HomeMy WebLinkAbout01. 220301 Revenue Updates TOWN OF VAIL
REVENUE UPDATE
March 1, 2022
Sales Tax
Upon receipt of all sales tax returns, January collections are estimated to be
$5,260,088 including collections of the new 0.5% voter-approved sales tax
dedicated to fund housing initiatives. This is up 53.7% from last year and up 23.3%
compared to budget. Excluding the new tax, collections are up 36.8% from prior
year and up 14.9% from 2020. Inflation, as measured by the consumer price index,
was up 7.5% for January.
The 2022 annual sales tax budget totals $30.7 million. The 2022 budget was
appropriated prior to the passage of the 0.5% sales tax ballot initiative and did not
include a projection for the additional revenue. The sales tax budget will be
amended to reflect the new tax during the first supplemental budget in March.
Real Estate Transfer Tax (RETT)
RETT collections through February 23rd total $667,784 down (3.4)% from this time
last year. The 2022 annual RETT budget totals $7,500,000, down 40% from 2021
actual collections.
Construction Use Tax
Use Tax collections through February 23 total $125,378 compared to $292,969
from this time last year. The 2022 annual budget totals $2,800,000.
Parking Revenue
Season to date:
Pass sales from November through February 23 total $1,304,002 up $197,886 or
17.9% from prior winter season. Parking pass sales are down $(441,994) or
(25.3)% from the 2019/20 season. The majority of the decrease in pass sales is
due to fewer purchases of blue passes and lower prepaid revenue on value
passes.
Daily sales from the parking structures from November through February 22 total
approximately $3,973,283, up $572,789, or 16.8% from this time last year. Daily
sales are up $1,159,359 or 41.2% from this time in the 2019/20 season.
2022Budget % change % change 20172018201920202021Amended BudgetVariance from 2021 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 4,267,300 5,260,088$ 992,788$ 53.70% 23.27%YTD Total3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 4,267,300 5,260,088$ 992,788$ 53.70% 23.27%February3,692,592 3,818,356 4,137,087 4,285,633 3,689,850 4,359,400 March3,642,407 4,167,880 4,237,933 2,243,518 4,362,797 4,605,000 April1,386,780 1,233,474 1,445,071 427,518 1,751,528 1,504,300 May659,475 830,193 763,756 503,828 1,061,516 828,900 June1,389,982 1,648,443 1,606,748 1,023,517 2,145,837 1,719,200 July2,215,649 2,412,425 2,480,292 2,084,644 3,486,668 2,609,500 August1,863,949 2,195,175 2,237,050 2,138,838 2,874,549 2,394,600 September 1,385,462 1,540,490 1,600,100 1,767,393 2,356,444 1,719,200 October936,954 1,106,596 1,165,176 1,371,727 1,721,948 1,135,900 November997,716 1,264,600 1,260,314 1,425,461 1,852,996 1,197,300 December 3,695,305 4,070,870 4,237,178 3,625,189 5,743,416 4,359,400 Total25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,469,756$ 30,700,000$ 5,260,088$ $ 992,78853.70%23.27%Actual Collections4.5% Collected Sales Tax**The 2022 budget was finalized prior to the passing of the new 0.5% sales tax. The budget will be amended to reflect this during the first supplemental in March. Town of Vail Revenue UpdateMarch 1, 2022SALES TAX2022 Budget Comparison
Town of Vail Revenue Update
March 1, 2022
January Sales Tax Collections By Year
Through January 31
Construction Use Tax by Year
YTD Through February 2022
• January collections of $5.3M are up 53.7% from prior year and up 23.3% from budget. Due to
timing, the budget does not include the additional 0.5% sales tax, which will be updated in March.
Excluding the new sales tax for housing initiatives, January collections are up 36.8% from prior
year, and up 14.9% from 2020.
• Inflation as measured by the consumer price index was up 7.5% in January.
$155,970
$123,087
$178,354
$292,969
$125,378
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2018 2019 2020 2021 2022
• Use Tax collections through February 23 total $125,378 compared to $292,969 from this time last
year. This is an decrease of (57.2%)
$578,531
$3,597,610
$4,079,994
$4,076,145
$3,422,209
$4,681,556
-1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000
2018
2019
2020
2021
2022
4.0% Sales Tax New 0.5% Sales Tax
$5,260,088
Town of Vail Revenue Update
March 1, 2022
Real Estate Transfer Tax by Year
YTD Through February 2022
• This chart shows YTD collections of the 1% RETT, segmented by individual home sale
value.
•2022 RETT collections through February 23 total $667,784 down (3.4)% from the prior year.
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
2018 2019 2020 2021 2022
Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million
$514,918
$736,965
$935,641
$691,318 $667,784
Vail Business Review
December 2021
March 1, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of December and the year.
Overall December sales tax increased 57.4% with retail increasing 36.4%, lodging
increased 95.5%, food and beverage increased 47.1%, and utilities/other increased by
11.3%. Excluding the out of town category; sales tax for the month of December was up
58.0%.
