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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