging decreased (50.1)%, food and beverage decreased (52.6)%, and utilities/other decreased by (24.5)%. Excluding the out of town category; sales tax for the month of June was Down (41.7)%. 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 4 Retail 135,956.55 133,401.26 1.92% Lodging 38,870.14 88,890.73 ‐56.27% F & B 31,893.99 80,459.10 ‐60.36% Other 2,793.60 10,679.16 ‐73.84% Total 209,514.28 313,430.25 ‐33.15% Retail 21,102.64 49,674.54 ‐57.52% Lodging 99,865.85 132,521.52 ‐24.64% F & B 27,740.83 89,565.63 ‐69.03% Other 61.73 120.67 ‐48.85% Total 148,771.05 271,882.36 ‐45.28% Retail 168,341.72 168,260.55 0.05% Lodging 468.17 2,084.05 ‐77.54% F & B 490.17 614.53 ‐20.24% Other 89,583.64 114,804.11 ‐21.97% Total 258,883.70 285,763.23 ‐9.41% Retail 167,019.59 221,918.03 ‐24.74% Lodging 71,684.58 199,286.21 ‐64.03% F & B 168,263.60 311,481.23 ‐45.98% Other 4,779.67 3,207.70 49.01% Total 411,747.45 735,893.17 ‐44.05% Retail 492,420.50 573,254.38 ‐14.10% Lodging 210,888.75 422,782.52 ‐50.12% F & B 228,388.59 482,120.49 ‐52.63% Other 97,218.64 128,811.64 ‐24.53% Total 1,028,916.48 1,606,969.02 ‐35.97% Retail Apparel 80,101.10 118,580.56 ‐32.45% Retail Food 108,571.21 118,453.80 ‐8.34% Retail Gallery 3,102.16 3,601.75 ‐13.87% Retail Gift 2,482.39 3,718.21 ‐33.24% Retail Home Occupation 186.90 105.35 77.41% Retail Jewelry 22,001.72 16,552.96 32.92% Retail Liquor 35,277.75 37,698.66 ‐6.42% Retail Other 193,003.68 206,072.84 ‐6.34% Retail Sport 47,693.60 68,470.25 ‐30.34% Total 492,420.50 573,254.38 ‐14.10% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review June 2020 Sales Tax June 2020 Collections June 2019 Collections June % Change 5