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
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2022 TOWN OF VAIL BUDGET OVERVIEW
VAIL DEMOGRAPHICS
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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
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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
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