HomeMy WebLinkAbout04. January Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
January 4, 2022
Sales Tax
Upon receipt of all sales tax returns, November collections are estimated to be
$1,742,759 up 22.3% from last year and up 29.6% compared to amended budget.
November collections were the highest total November collections on record and
exceeded 2019 collections by 38.3%. Year to date collections of $28,445,179 are
up 33.2% from prior year and up 13.7% from 2019. Compared to amended budget,
collections are up 3.6%. Inflation as measured by the consumer price index was
up 6.8% for November. The annual budget totals $31.4 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 27 total $12,515,769 up 19.8% from this time
last year and up 73.2% from 2019. The 2021 amended RETT budget totals
$11,500,000.
Construction Use Tax
Use Tax collections through December 27 total $3,673,385 compared to
$2,078,827 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 the
construction of the new Marriott Residence Inn.
Parking Revenue
Pass sales for the 21/22 ski season (November through December 27) total
$1,127,475 up $155,489 or 16.0% from prior winter season. 2021 calendar year
sales are down (29.7)% or ($477,365) from this time in 2019. The majority of the
decline in pass sales compared to 2019 is due to fewer purchases of Blue passes
by Vail Health in 2020 and 2021.
Daily sales from the parking structures from November through December 19 total
approximately $896,343, up $136,064, or 17.9% from this time last year. 2021 daily
parking sales were up $338,224 or 60.6% compared to this time in 2019.
Summary
Across all funds, year-to-date total revenue of $77.1 million is up 4.1% from
amended budget and up 23.4% from prior year. In comparing to the town’s last
“normal” fiscal year, 2021 revenue is also up 20.6% from 2019. Reasons for the
increase include grant funding as well as growth in real estate transfer tax, property
tax collections, sales tax, daily parking sales during January through April, and
construction activities.
2021 Budget % change % change % change
2016 2017 2018 2019 2020 Amended Budget Variance from 2020 from 2019 from Budget
January 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,416,987$ 16,987$ -16.17% -16.25% 0.50%
February 3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 3,680,000 3,686,768 6,768$ -13.97% -10.88% 0.18%
March 4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 4,370,000 4,359,715 (10,285) 94.32% 2.87% -0.24%
April 1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,746,425 96,425 308.50% 20.85% 5.84%
May 654,462 659,475 830,193 763,756 503,828 965,000 1,056,414 91,414 109.68% 38.32% 9.47%
June 1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 2,140,000 2,143,752 3,752 109.45% 33.42% 0.18%
July 2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 3,480,000 3,485,078 5,078 67.18% 40.51% 0.15%
August 1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 2,850,000 2,869,250 19,250 34.15% 28.26% 0.68%
September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 2,300,000 2,337,693 37,693 32.27% 46.10% 1.64%
October 906,385 936,954 1,106,596 1,165,176 1,371,727 1,270,000 1,600,338 330,338 16.67% 37.35% 26.01%
November 989,320 997,716 1,264,600 1,260,314 1,425,461 1,345,000 1,742,759 397,759 22.26% 38.28% 29.57%
YTD Total 21,922,325$ 21,896,178$ 23,815,242$ 25,013,520$ 21,348,222$ 27,450,000$ 28,445,179$ 995,179$ 33.24% 13.72% 3.63%
December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,940,000
Total 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 31,390,000$ 28,445,179$
Actual Collections
Collected Sales Tax
January 4, 2022
Town of Vail Revenue Update
SALES TAX
2021 Budget Comparison
2
Town of Vail Revenue Update
January 4, 2022
YTD Sales Tax Collections by Year
Through November 30
November Sales Tax Collections by Year
Through November 30
$21,896,178
$23,815,242
$25,013,520
$21,348,222
$28,445,179
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2017
2018
2019
2020
2021
• YTD collections of $28.4M are up 33.2% from prior year and up 3.6% from amended budget. YTD
collections are up 13.7% from this time in 2019.
