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HomeMy WebLinkAbout03. March 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