The year resulted in a 37.7% increase overall with retail increasing 31.7%, lodging
increased 50.1%, food and beverage increased 39.4%, and utilities/other increased by
6.6%. Excluding the out of town category; sales tax for 2021 was up 24.9%.
Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets are
available on the internet at www.vailgov.com. You can subscribe to have the Vail
Business Review and the sales tax worksheet e-mailed to you automatically from
www.vailgov.com.
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
Sales Tax Administrator
Town of Vail Business Review
December Tax Collections By Year
December 2021 Sales Tax
December 2020December 2021
Sales Tax Collections by Business Type
Retail
$2,111,273
Lodging
$2,489,506
Food &
Beverage
$911,448
Utilities &
Other
$231,189
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
36.4%47.1%
11.3%
RLFU
-$8,000,000
$12,000,000
$3,724,248
$4,086,938
$4,271,593
$3,649,065
$5,743,416
$0 $2,500,000 $5,000,000
2017
2018
2019
2020
2021
95.5%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 December sales tax collections were up 57.4% from the prior year and up 34.5%
from December 2019.
• December 2021 retail sales increased 36.4%, lodging increased 95.5%, food and beverage
increased 47.1% and utilities and other increased 11.3%.
Retail
$1,548,375
Lodging
$1,273,587
Food &
Beverage
$619,444 Utilities &
Other
$207,659
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
Town of Vail Business Review
December 2021 Sales Tax
December 2020December 2021
Geographic Area Trends by Year
December Sales Tax
Sales Tax by Location
Other
Areas
15%
Lionshead
18%
Out of
Town
25%
Vail Village
42%
Other
Areas
16%
Lionshead
17%
Out of
Town
25%
Vail Village
42%
• Vail Village sales tax increased 59.5%, Lionshead increased 70.0%, Other Areas increased
41.4%, and Out of Town increased 55.7%. Excluding Out of Town collections, all areas were up
58.0%.
$527,577
$623,388 $610,146
$589,777
$834,031$860,032
$904,949 $955,883
$608,692
$1,034,848
$324,198 $440,178 $466,027
$922,387
$1,436,560
$2,012,442
$2,118,422 $2,239,538
$1,528,208
$2,437,977
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows December sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
December 2021 Sales Tax
Town of Vail Business Review
December Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$394,397
Grocery
$352,639
Gallery
$134,112
Gifts
$10,790
Jewelry
$58,961
Retail Liquor
$90,183
Retail Other
$377,591
Sporting Goods
$592,279
Online Retailers
$100,052
Retail Home
Occupation
$268
• Overall, December 2021 accommodations services were up 95.5%, short-term rentals were up 81.5% and
hotels and lodges were up 101.3%.
• 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.
$1,317,043
$278,054
$898,613
$374,845
$1,809,054
$680,452
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term Rentals
2021 2020 2019
Retail 397,390.27 355,820.02 11.68%
Lodging 353,252.94 175,046.01 101.81%
F & B 75,073.54 53,554.88 40.18%
Other 8,313.93 5,356.56 55.21%
Total 834,030.68 589,777.47 41.41%
Retail 286,355.99 191,757.62 49.33%
Lodging 576,411.30 301,730.01 91.04%
F & B 168,654.96 112,391.95 50.06%
Other 3,426.14 2,811.98 21.84%
Total 1,034,848.38 608,691.56 70.01%
Retail 548,352.79 370,816.82 47.88%
Lodging 702,807.96 371,885.22 88.99%
F & B 3,513.06 1,931.91 81.84%
Other 181,886.00 177,753.33 2.32%
Total 1,436,559.81 922,387.28 55.74%
Retail 879,173.54 629,980.27 39.56%
Lodging 857,034.10 424,926.05 101.69%
F & B 664,205.97 451,564.76 47.09%
Other 37,563.05 21,737.22 72.81%
Total 2,437,976.66 1,528,208.29 59.53%
Retail 2,111,272.58 1,548,374.73 36.35%
Lodging 2,489,506.30 1,273,587.29 95.47%
F & B 911,447.53 619,443.50 47.14%
Other 231,189.12 207,659.09 11.33%
Total 5,743,415.53 3,649,064.61 57.39%
Retail Apparel 394,396.85 246,178.34 60.21%
Retail Food 352,639.32 286,330.65 23.16%
Retail Gallery 134,111.77 7,237.31 1753.06%
Retail Gift 10,790.15 9,216.24 17.08%
Retail Home Occupation 267.96 151.01 77.44%
Retail Jewelry 58,960.77 63,348.32 ‐6.93%
Retail Liquor 90,183.50 85,669.59 5.27%
Retail Other 377,590.95 318,980.44 18.37%
Retail Sport 592,278.90 446,388.75 32.68%
Retail Online Retailer 100,052.43 84,874.07 17.88%
Total 2,111,272.58 1,548,374.73 36.35%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
December Sales Tax
2021 Collections 2020 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
2021
Sales Tax Collections by Business Type
Town of Vail Business Review
Annual Tax Collections
2021 Sales Tax
2020
Retail
$12,869,861 Lodging
$12,297,205
Food &
Beverage
$7,300,261
Utilities &
Other
$2,002,429
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
31.7%39.4%
6.7%
RLFU
-$8,000,000
$12,000,000
$25,641,593
$27,924,510
$29,328,040
$25,031,305
$34,469,756
$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
50.1%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
• Overall, 2021 sales tax collections were up 37.7% from the prior year and up 17.5% from 2019.