• Inflation as measured by the consumer price index was up 6.8% in November.
• The 2021 amended sales tax budget totals $31.4M.
$997,716
$1,264,600
$1,260,314
$1,425,461
$1,742,759
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000
2017
2018
2019
2020
2021
• November collections of $1.7M are up 22.3% from prior year and up 29.6% from amended
budget. November collections are up 38.3% from 2019.
• Collections for the month set the record for the single highest November collections.
3
Town of Vail Revenue Update
January 4, 2022
Real Estate Transfer Tax by Year
Construction Use Tax by Year
YTD Through December
YTD Through December
$1,754,375
$3,967,787
$2,468,068
$2,078,827
$3,673,385
$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 December 27 total $12,515,769 up 19.8% from the prior year.
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
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
$6,313,611
$7,649,014 $7,224,668
$10,448,526
$12,515,769
• Use Tax collections through December 27 total $3,673,385 compared to $2,078,827 from this time
last year. This is an increase of 76.7%.
4
Vail Business Review
October 2021
January 4, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of October 2021 and the summer collections of May through October.
Overall, October sales tax increased 15.8% with retail increasing 4.0%, lodging
increased 44.0%, food and beverage increased 20.4%, and utilities/other decreased by
(10.0)%. Excluding the out of town category; sales tax for the month of increased
12.3%.
Summer sales tax collections increased 51.6% with retail increasing 28.5%, lodging
increasing 99.6%, food and beverage increasing 59.6%, and utilities/other increased by
17.5%. Excluding the out of town category; sales tax for the summer increased 40.4%.
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
5
October 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
October Tax Collections By Year
October 2021 Sales Tax
October 2020
Retail
$651,021
Lodging
$475,510
Food &
Beverage
$357,078
Utilities &
Other
$116,729
$0
$200,000
$400,000
$600,000
$800,000
4.0%20.4%
(10.0)%
RLFU
-$8,000,000
$12,000,000
$942,466
$1,110,979
$1,169,458
$1,382,320
$1,600,338
$0 $500,000 $1,000,000 $1,500,000
2017
2018
2019
2020
2021
44.0%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 October sales tax collections were up 15.8% from the prior year and up 36.8% from
October 2019.
• October 2021 retail sales increased 4.0%, lodging increased 44.0%, food and beverage increased
20.4% and utilities and other decreased (10.0)%.
Retail
$625,766
Lodging
$330,290
Food &
Beverage
$296,534
Utilities &
Other
$129,731
$0
$200,000
$400,000
$600,000
$800,000
6
Geographic Area Trends by Year
October Sales Tax
Sales Tax by Location
Town of Vail Business Review
October 2021 Sales Tax
October 2020October 2021
Other
Areas
15%
Lionshead
10%
Out of
Town
38%
Vail Village
37%
Other
Areas
16%
Lionshead
9%
Out of
Town
36%
Vail Village
39%
• Vail Village sales tax increased 10.0%, Lionshead increased 28.5%, Other Areas increased 8.8%,
and Out of Town increased 22.0%. Excluding Out of Town collections, all areas were up 12.3%.
$175,124
$232,595 $239,177 $228,653 $248,865
$126,265 $129,073 $143,249
$125,081
$160,784
$225,754
$319,673
$397,851 $493,150
$601,616
$415,324
$429,638
$389,182
$535,436
$589,072
$0
$200,000
$400,000
$600,000
2017 2018 2019 2020 2021Other Areas Lionshead Out of Town Vail Village
• This chart shows October sales tax collections, by geographic area over time.
7
October Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
October 2021 Sales Tax
Town of Vail Business Review
Apparel
$114,648
Grocery
$109,056
Gallery
$4,658
Gifts
$3,970
Jewelry
$31,896Retail Liquor
$31,556
Retail Other
$222,855
Sporting Goods
$84,970
Online Retailers
$47,319
Retail Home
Occupation
$93
•Overall, October 2021 accommodations services were up 44.0%, short-term rentals were up 66.5% and
hotels and lodges were up 31.1%.
