HomeMy WebLinkAbout04. May Revenue Update
TOWN OF VAIL
REVENUE UPDATE
May 3, 2022
4% Sales Tax
Upon receipt of all sales tax returns, March collections are estimated to be
$5,844,848. This is up 33.9% from last year and up 34.0% from the amended
budget. Collections are up 37.9% from 2019, the last year not impacted by Covid-
19. Year to date collections of $16,710,463 are up 45.6% from 2021 and up 34.2%
from 2019. Year-to-date collections are up 12.0% from the amended budget.
Inflation, as measured by the consumer price index, was up 8.5% for March. The
2022 amended sales tax budget totals $37.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, March collections of the 0.5% housing fund
sales tax are estimated to be $711,315 and YTD total collections are estimated to
be $2,054,771. The 2022 budget for the housing fund sales tax totals $4.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through April 26 total $2,645,179, down (7.2)% from this time last
year. 2021 was a record year for RETT collections. The 2022 annual RETT budget
totals $7,500,000, down 40% from 2021 actual collections.
Construction Use Tax
Use Tax collections through April 26 total $476,250 compared to $1,213,371 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 March 31 total $5,407,950
up 13.0% or $639,424 from this time last year.
Parking Revenue
Season to date:
Pass sales from November through April total $1,358,700 up $201,071 or 17.4%
from prior winter season. Parking pass sales are down $(406,442) or (23.0)% 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 April 24 total
approximately $6,185,768, up $981,923, or 18.9% from this time last year. Daily
sales are up $2,647,035 or 74.8% from this time in the 2019/20 season. Paid
parking ended on March 14, 2020 during the 2019/20 season due to Covid-19
Summary
Across all funds, year-to-date total revenue of $37.0 million is up 9.3% from the
amended budget and up 25.3% from prior year, mainly due to an increase in sales
tax collections. Excluding the new 0.5% housing fund sales tax, total revenue is up
18.4% compared to prior year. The positive variance from budget is due to higher
than anticipated sales tax, lift tax, real estate transfer tax, and paid parking
revenues.
2022 Budget % change % change % change 2017 2018 2019 2020 2021 Amended Budget Variance from 2021 from 2019 from BudgetJanuary 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,075,000$ 5,198,900$ 123,900$ 51.92% 27.42% 2.44%February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,480,000 5,666,715 186715 53.49% 36.97% 3.41%March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 4,360,000 5,844,848 1,484,848 33.91% 37.92% 34.06%YTD Total11,060,211$ 11,583,846$ 12,455,014$ 10,605,296$ 11,478,857$ 14,915,000 16,710,463$ 1,795,463$ 45.58% 34.17% 12.04%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 Total25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 37,900,000$ 16,710,463$ 2022 Budget % change Amended BudgetVariance from BudgetJanuary 627,000$ 643,209$ 16,209$ 2.59%February 677,000 700,246 23,246 3.43%March 500,000 711,315 211,315 42.26%YTD Total1,804,000$ 2,054,771$ 250,771$ 13.90%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 Total4,075,000$ 2,054,771$ Town of Vail Revenue UpdateMay 3, 20224.0% SALES TAX2022 Budget Comparison0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONS2022 Actual Collections4.0% Collected Sales Tax
Town of Vail Revenue Update
May 3, 2022
YTD 4% Sales Tax Collections By Year
Through March 31
February 4% Sales Tax Collections By Year
Through March 31
• YTD collections of $16.7M are up 45.6% from prior year and up 12.0% from amended budget.
YTD collections are up 34.2%% from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 8.5% in March.
$11,583,846
$12,455,014
$10,605,296
$11,478,857
$16,710,463
$0 $5,000,000 $10,000,000 $15,000,000
2018
2019
2020
2021
2022
$4,167,880
$4,237,933
$2,243,518
$4,364,797
$5,844,848
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
• March 2022 collections of $5.8M are up 33.9% from prior year and up 34.0% with the
amended budget. March collections are up 37.9% from 2019.
Through April 30
Town of Vail Revenue Update
May 3, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through April 2022
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
•2022 RETT collections through April 26 total $2,645,179, down (7.2)% from the prior
year.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
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
$2,029,855 $2,030,090
$1,791,330
$2,849,638
$2,645,179
$643,209
$700,246 $711,315
$2,054,771
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$-
$200,000
$400,000
$600,000
$800,000
$1,000,000
January February March
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
May 3, 2022
Construction Use Tax by Year
YTD Through April 2022
Lift Tax Collections, Ski Season To-Date
November 2021 - March 2022
• Use Tax collections through April 26 total $476,250 compared to $1,213,371 from this time
last year. This is an decrease of (60.7%)
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel.
$675,314
$578,722
$370,942
$1,213,371
$476,250
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
2018 2019 2020 2021 2022
• 2021/22 ski season lift tax collections of $5.4M are up 13.0% or $639,424 from the same time
last year.
