HomeMy WebLinkAbout01. 220201 Revenue Updates TOWN OF VAIL
REVENUE UPDATE
February 1, 2022
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$5,725,058 up 57.9% from last year and up 45.3% compared to amended budget.
December collections were the highest monthly collections on record and
exceeded 2019 collections by 35.1%. Year to date collections of $34,467,170 are
up 38.0% from prior year and up 9.8% from amended budget. 2021 collections
exceeded 2019 collections by 17.9%. Inflation as measured by the consumer price
index was up 7.0% for December. The 2021 amended budget totals $31.4 million.
Real Estate Transfer Tax (RETT)
2021 RETT collections through December 31st total $13,650,878, up 30.6% from
2020. The 2021 RETT amended budget totals $11,500,000.
During 2021 there were a total of 20 properties sold over $10 million, 40 properties
sold between $5 and $10 million, 102 properties sold between $2.5 and $5 million,
and 331 properties sold under $2.5 million. The average property value, including
sales of garage spaces and land, was $2.7 million. The median property value was
$1.6 million.
January RETT collections through January 25th total $294,297. The 2022 RETT
budget totals $7,500,000.
Construction Use Tax
Use Tax collections through December 31st total $3,683,545 compared to
$2,078,577 from this time last year. The 2021 amended budget totals $3,450,000.
Construction activity was up in 2021, with many large residential projects and the
construction of the new Marriott Residence Inn.
January 2022 collections total $68,521. The 2022 use tax budget totals
$2,800,000.
Lift Tax
Lift Tax collections for the 21/22 ski season total $1,122,048 up $140,085 or 14%
from the prior winter season and up $47,987 or 4% from the 19/20 ski season.
Parking Revenue
Season to date:
Pass sales for the 21/22 ski season total $1,218,306 up $170,908 or 16.3% from
prior winter season. 21/22 sales are down (28.0)% or ($474,026) from the same
period in the 19/20 ski season. The majority of the decrease in pass sales is due
to fewer purchases of blue passes with the completion of Vail Health's parking
structure.
Daily sales from the parking structures from November through January 23rd total
approximately $2,547,771, up $393,216, or 18.3% from this time last year.
Compared to the 19/20 ski season, daily parking sales are up $780,706 or 44.2%.
Summary
Across all funds, 2021 annual revenues of $85.8 million is up 8.9% from amended
budget and up 27.2% from prior year. The increase compared to budget is
a reflection of better than expected sales tax collections, real estate transfer
tax, construction use tax, as well as other construction related activities. In
comparing to the town’s last “normal” fiscal year, 2021 revenue is also up 23.8%
from 2019. Reasons for the increase include grant funding as well as growth in
sales tax, real estate transfer tax, property tax collections, daily parking sales
during January through April, and construction activities.
2021Budget % change % change % change 20162017201820192020 Amended BudgetVariance from 2020 from 2019 from BudgetJanuary3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,421,282$ 21,282$ -16.07% -16.14% 0.63%February3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 3,680,000 3,691,062 11,062$ -13.87% -10.78% 0.30%March4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 4,370,000 4,364,009 (5,991) 94.52%2.97% -0.14%April1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,750,739100,739 309.51% 21.15% 6.11%May654,462 659,475 830,193 763,756 503,828 965,000 1,060,72895,728 110.53% 38.88% 9.92%June1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 2,140,000 2,148,0668,066 109.87% 33.69% 0.38%July2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 3,480,000 3,489,8239,823 67.41% 40.70% 0.28%August1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 2,850,000 2,875,18925,189 34.43% 28.53% 0.88%September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 2,300,000 2,357,49657,496 33.39% 47.33% 2.50%October906,385 936,954 1,106,596 1,165,176 1,371,727 1,270,000 1,721,865 451,865 25.53% 47.78% 35.58%November989,320 997,716 1,264,600 1,260,314 1,425,461 1,345,000 1,861,853516,853 30.61% 47.73% 38.43%December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,940,000 5,725,058 1,785,058 57.92% 35.11% 45.31%Total25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 31,390,000$ 34,467,170$ 3,077,170$ 38.02% 17.83% 9.80%Actual CollectionsCollected Sales TaxFebruary 1, 2022Town of Vail Revenue UpdateSALES TAX2021 Budget Comparison
Through December 31
December Sales Tax Collections by Year
Through December 31
Town of Vail Revenue Update
February 1, 2022
YTD Sales Tax Collections by Year
$25,591,483
$27,886,112
$29,250,698
$24,973,411
$34,467,170
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000
2017
2018
2019
2020
2021
• YTD collections of $34.5M are up 38.0% from prior year and up 9.8% from amended budget.
YTD collections are up 17.8% from 2019.
• Inflation as measured by the consumer price index was up 7.0% in December.
• The 2021 amended sales tax budget totals $31.4M.
$3,695,305
$4,070,870
$4,237,178
$3,625,189
$5,725,058
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2017
2018
2019
2020
2021
• December collections of $5.7M are up 57.9% from prior year and up 45.3% from amended
budget. December collections are up 35.1% from 2019. $248K of the increase from 2019 was
due to increased collections from online retailers and $700K was due to online lodging sales.
Collections for the month set the record for the single highest monthly collections ever.
Town of Vail Revenue Update
February 1, 2022
Real Estate Transfer Tax by Year
Construction Use Tax by Year
YTD Through December 2021
YTD Through December 2021
$1,754,375
$3,967,787
$2,468,068
$2,078,577
$3,683,545
$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 31 total $13,650,878 up 30.6% from the prior year.