•Short-term rental sales tax collection numbers include online marketplace facilitators like Airbnb and VRBO.
Revenue collections from facilitators may include some hotels and lodges. Facilitators first began collecting
Town of Vail sales tax in October 2020.
$174,534
$66,505
$210,255
$120,035
$275,654
$199,856
$0 $100,000 $200,000 $300,000
Hotel and Lodges
Short-Term Rentals
2021 2020 2019
8
Retail 127,373.38 136,681.89 -6.81%
Lodging 60,603.28 44,572.08 35.97%
F & B 54,862.63 41,620.95 31.81%
Other 6,026.14 5,777.82 4.30%
Total 248,865.43 228,652.74 8.84%
Retail 38,454.51 33,493.83 14.81%
Lodging 62,986.29 55,432.96 13.63%
F & B 59,205.24 36,152.96 63.76%
Other 138.12 1.38 9908.70%
Total 160,784.16 125,081.13 28.54%
Retail 259,712.55 253,302.52 2.53%
Lodging 232,946.77 117,412.48 98.40%
F & B 411.84 1,458.65 -71.77%
Other 108,544.60 120,976.53 -10.28%
Total 601,615.76 493,150.18 21.99%
Retail 225,480.60 202,287.44 11.47%
Lodging 118,973.45 112,872.81 5.40%
F & B 242,598.45 217,300.98 11.64%
Other 2,019.66 2,975.02 -32.11%
Total 589,072.16 535,436.25 10.02%
Retail 651,021.04 625,765.68 4.04%
Lodging 475,509.79 330,290.33 43.97%
F & B 357,078.16 296,533.54 20.42%
Other 116,728.52 129,730.75 -10.02%
Total 1,600,337.51 1,382,320.30 15.77%
Retail Apparel 114,647.84 101,134.41 13.36%
Retail Food 109,056.06 115,324.64 -5.44%
Retail Gallery 4,657.82 8,587.31 -45.76%
Retail Gift 3,970.13 4,660.77 -14.82%
Retail Home Occupation 93.15 186.21 -49.98%
Retail Jewelry 31,895.78 20,473.09 55.79%
Retail Liquor 31,556.05 39,295.21 -19.69%
Retail Other 222,854.80 225,871.96 -1.34%
Retail Sport 84,970.18 64,889.65 30.95%
Retail Online Retailer 47,319.23 45,342.42 4.36%
Total 651,021.04 625,765.68 4.04%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
October Sales Tax
2021 Collections 2020 Collections YoY % Change
9
Summer 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
Summer Sales Tax Collections By Year
May - October Summer 2021 Sales Tax
Summer 2020
Retail
$5,169,045
Lodging
$4,150,339 Food &
Beverage
$3,374,052
Utilities &
Other
$799,089
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
28.5%59.6%
17.5%
RLFU
-$8,000,000
$12,000,000
$8,465,423
$9,743,324
$9,893,805
$8,897,530
$13,492,525
$0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000 $15,000,000
2017
2018
2019
2020
2021
99.6%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales,
collected for the period May - October.
• Overall, 2021 Summer sales tax collections were up 51.6% from the prior year and up 36.4% from
2019.
• Summer 2021 retail sales increased 28.5%, lodging increased 99.6%, food and beverage increased
59.6% and utilities and other increased 17.5%.
Retail
$4,023,915
Lodging
$2,079,184
Food &
Beverage
$2,114,207
Utilities &
Other
$680,224
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
10
Geographic Area Trends by Year
Summer Sales Tax
Sales Tax by Location
Town of Vail Business Review
May - October Summer 2021 Sales Tax
Summer 2020Summer 2021
Other
Areas
16%
Lionshead
12%
Out of
Town
29%
Vail Village
43%
Other
Areas
18%
Lionshead
13%
Out of
Town
24%
Vail Village
45%
• Vail Village sales tax increased 43.9%, Lionshead increased 37.0%, Other Areas increased 33.6%,
and Out of Town increased 88.0%. Excluding Out of Town collections, all areas were up 40.4%.