$4,210,553
$4,817,870
$3,979,747
$4,768,525
$5,407,950
$0 $2,000,000 $4,000,000 $6,000,000
2017/18
2018/19
2019/20
2020/21
2021/22
Vail Business Review
February 2022
May 3, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of January.
Overall, February sales tax increased 53.5% with retail increasing 26.1%, lodging
increased 83.1%, food and beverage increased 49.2%, and utilities/other increased by
29.2%. Excluding the out of town category; sales tax for the month of increased 59.3%.
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
February Tax Collections by Year
February 2022 Sales Tax
February 2021February 2022
Sales Tax Collections by Business Type
Retail
$1,618,403
Lodging
$2,687,326
Food &
Beverage
$1,090,907
Utilities &
Other
$270,079
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
26.1%49.2%
29.2%
RLFU
-$8,000,000
$12,000,000
$3,818,439
$4,136,164
$4,285,733
$3,691,675
$5,666,715
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
83.1%
• This report represents collections of Town of Vail 4.0% 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. 2022 results only include the 4.0% sales tax collected on all items.
•Overall, February 2022 4.0% sales tax collections were up 53.5% from the prior year and up 32.2%
from 2019 -the last year not impacted by COVID-19 restrictions.
• February 2022 retail sales increased 26.1%, lodging increased 83.1%, food and beverage
increased 49.2% and utilities and other increased 29.2%.
Retail
$1,283,721
Lodging
$1,467,593
Food &
Beverage
$731,293
Utilities &
Other
$209,067
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
Town of Vail Business Review
20212022
Geographic Area Trends by Year
February Sales Tax by Year
Sales Tax by Location
February 2022 Sales Tax
Other
Areas
15%
Lionshead
20%
Out of
Town
21%
Vail Village
44%
Other Areas
15%
Lionshead
18%
Out of Town
23%
Vail Village
43%
• Vail Village sales tax increased 56.7%, Lionshead increased 66.9%, Other Areas increased
57.5%, and Out of Town increased 34.8%. Excluding Out of Town collections, all areas were
up 59.3%.
$543,466
$662,981 $621,334
$541,221
$852,224
$993,775
$1,056,028 $1,091,956
$674,662
$1,126,028
$343,321 $355,760 $396,181
$875,953
$1,180,854
$1,937,877
$2,061,395 $2,176,262
$1,599,838
$2,507,610
$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 February sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
February 2022 Sales Tax
Town of Vail Business Review
February Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$335,385
Grocery
$230,907
Gallery
$17,294
Gifts
$7,285
Jewelry
$40,309Retail Liquor
$85,673
Retail Other
$291,570
Sporting Goods
$548,472
Online Retailers
$61,267
Retail Home
Occupation
$241
• Overall, January 2022 accommodations services were up 83.1%, short-term rentals were up 73.5% and
hotels and lodges were up 87.2%.
• 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.
$1,484,280
$370,032
$1,030,820
$436,773
$1,929,476
$757,850
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
Retail 273,180.72 250,738.30 8.95%
Lodging 484,832.31 219,036.04 121.35%
F & B 85,242.51 66,152.30 28.86%
Other 8,968.05 5,294.71 69.38%
Total 852,223.59 541,221.35 57.46%
Retail 292,165.35 218,486.85 33.72%
Lodging 620,466.82 323,705.36 91.68%
F & B 210,451.50 131,469.90 60.08%
Other 2,943.96 999.68 194.49%
Total 1,126,027.63 674,661.78 66.90%
Retail 289,425.55 251,248.75 15.19%
Lodging 666,821.40 443,641.45 50.31%
F & B 2,521.86 1,309.21 92.62%
Other 222,085.06 179,753.80 23.55%
Total 1,180,853.87 875,953.21 34.81%
Retail 763,631.23 563,247.51 35.58%
Lodging 915,205.91 481,210.60 90.19%
F & B 792,691.56 532,361.74 48.90%
Other 36,081.69 23,018.59 56.75%
Total 2,507,610.39 1,599,838.44 56.74%
Retail 1,618,402.85 1,283,721.41 26.07%
Lodging 2,687,326.44 1,467,593.45 83.11%
F & B 1,090,907.43 731,293.15 49.18%
Other 270,078.76 209,066.78 29.18%
Total 5,666,715.48 3,691,674.78 53.50%
Retail Apparel 335,384.91 243,765.00 37.59%
Retail Food 230,906.50 202,802.26 13.86%
Retail Gallery 17,293.92 8,695.36 98.89%
Retail Gift 7,285.36 5,893.96 23.61%
Retail Home Occupation 240.90 308.56 ‐21.93%
Retail Jewelry 40,309.40 33,652.47 19.78%
Retail Liquor 85,672.53 74,757.33 14.60%
Retail Other 291,570.44 241,283.68 20.84%
Retail Sport 548,472.27 416,493.67 31.69%
Retail Online Retailer 61,266.62 56,069.12 9.27%
Total 1,618,402.85 1,283,721.41 26.07%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
February 2022 Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary