HomeMy WebLinkAbout02.1. April Revenue Update
TOWN OF VAIL
REVENUE UPDATE
April 5, 2022
4% Sales Tax
Upon receipt of all sales tax returns, February collections are estimated to be
$5,480,833. This is up 48.5% from last year and flat compared to the amended
budget. Collections are up 32.5% from 2019, the last year not impacted by Covid-
19. Year to date collections of $10,555,304 are up 48.4% from 2021 and up 28.5%
from 2019. Year-to-date collections are flat with amended budget. Inflation, as
measured by the consumer price index, was up 7.9% for February. The 2022
amended sales tax budget totals $37.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, February collections of the 0.5% housing
fund sales tax are estimated to be $677,021 and YTD total collections are
estimated to be $1,304,687. The 2022 budget for the housing fund sales tax totals
$4.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through March 28 total $1,564,967, up 3.2% 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 March 28 total $189,721 compared to $574,637 from
this time last year. 2021 collections were significantly higher due to a number of
large single-family residential projects and an interior renovation project at the
Sonnenalp Hotel. The 2022 annual budget totals $2,800,000.
Lift Tax
Lift tax collections for the 2021/22 ski season through February 28 total $4,016,807
up 13.4% or $504,345 from this time last year and up 5.2% or $198,937 from the
2018/2019 ski season.
Parking Revenue
Season to date:
Pass sales from November through March 28 total $1,347,824 up $193,349 or
16.7% from prior winter season. Parking pass sales are down $(417,318) or
(23.6)% from the 2019/20 season. The majority of the decrease in pass sales is
due to fewer purchases of blue passes.
Daily sales from the parking structures from November through March 28 total
approximately $5,582,749, up $785,599, or 16.4% from this time last year. Daily
sales are up $2,044,016 or 57.8% from this time in the 2019/20 season. Paid
parking ended on March 14, 2020 during the 2019/20 season due to Covid-19.
2022 Budget % change % change % change
2017 2018 2019 2020 2021 Amended Budget Variance from 2021 from 2019 from Budget
January 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,075,000$ 5,074,471$ (529)$ 48.28% 24.37% -0.01%
February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,480,000 5,480,833 833$ 48.46% 32.48% 0.02%
YTD Total 7,417,804$ 7,415,966$ 8,217,081$ 8,361,778$ 7,114,060$ 10,555,000 10,555,304$ 304$ 48.37% 28.46% 0.00%
March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 4,360,000
April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 1,750,000
May 659,475 830,193 763,756 503,828 1,061,516 1,060,000
June 1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,145,000
July 2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,500,000
August 1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,875,000
September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,350,000
October 936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,710,000
November 997,716 1,264,600 1,260,314 1,425,461 1,880,397 1,850,000
December 3,695,305 4,070,870 4,237,178 3,625,189 5,749,365 5,745,000
Total 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 37,900,000$ 10,555,304$
2022 Budget % change
Amended Budget Variance from Budget
January 627,000$ 627,666$ 666$ 0.11%
February 677,000 677,021 21 0.00%
YTD Total 1,304,000$ 1,304,687$ 687$ 0.05%
March 500,000
April 200,000
May 101,000
June 200,000
July 350,000
August 290,000
September 200,000
October 150,000
November 180,000
December 600,000
Total 4,075,000$ 1,304,687$
Town of Vail Revenue Update
April 5, 2022
4.0% SALES TAX
2022 Budget Comparison
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX COLLECTIONS
2022
Actual Collections 4.0% Collected
Sales Tax
Town of Vail Revenue Update
April 5, 2022
YTD 4% Sales Tax Collections By Year
Through February 28
February 4% Sales Tax Collections By Year
Through February 28
• YTD collections of $10.6M are up 48.4% from prior year and flat with amended budget. YTD
collections are up 28.5% from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 7.9% in February.
$7,415,966
$8,217,081
$8,361,778
$7,114,060
$10,555,304
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000
2018
2019
2020
2021
2022
$3,818,356
$4,137,087
$4,285,633
$3,691,850
$5,480,833
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
• February 2022 collections of $5.5M are up 48.5% from prior year and flat with the amended
budget. February collections are up 32.5% from 2019.
Town of Vail Revenue Update
April 5, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through March 2022
Through February 28
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2022 RETT collections through March 28 total $1,564,967, up 3.2% from the prior year.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
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
$1,294,831
$1,563,122 $1,531,069 $1,517,141 $1,564,967
$627,666
$677,021
$1,304,687
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$-
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
January February
YTD Total:
• This chart shows monthly collections of the Town of Vail 0.5% housing fund sales tax and
cumulative YTD totals.