• 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.
$1,279,484
$1,813,389
$1,839,368
$1,574,760 $2,104,617
$1,485,071 $1,570,345 $1,654,855 $1,166,250
$1,597,384$1,405,182
$1,772,948 $1,904,922 $2,110,192
$3,966,424
$4,295,686
$4,586,641 $4,494,660 $4,046,328
$5,824,100
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
2017 2018 2019 2020 2021Other Areas Lionshead Out of Town Vail Village
• This chart shows summer sales tax collections, by geographic area over time.
11
Summer Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
May - October Summer 2021 Sales Tax
Town of Vail Business Review
Apparel
$1,015,766
Grocery
$893,053
Gallery
$76,143
Gifts
$33,651
Jewelry
$257,140
Retail Liquor
$260,510
Retail Other
$1,694,014
Sporting Goods
$602,840
Online Retailers
$334,595
Retail Home
Occupation
$1,333
• Overall, Summer 2021 accommodation services were up 99.6%, short-term rentals were up 153.9% and
hotels and lodges were up 81.1%.
• Compared to 2019, accommodation services were up 55.6%, short-term rentals were up 159.8% and
hotels and lodges were up 30.5%.
$2,151,045
$517,063
$1,550,154
$529,030
$2,807,228
$1,343,111
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
Hotel and Lodges
Short-Term Rentals 2021 2020 2019
12
Retail 956,033.08 963,407.79 -0.77%
Lodging 668,201.44 340,354.01 96.33%
F & B 432,898.57 244,113.72 77.33%
Other 47,483.61 26,884.50 76.62%
Total 2,104,616.70 1,574,760.02 33.65%
Retail 358,410.85 262,470.09 36.55%
Lodging 686,510.72 604,597.71 13.55%
F & B 547,276.95 298,894.84 83.10%
Other 5,185.88 287.69 1702.59%
Total 1,597,384.40 1,166,250.32 36.97%
Retail 1,845,958.78 1,352,884.55 36.45%
Lodging 1,406,207.73 133,728.22 951.54%
F & B 8,032.67 5,238.54 53.34%
Other 706,224.74 618,340.73 14.21%
Total 3,966,423.92 2,110,192.04 87.97%
Retail 2,008,642.23 1,445,152.88 38.99%
Lodging 1,389,418.85 1,000,503.90 38.87%
F & B 2,385,843.66 1,565,960.08 52.36%
Other 40,194.80 34,711.10 15.80%
Total 5,824,099.54 4,046,327.96 43.94%
Retail 5,169,044.94 4,023,915.31 28.46%
Lodging 4,150,338.75 2,079,183.84 99.61%
F & B 3,374,051.85 2,114,207.18 59.59%
Other 799,089.03 680,224.02 17.47%
Total 13,492,524.57 8,897,530.34 51.64%
Retail Apparel 1,015,766.08 697,870.85 45.55%
Retail Food 893,053.09 814,036.43 9.71%
Retail Gallery 76,142.98 198,200.63 -61.58%
Retail Gift 33,651.30 25,140.89 33.85%
Retail Home Occupation 1,333.04 836.45 59.37%
Retail Jewelry 257,139.51 156,412.44 64.40%
Retail Liquor 260,509.67 267,660.09 -2.67%
Retail Other 1,694,014.42 1,241,564.39 36.44%
Retail Sport 602,839.52 472,046.42 27.71%
Retail Online Retailer 334,595.33 150,146.72 122.85%
Total 5,169,044.94 4,023,915.31 28.46%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
May - October Summer Sales Tax
2021 Collections 2020 Collections YoY % Change
13