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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