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HomeMy WebLinkAbout2022 TOV Budget in BriefGrow a vibrant, diverse economy and community and preserve our surrounding natural environment, providing our citizens and guests with exceptional services and an abundance of recreational, cultural and educational opportunities. TOWN OF VAIL MISSION VAILGOV.COM | 970.479.2100 2022 TOWN OF VAIL BUDGET OVERVIEW VAIL DEMOGRAPHICS VAILGOV.COM | 970.479.2100 Finance, insurance, real estate, rental and leasing 6% Population Education Total Population 5,479 (47.5% female and 52.5% male) Language spoken other than English 9.9% Median Age 43.6 Median Income Household $80,987 Bachelors Degree or higher 64% Arts, entertainment, recreation, accommo- dation, food services 41.7% Educational services, health care and social assistance 11.2% Retail Trade 11% Professional, scientific, management, administrative and waste management services 7% Employment | Top Industries 2022 HIGHLIGHTS •Begin Construction of the New Residences at Main Vail Employee Housing Development . •Development of a Vail Destination Stewardship Management Plan. •Allocation of $1.2M for Community Grants including $500K contribution for the Vail Chapel capital campaign and $250K for a new childcare grant program. •$2.5M designated for town environmental goals including $175K for a new town wide bike share program. •Event funding of $2.8M bringing back events cancelled due to COVID-19 pandemic. •$2.5M to continue the success of the Vail InDeed Program. •Completion of a new South Frontage Road roundabout near Vail Health. •Launch of a new and updated parking system in town parking structures for the 2022/2023 winter season. •A focus on employee retention by aligning the Town of Vail brand of a world class resort with personnel and employment philosophies. •Opening of the new Public Works shop facility which began construction in 2021 and was financed with a $15.2M loan. VAILGOV.COM | 970.479.2100 Property & Ownership Tax - 8%Use Tax - 4% Ski Lift Tax & Franchise Fees - 10% Real Estate Transfer Tax - 10% Licenses & Permits - 3% Intergovernmental Revenues - 6% Transportation Center - 9% Charges for Services - 5% Rent, Fines & Misc. - 4% Earnings on Investments - 1% Sales Tax 40% Total Revenues 2022 2021 2020 2019 Budget Forecast Actual Actual Sales Tax 30.7M 31.4M 25.2M 29.5M Property and Ownership Tax 6.0M 3.5M 6.0M 5.4M Use Tax 2.8M 6.0M 2.1M 2.5M Ski Lift Tax and Franchise Fees 7.3M 7.4M 6.0M 6.6M Real Estate Transfer Tax 7.5M 10.5M 10.4M 7.2M Licenses and Permits 2.6M 3.1M 2.5M 3.1M Intergovernmental Revenue 5.0M 8.8M 6.6M 4.3M Transportation Centers 6.6M 6.4M 4.9M 6.7M Charges for Services 3.7M 3.4M 3.5M 3.6M Rent, Fines & Miscellaneous 3.2M 5.9M 4.5M 5.3M Earnings on Investments 454K 307K 780K 2.2M Reimbursed from VRA 50K 9.6M 1.8M 3.8M Debt Proceeds - 17.5M - - $75.9M $113.8M $74.2M $80.2M Town of Vail is funded by a projected $75.9M in 2022. Generating 40% of total revenues is the town’s 4% Sales Tax followed be Real Estate Transfer Tax collections, Lift Tax and Other Franchise Fees and Parking Revenues. VAILGOV.COM | 970.479.2100 REVENUE 2022 Revenue: $75.9M EXPENDITURES 2022 Expenditures - All Funds: $81.2MDebt Service 2.9% For 2022, the town is budgeted to spend 71.1% or $57.7M of its overall budget on municipal services which includes personnel, department operating expenditures, as well as events and community contributions. $21.1M is budgeted for capital projects and $2.4M is budgeted for debt service payments related to the construction of the Residences at Main Vail employee housing project and the Public Works shop project. Where The Money Goes | Municipal Service by Area VAILGOV.COM | 970.479.2100 Capital Improvements 25.9% Municipal Services 71.1% Transportation & Parking - 13% Facilities & Fleet Maintenance - 7% Employee Housing EHOP Program - 3% Police - 12% Public Safety - 5% Fire - 11% Town Officials - 3% Parks & AIPP - 4% Public Works & Streets - 11% Contributions, Marketing & Special Events - 7% Library - 2% Housing - 1% Environmental - 3% Community Development - 6% Administrative Services & Risk Management - 11% The town has been able to maintain a healthy financial position through the COVID-19 pandemic. During 2020 the town was able to increase reserves as a result of better than expected revenues combined with conservative spending. During 2022, the town is projected to use $5.3M of reserves towards events and large capital projects and will end the year with $90.6M in reserves. Looking forward the town has a number of significant unfunded projects including the redevelopment of Timber Ridge as well as outcomes from the Civic Area and West Vail Master Plans. RESERVES The Town will end 2022 with a projected $90.6M in total reserves VAILGOV.COM | 970.479.2100 CAPITAL IMPROVEMENT PROGRAM $21.1M Athletic Fields Restroom and Storage Building ($1.0M) Reconstruction of the Ford Park Athletic Fields Restroom and storage building originally built in early 1990’s Fire Truck Replacement ($1.7M) Replacement of a 21-year-old ladder truck Oversized Vehicle Parking Lot ($2.0M) Construction of a new oversized surface parking lot to replace the former parking area now home to the new Children’s Garden of Learning facility Ford Park Art Space ($850K) Construction of a new designated art space studio in Ford Park InDeed Housing Program ($2.5M) The 2022 Budget includes $2.5M to continue the success of the Vail InDeed Program. Residences as Main Vail (Estimated at $24.5M over three years) In 2021 the town began construction of the Residences at Main Vail employee housing development. This development will add 72 employee housing units to the town. $3.8M has been budgeted in 2021. The total estimated cost of this project is $24.5M. GENERAL FUND CAPITAL PROJECTS FUND REAL ESTATE TRANSFER TAX FUND ALL OTHER RESERVE MINIMUM 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 140M 120M 100M 80M 60M 40M 20M -