• 2021 retail sales increased 31.7%, lodging increased 50.1%, food and beverage increased 39.4%
and utilities and other increased 6.7%.
Retail
$9,771,583
Lodging
$8,144,596
Food &
Beverage
$5,236,275
Utilities &
Other
$1,878,850
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
Geographic Area Trends by Year
Annual Sales Tax
Sales Tax by Location
Town of Vail Business Review
2021 Sales Tax
20202021
Other
Areas
15%
Lionshead
15%
Out of
Town
28%
Vail Village
42%
Other
Areas
17%
Lionshead
18%
Out of
Town
20%
Vail Village
45%
• Vail Village sales tax increased 29.3%, Lionshead increased 16.2%, Other Areas increased
22.1%, and Out of Town increased 88.4%. Excluding Out of Town collections, all areas were up
24.9%.
$3,361,403
$4,445,771 $4,787,447
$4,167,557
$5,090,461
$5,678,721
$5,760,417 $6,182,584
$4,478,211
$5,202,422
$3,198,663 $3,940,679 $4,204,104
$5,057,086
$9,529,718
$13,402,805
$13,777,644 $14,153,906
$11,328,452
$14,647,156
$0
$5,000,000
$10,000,000
$15,000,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows annual sales tax collections, by geographic area over time.
Annual Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
2021 Sales Tax
Town of Vail Business Review
Apparel
$2,420,382
Grocery
$2,080,021
Gallery
$263,130
Gifts
$70,309
Jewelry
$453,831Retail Liquor
$653,937
Retail Other
$3,411,326
Sporting Goods
$2,786,933
Online Retailers
$727,027
Retail Home
Occupation
$2,965
• Overall, 2021 accommodations services were up 50.1%, short-term rentals were up 89.7% and hotels and
lodges were up 68.5%.
• 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.
$8,259,284
$1,980,226
$6,100,064
$2,044,532
$8,418,960
$3,878,245
$0 $3,000,000 $6,000,000 $9,000,000
Hotel and Lodges
Short-Term Rentals
2021 2020 2019
Retail 2,354,277.58 2,219,104.25 6.09%
Lodging 1,862,945.99 1,330,475.06 40.02%
F & B 792,385.02 556,004.01 42.51%
Other 80,852.52 61,973.36 30.46%
Total 5,090,461.11 4,167,556.68 22.14%
Retail 1,468,027.29 1,129,681.93 29.95%
Lodging 2,470,175.92 2,477,390.36 ‐0.29%
F & B 1,248,809.30 855,753.74 45.93%
Other 15,409.56 15,384.71 0.16%
Total 5,202,422.07 4,478,210.74 16.17%
Retail 3,865,740.43 2,729,205.05 41.64%
Lodging 3,896,799.96 675,514.73 476.86%
F & B 20,894.49 12,565.50 66.28%
Other 1,746,282.68 1,639,800.25 6.49%
Total 9,529,717.56 5,057,085.53 88.44%
Retail 5,181,815.77 3,693,591.55 40.29%
Lodging 4,067,282.72 3,661,216.08 11.09%
F & B 5,238,172.58 3,811,952.04 37.41%
Other 159,884.59 161,692.08 ‐1.12%
Total 14,647,155.66 11,328,451.75 29.30%
Retail 12,869,861.07 9,771,582.78 31.71%
Lodging 12,297,204.59 8,144,596.23 50.99%
F & B 7,300,261.39 5,236,275.29 39.42%
Other 2,002,429.35 1,878,850.40 6.58%
Total 34,469,756.40 25,031,304.70 37.71%
Retail Apparel 2,420,382.32 1,557,243.45 55.43%
Retail Food 2,080,021.42 1,826,464.54 13.88%
Retail Gallery 263,129.56 230,664.88 14.07%
Retail Gift 70,309.23 49,934.10 40.80%
Retail Home Occupation 2,965.03 1,509.64 96.41%
Retail Jewelry 453,830.72 296,460.47 53.08%
Retail Liquor 653,937.03 592,512.88 10.37%
Retail Other 3,411,325.55 2,601,029.04 31.15%
Retail Sport 2,786,933.04 2,255,356.53 23.57%
Retail Online Retailer 727,027.18 360,407.41 101.72%
Total 12,869,861.07 9,771,582.94 31.71%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
2021 Sales Tax
2021 Collections 2020 Collections YoY % Change