• The 0.5% sales tax was approved by voters in 2021 with an effective date of January 1, 2022.
Town of Vail Revenue Update
April 5, 2022
Construction Use Tax by Year
YTD Through March 2022
Lift Tax Collections, Ski Season To-Date
November 2021 - February 2022
• Use Tax collections through March 28 total $189,721 compared to $574,637 from this time last
year. This is an decrease of (67.0%)
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel.
$230,100 $231,083
$257,576
$574,637
$189,721
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
2018 2019 2020 2021 2022
• 2021/22 ski season lift tax collections of $4.0M are up 13.4% or $504,345 from this time last
year and up 5.2% or $198,937 from the 2018/19 ski season.
$2,955,547
$3,512,462
$3,383,624
$3,542,016
$4,016,807
$- $1,000,000 $2,000,000 $3,000,000 $4,000,000
2017/18
2018/19
2019/20
2020/21
2021/22
Vail Business Review
January 2022
April 5, 2022
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
January. On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on
all items except food for home consumption. Collection results in this memo have not
been adjusted to reflect this, except where noted.
Overall, January sales tax increased 66.6% with retail increasing 37.0%, lodging
increased 104.5%, food and beverage increased 61.5%, and utilities/other increased by
27.2%. Excluding the out of town category; sales tax for the month of January increased
74.3%.
Excluding the new 0.5% sales housing fund sales tax, January collections increased
46.7% with retail increasing 17.9%, lodging increased 81.7%, food and beverage
increased 43.5% and utilities and other increased 13.1%.
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
January 2022
Sales Tax Collections by Business Type
Town of Vail Business Review
January Tax Collections by Year
January 2022 Sales Tax
January 2021
Retail
$1,671,861
Lodging
$2,617,199
Food &
Beverage
$1,134,908
Utilities &
Other
$278,168
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
37.0%61.5%
27.2%
RLFU
-$8,000,000
$12,000,000
$3,597,693
$4,079,072
$4,076,804
$3,421,930
$5,702,137
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2017
2018
2019
2020
2021
104.5%
• This report represents collections of Town of Vail 4.5% sales tax, as opposed to actual gross sales.
• On January 1st, 2022, Town of Vail sales tax increased from 4.0% to 4.5% on all items except food
for home consumption. Results have not been adjusted in this report to reflect the change except as
indicated in the footnotes.
• Overall, January 2021 sales tax collections were up 66.6% from the prior year. Adjusting for the
collection of the new 0.5% sales tax, January 2021 collections were up 46.7% from the prior year.
• January 2022 retail sales increased 37.0%, lodging increased 104.5%, food and beverage increased
61.5% and utilities and other increased 27.2%.
• Excluding collection of the new 0.5% sales tax, January 2022 retail sales increased 17.9%, lodging
increased 81.7%, food and beverage increased 43.5% and utilities and other increased 13.1%.
Retail
$1,220,454
Lodging
$1,280,047
Food &
Beverage
$702,773 Utilities &
Other
$218,656
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
January 2022 Sales Tax
Town of Vail Business Review
20212022
Geographic Area Trends by Year
January Sales Tax by Year
Sales Tax by Location
Other
Areas
15%
Lionshead
18%
Out of
Town
23%
Vail Village
45%
Other Areas
15%
Lionshead
17%
Out of Town
26%
Vail Village
42%
• Vail Village sales tax increased 66.1%, Lionshead increased 77.7%, Other Areas increased
66.1%, and Out of Town increased 44.7%. Excluding Out of Town collections, all areas were
up 74.3%.
$468,391
$617,933 $582,773
$500,431
$831,095$920,800
$1,029,840 $1,004,139
$585,675
$1,040,997
$367,466 $422,530 $417,065
$886,949
$1,283,511
$1,841,035
$2,008,769 $2,072,827
$1,448,876
$2,546,534
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows January sales tax collections, by geographic area over time.
January Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
January 2022 Sales Tax
Town of Vail Business Review
Apparel
$352,399
Grocery
$231,253
Gallery
$9,541
Gifts
$8,367
Jewelry
$29,888
Retail Liquor
$88,606
Retail Other
$287,707
Sporting Goods
$583,189
Online Retailers
$80,648
Retail Home
Occupation
$263
• Overall, January 2022 accommodations services were up 104.5%, short-term rentals were up 84.7% and
hotels and lodges were up 115.0%.
• Excluding collections of the new 0.5% sales tax, January 2022 accomodations services were up 81.7%,
short-term rentals were up 64.2%, and hotels and lodges were up 91.1%.
• 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.
$1,302,787
$355,001
$834,118
$445,929
$1,793,578
$823,621
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020