249 + 149
Timeshares
327 + 141
Timeshares
331 + 205
Timeshares
50
61
102
21
31
40
9
Properties
14
Properties
20
Properties
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
2017 2018 2019 2020 2021
Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million
$6,313,611
$7,649,014 $7,224,668
$10,448,526
$13,650,878
• Use Tax collections through December 31 total $3,683,545 compared to $2,078,577 from this time
last year. This is an increase of 77.2%
Vail Business Review
November 2021
February 1, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of November.
Overall, November sales tax increased 30.2% with retail increasing 19.2%, lodging
increased 52.2%, food and beverage increased 44.2%, and utilities/other increased by
2.9%. Excluding the out of town category; sales tax for the month of increased 27.7%.
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
Town of Vail Business Review
November Tax Collections By Year
November 2021 Sales Tax
November 2020November 2021
Sales Tax Collections by Business Type
Retail
$805,851
Lodging
$577,195
Food &
Beverage
$325,753
Utilities &
Other
$153,054
$0
$200,000
$400,000
$600,000
$800,000
19.1%44.2%
2.9%
RLFU
-$8,000,000
$12,000,000
$1,002,793
$1,268,974
$1,260,472
$1,430,285
$1,861,853
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2017
2018
2019
2020
2021
52.2%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 November sales tax collections were up 30.2% from the prior year and up 47.7%
from November 2019.
• November 2021 retail sales increased 19.1%, lodging increased 52.2%, food and beverage
increased 44.2% and utilities and other increased 2.9%.
Retail
$676,355
Lodging
$379,207
Food &
Beverage
$225,923 Utilities &
Other
$148,800
$0
$200,000
$400,000
$600,000
$800,000
Town of Vail Business Review
November 2021 Sales Tax
November 2020November 2021
Geographic Area Trends by Year
November Sales Tax
Sales Tax by Location
Other
Areas
13%
Lionshead
12%
Out of
Town
40%
Vail Village
35%
Other
Areas
17%
Lionshead
12%
Out of
Town
39%
Vail Village
32%
• Vail Village sales tax increased 42.4%, Lionshead increased 32.8%, Other Areas decreased
(3.0)%, and Out of Town increased 34.1%. Excluding Out of Town collections, all areas were up
27.7%.
$155,183
$235,135 $216,327 $247,428 $239,917
$165,120 $200,468 $182,880 $164,969
$219,156$243,815
$340,000
$365,144
$561,166
$752,377
$438,675
$493,371 $496,121
$456,723
$650,403
$0
$200,000
$400,000
$600,000
$800,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows November sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
November 2021 Sales Tax
Town of Vail Business Review
November Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$135,994
Grocery
$100,448
Gallery
$16,149
Gifts
$3,978
Jewelry
$23,953
Retail Liquor
$37,487Retail Other
$281,647
Sporting Goods
$139,642
Online Retailers
$66,335
Retail Home
Occupation
$217
• Overall, November 2021 accommodations services were up 52.2%, short-term rentals were up 40.9% and
hotels and lodges were up 69.7%.
• 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 and remitting sales taxes on behalf of individual owners in October of 2020.
$203,015
$77,645
$230,465
$148,741
$324,721
$252,474
$0 $100,000 $200,000 $300,000
Hotel and Lodges
Short-Term Rentals
2021 2020 2019
Retail 120,744.79 148,333.47 ‐18.60%
Lodging 71,579.52 59,758.28 19.78%
F & B 41,730.28 34,494.04 20.98%
Other 5,862.57 4,842.03 21.08%
Total 239,917.16 247,427.82 ‐3.04%
Retail 68,333.12 62,274.60 9.73%
Lodging 90,514.39 64,583.68 40.15%
F & B 58,766.79 38,108.87 54.21%
Other 1,541.72 1.40 110022.62%
Total 219,156.01 164,968.55 32.85%
Retail 344,078.78 270,034.06 27.42%
Lodging 266,116.10 151,483.34 75.67%
F & B 807.01 41.81 1830.18%
Other 141,374.77 139,606.44 1.27%
Total 752,376.66 561,165.65 34.07%
Retail 272,694.49 195,713.21 39.33%
Lodging 148,985.18 103,381.27 44.11%
F & B 224,448.51 153,278.59 46.43%
Other 4,275.08 4,349.71 ‐1.72%
Total 650,403.27 456,722.78 42.41%
Retail 805,851.18 676,355.34 19.15%
Lodging 577,195.20 379,206.57 52.21%
F & B 325,752.59 225,923.31 44.19%
Other 153,054.14 148,799.58 2.86%
Total 1,861,853.10 1,430,284.80 30.17%
Retail Apparel 135,994.11 90,953.00 49.52%
Retail Food 100,448.29 114,335.12 ‐12.15%
Retail Gallery 16,149.20 6,891.96 134.32%
Retail Gift 3,977.54 3,365.21 18.20%
Retail Home Occupation 216.80 143.81 50.75%
Retail Jewelry 23,953.22 14,979.69 59.90%
Retail Liquor 37,487.44 38,353.63 ‐2.26%
Retail Other 281,647.49 228,903.92 23.04%
Retail Sport 139,641.66 116,672.20 19.69%
Retail Online Retailer 66,335.44 61,756.79 7.41%
Total 805,851.18 676,355.34 19.15%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
November Sales Tax
2021 Collections 2020 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary