HomeMy WebLinkAbout02. June Revenue Update TOWN OF VAIL
REVENUE UPDATE
June 7, 2022
4% Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$2,108,005. This is up 20.4% from last year and up 20.5% from the amended
budget. Collections are up 45.9% from 2019, the last year not impacted by Covid-
19. Year to date collections of $18,886,094 are up 42.8% from 2021 and up 35.9%
from 2019. Year-to-date collections are up 13.3% from the amended budget.
Inflation, as measured by the consumer price index, was up 8.3% for April. The
2022 amended sales tax budget totals $37.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, April collections of the 0.5% housing fund
sales tax are estimated to be $253,241 and YTD total collections are estimated to
be $2,316,465. The 2022 budget for the housing fund sales tax totals $4.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through May 30 total $3,827,623, down (5.6)% 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 May 30 total $959,975 compared to $2,138,467 from
this time last year. 2021 collections were significantly higher due to a number of
large single-family residential projects and an interior hotel renovation project. The
2022 annual budget totals $2,800,000.
Lift Tax
Lift tax collections for the 2021/22 ski season total $5,799,209 up 15.5% or
$780,181 from this time last year.
Summary
Across all funds, year-to-date total revenue of $46.6 million is up 14.0% from the
amended budget and up 20.6% from prior year, due to increases in sales tax, lift
tax, and daily parking fee collections. Excluding the new 0.5% housing fund sales
tax, total revenue is up 14.6% compared to prior year.
2022Budget % change % change % change 2017201820192020Amended BudgetVariance from 2021 from 2019 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,075,000$ 5,202,457$ 127,457$ 52.02% 27.51% 2.51%February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,480,000 5,670,176 190,176 53.59% 37.06% 3.47%March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 4,360,000 5,905,456 1,545,456 35.30% 39.35% 35.45%April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 1,750,000 2,108,005 358,005 20.35% 45.88% 20.46%YTD Total12,446,991$ 12,817,320$ 13,900,085$ 11,032,814$ 13,230,384$ 16,665,000 18,886,094$ 2,221,094$ 42.75% 35.87% 13.33%May659,475 830,193 763,756 503,828 1,061,516 1,060,000 June1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,145,000 July2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,500,000 August1,863,949 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 October936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,710,000 November997,716 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$ 18,886,094$ 2022Budget% change Amended BudgetVariance from BudgetJanuary627,000$ 643,654$ 16,654$ 2.66%February677,000 700,679 23,679 3.50%March500,000 718,891 218,891 43.78%April200,000 253,241 53,241 26.62%YTD Total2,004,000$ 2,316,465$ 312,465$ 15.59%May101,000 June200,000 July350,000 August290,000 September200,000 October150,000 November180,000 December600,000 Total4,075,000$ 2,316,465$ Town of Vail Revenue UpdateJune 7, 20224.0% SALES TAX2022 Budget Comparison0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONS2022 Actual Collections4.0% Collected Sales Tax2021
Town of Vail Revenue Update
June 7, 2022
YTD 4% Sales Tax Collections By Year
Through April 30
April 4% Sales Tax Collections By Year
Through April 30
• YTD collections of $18.9M are up 42.8% from prior year and up 13.3% from amended budget.
YTD collections are up 35.9%% from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 8.3% in April.
$12,817,320
$13,900,085
$11,032,814
$13,230,384
$18,886,094
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2018
2019
2020
2021
2022
$1,233,474
$1,445,071
$427,518
$1,751,528
$2,108,005
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2018
2019
2020
2021
2022
• April 2022 collections of $2.1M are up 20.4% from prior year and up 20.5% from the
amended budget. April collections are up 45.9% from 2019.
Town of Vail Revenue Update
June 7, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through May 2022
Through April 30
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2022 RETT collections through May 30 total $3,827,623 down 5.6% from the prior year.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
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
$3,073,626
$2,490,959
$2,069,914
$4,056,565 $3,827,623
• 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.
$643,654
$700,679 $718,891
$253,241
$-
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$-
$250,000
$500,000
$750,000
$1,000,000
January February March April
YTD Total: $2,316,465
Town of Vail Revenue Update
June 7, 2022
Construction Use Tax by Year
YTD Through May 2022
Lift Tax Collections, Ski Season To-Date
November 2021 - April 2022
• Use Tax collections through May 30 total $959,975 compared to $2,138,467 from this time
last year. This is an decrease of (55.2%)
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel.
$1,027,477
$846,825
$575,018
$2,138,467
$959,975
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$2,000,000
$2,250,000
2018 2019 2020 2021 2022
• 2021/22 ski season lift tax collections of $5.8M are up 15.5% or $780,181 from the same time
last year.
$4,496,569
$5,264,259
$3,990,987
$5,019,028
$5,799,209
$0 $2,000,000 $4,000,000 $6,000,000
2017/18
2018/19
2019/20
2020/21
2021/22
Vail Business Review
March 2022
June 7, 2022
The March Vail Business Review breaks down the four percent sales tax collected for
the month of March and the first quarter of 2022.
Overall March sales tax increased 35.3% with retail increasing 16.9%, lodging
increased 54.0%, food and beverage increased 28.7%, and utilities/other increased by
26.7%. Excluding the out-of-town category, sales tax for the month of March was up
38.4%.
The first quarter of 2022 resulted in a 46.3% increase overall with retail increasing
23.4%, lodging increased 72.1%, food and beverage increased 39.8% and utilities/other
increased 25.8%. Excluding the out-of-town category, first quarter sales tax is up
50.6%.
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
Revenue Manager
March 2022
Sales Tax Collections by Business Type
Town of Vail Business Review
March 4.0% Tax Collections by Year
March 2022 Sales Tax
March 2021
Retail
$1,698,954
Lodging
$2,831,871
Food &
Beverage
$1,109,739
Utilities &
Other
$264,893
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
16.9%28.7%26.7%
RLFU
-$8,000,000
$12,000,000
$4,181,439
$4,245,896
$2,258,355
$4,364,792
$5,905,456
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
54.0%
• 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 in this report only include the 4.0% sales tax
collected on all items for accuracy of comparison to prior years.
• Overall, March 2022 4.0% sales tax collections were up 35.3% from the prior year.
• March 2022 retail sales increased 16.9%, lodging increased 54.0%, food and beverage increased
28.7% and utilities and other increased 26.7%.
Retail
$1,453,623
Lodging
$1,839,516
Food &
Beverage
$862,533
Utilities &
Other
$209,121
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
March 2022 Sales Tax
Town of Vail Business Review
20212022
Geographic Area Trends by Year
March Sales Tax by Year
Sales Tax by Location
Other
Areas
15%
Lionshead
19%
Out of
Town
20%
Vail Village
46%
Other Areas
14%
Lionshead
20%
Out of Town
22%
Vail Village
45%
• Vail Village sales tax increased 39.8%, Lionshead increased 29.0%, Other Areas increased
47.3%, and Out of Town increased 24.2%. Excluding Out of Town collections, all areas were
up 38.4%.
$556,577 $616,079 $434,411
$601,519
$886,298$981,785
$1,063,857
$426,447
$853,369 $1,100,527
$371,284 $359,096 $386,047
$956,656 $1,188,468
$2,271,793 $2,206,864
$1,011,450
$1,953,247
$2,730,164
$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 March sales tax collections, by geographic area over time.
March Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
March 2022 Sales Tax
Town of Vail Business Review
Apparel
$387,766
Grocery
$239,258
Gallery
$24,142
Gifts
$9,359
Jewelry
$42,220Retail Liquor
$80,316
Retail Other
$306,187
Sporting Goods
$540,527
Online Retailers
$68,973
Retail Home
Occupation
$205
• Overall, March 2022 accommodations services were up 54.0%, short-term rentals were up 52.7% and
hotels and lodges were up 54.5%.
• 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.
$617,317
$260,547
$1,298,962
$540,553
$825,471
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
Retail 269,753.22 250,993.26 7.47%
Lodging 510,068.56 273,203.52 86.70%
F & B 97,864.63 71,567.99 36.74%
Other 8,611.33 5,753.73 49.67%
Total 886,297.74 601,518.50 47.34%
Retail 289,555.15 262,370.05 10.36%
Lodging 592,259.70 430,282.30 37.64%
F & B 216,562.47 158,528.77 36.61%
Other 2,149.19 2,188.35 ‐1.79%
Total 1,100,526.51 853,369.46 28.96%
Retail 325,551.23 272,780.47 19.35%
Lodging 651,882.76 507,205.55 28.52%
F & B 3,202.10 3,038.84 5.37%
Other 207,832.17 173,631.54 19.70%
Total 1,188,468.26 956,656.40 24.23%
Retail 814,094.07 667,478.81 21.97%
Lodging 1,077,660.07 628,824.20 71.38%
F & B 792,109.76 629,397.32 25.85%
Other 46,299.94 27,547.01 68.08%
Total 2,730,163.84 1,953,247.34 39.78%
Retail 1,698,953.67 1,453,622.59 16.88%
Lodging 2,831,871.09 1,839,515.57 53.95%
F & B 1,109,738.96 862,532.92 28.66%
Other 264,892.63 209,120.63 26.67%
Total 5,905,456.35 4,364,791.71 35.30%
Retail Apparel 387,766.02 286,711.62 35.25%
Retail Food 239,258.12 209,663.58 14.12%
Retail Gallery 24,141.77 8,179.17 195.16%
Retail Gift 9,358.53 6,880.39 36.02%
Retail Home Occupation 205.30 320.15 ‐35.87%
Retail Jewelry 42,220.30 32,551.01 29.71%
Retail Liquor 80,315.78 79,287.87 1.30%
Retail Other 306,187.20 256,303.09 19.46%
Retail Sport 540,527.35 508,010.04 6.40%
Retail Online Retailer 68,973.32 65,715.67 4.96%
Total 1,698,953.69 1,453,622.59 16.88%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March 2022 Sales Tax
2022 Collections 2021 Collections YoY % Change
March YTD 2022
Sales Tax Collections by Business Type
Town of Vail Business Review
March YTD 4.0% Tax Collections by Year
March YTD 2022 Sales Tax
March YTD 2021
Retail
$4,873,952
Lodging …
Food &
Beverage
$3,209,979
Utilities &
Other
$798,438
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
23.4%39.8%
25.8%
RLFU
-$8,000,000
$12,000,000
$11,594,881
$12,459,668
$10,619,837
$11,468,646
$16,778,089
$0 $5,000,000 $10,000,000 $15,000,000
2018
2019
2020
2021
2022
72.1%
• 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 in this report only include the 4.0% sales tax collected on all
items for accuracy of comparison to prior years.
• Overall, YTD March 2022 4.0% sales tax collections were up 46.3% from the prior year and 34.7%
from 2019, the last year not impacted by Covid-19.
• March YTD 2022 retail sales increased 23.4%, lodging increased 72.1%, food and beverage
increased 39.8% and utilities and other increased 25.8%.
Retail
$3,950,225
Lodging
$4,587,156
Food &
Beverage
$2,296,591
Utilities &
Other
$634,675
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
March YTD 2022 Sales Tax
Town of Vail Business Review
20212022
Geographic Area Trends by Year
March YTD Sales Tax by Year
Sales Tax by Location
Other
Areas
15%
Lionshead
19%
Out of
Town
21%
Vail Village
45%
Other Areas
15%
Lionshead
18%
Out of Town
24%
Vail Village
44%
• Vail Village sales tax increased 50.3%, Lionshead increased 49.7%, Other Areas increased 52.8%,
and Out of Town increased 32.4%. Excluding Out of Town collections, all areas were up 50.6%.
$1,568,092
$1,896,904 $1,638,518
$1,643,115
$2,510,833
$2,896,287
$3,149,725
$2,522,542 $2,113,706 $3,163,560
$1,080,601 $1,136,679 $1,198,238
$2,709,849
$3,586,756
$6,049,902
$6,276,360
$5,260,540 $5,001,977
$7,516,941
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows March YTD sales tax collections, by geographic area over time.
March YTD 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
March YTD 2022 Sales Tax
Town of Vail Business Review
Apparel
$1,036,749
Grocery
$685,333
Gallery
$50,193
Gifts
$24,082
Jewelry
$109,124Retail Liquor
$244,833
Retail Other
$913,446
Sporting Goods
$1,607,488
Online Retailers
$201,927
Retail Home
Occupation
$778
• Overall, March 2022 accommodations services were up 72.1%, short-term rentals were up 66.3% and
hotels and lodges were up 74.8%.
• 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.
$3,401,246
$988,718
$3,163,717
$1,423,439
$5,528,785
$2,366,935
$0 $2,000,000 $4,000,000 $6,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
Retail 795,915.65 731,683.57 8.78%
Lodging 1,424,705.96 693,211.52 105.52%
F & B 267,235.07 202,456.69 32.00%
Other 22,975.83 15,762.78 45.76%
Total 2,510,832.51 1,643,114.56 52.81%
Retail 845,953.06 675,297.36 25.27%
Lodging 1,693,347.78 1,017,826.81 66.37%
F & B 616,262.09 416,076.11 48.11%
Other 7,996.92 4,505.84 77.48%
Total 3,163,559.85 2,113,706.12 49.67%
Retail 947,478.55 795,051.86 19.17%
Lodging 1,979,255.26 1,363,940.12 45.11%
F & B 9,182.16 7,242.04 26.79%
Other 650,840.28 543,615.16 19.72%
Total 3,586,756.25 2,709,849.18 32.36%
Retail 2,284,605.23 1,748,191.81 30.68%
Lodging 2,798,410.92 1,512,177.58 85.06%
F & B 2,317,299.35 1,670,816.28 38.69%
Other 116,625.05 70,790.90 64.75%
Total 7,516,940.55 5,001,976.57 50.28%
Retail 4,873,952.49 3,950,224.59 23.38%
Lodging 7,895,719.92 4,587,456.03 72.12%
F & B 3,209,978.67 2,296,591.12 39.77%
Other 798,438.08 634,674.68 25.80%
Total 16,778,089.16 11,468,946.42 46.29%
Retail Apparel 1,036,748.86 746,866.35 38.81%
Retail Food 685,333.44 601,682.98 13.90%
Retail Gallery 50,192.69 23,461.50 113.94%
Retail Gift 24,081.52 18,648.84 29.13%
Retail Home Occupation 778.42 923.51 ‐15.71%
Retail Jewelry 109,123.56 96,906.00 12.61%
Retail Liquor 244,833.07 227,661.56 7.54%
Retail Other 913,445.62 748,963.49 21.96%
Retail Sport 1,607,488.19 1,301,360.46 23.52%
Retail Online Retailer 201,927.12 183,749.91 9.89%
Total 4,873,952.49 3,950,224.60 23.38%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March YTD 2022 Sales Tax
2022 Collections 2021 Collections YoY % Change