Loading...
HomeMy WebLinkAbout01. 220705_Revenue_Updates TOWN OF VAIL REVENUE UPDATE July 5, 2022 4% Sales Tax Upon receipt of all sales tax returns, May collections are estimated to be $1,112,035 This is up 4.8% from last year and flat with the amended budget. Collections are up 35.6% from 2019, the last year not impacted by Covid-19. Year- to-date collections of $20,024,375 are up 40.1% from 2021 and up 36.6% from 2019. Year-to-date collections are flat with the amended budget. Inflation, as measured by the consumer price index, was up 8.6% for May. The 2022 amended sales tax budget totals $39.9 million. 0.5% Housing Fund Sales Tax Upon Receipt of all sales tax returns, May collections of the 0.5% housing fund sales tax are estimated to be $132,424 and YTD total collections are estimated to be $2,452,169. The 2022 budget for the housing fund sales tax totals $4.5 million. Real Estate Transfer Tax (RETT) RETT collections through June 28 total $4,772,508, down (5.9)% 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 June 28 total $1,097,118 compared to $2,435,970 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 2022 YTD lift tax collections total $4,702,447 up 19.8% or $777,168 from this time last year. The 2022 amended budget totals $6,273,196. Summary Across all funds, year-to-date total revenue of $50.3 million is up 6.1% from the amended budget and up 18.8% from prior year, due to increases in sales tax, lift tax, and daily parking fee collections. Excluding the new 0.5% housing fund sales tax, total revenue is up 14.2% compared to prior year. 2022 Budget % change % change % change 2017 2018 2019 2020Amended Budget Variance from 2021 from 2019 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,202,953$ 496$ 52.03% 27.52% 0.01%February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,670,662 486 53.60% 37.07% 0.01%March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,929,896 24,440 35.86% 39.92% 0.41%April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,108,829 824 20.40% 45.93% 0.04%May 659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,112,035 (0) 4.76% 45.60% 0.00%YTD Total13,106,466$ 13,647,513$ 14,663,841$ 11,536,642$ 14,291,900$ 19,998,129 20,024,375$ 26,246$ 40.11% 36.56% 0.13%June 1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 July 2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 August 1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,877,600 September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,359,500 October 936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,735,000 November 997,716 1,264,600 1,260,314 1,425,461 1,880,397 1,880,400 December 3,695,305 4,070,870 4,237,178 3,625,189 5,749,365 5,458,371 Total25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 39,950,000$ 20,024,375$ 2022 Budget % change Amended Budget Variance from BudgetJanuary 643,700$ 643,716$ 16$ 0.00%February 700,700 700,740 40 0.01%March 721,900 721,946 46 0.01%April 253,300 253,344 44 0.02%May132,400 132,424 24 0.02%YTD Total2,452,000$ 2,452,169$ 169$ 0.01%June 250,000 July 378,000 August 290,000 September 200,000 October 150,000 November 180,000 December 600,000 Total4,500,000$ 2,452,169$ Town of Vail Revenue UpdateJuly 5, 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 Jul 5, 2022 YTD 4% Sales Tax Collections By Year Through May 31 May 4% Sales Tax Collections By Year Through May 31 • YTD collections of $20.0M are up 40.1% from prior year and up 0.1% from amended budget. YTD collections are up 36.6%from 2019, the last year not impacted by Covid-19. • Inflation as measured by the consumer price index was up 8.6% in May. $13,647,513 $14,663,841 $11,536,642 $14,291,900 $20,024,375 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 2018 2019 2020 2021 2022 $830,193 $763,756 $503,828 $1,061,516 $1,112,035 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2018 2019 2020 2021 2022 • May 2022 collections of $1.1M are up 4.8% from prior year and flat with the amended budget. May collections are up 35.6% from 2019. Through May 31 Town of Vail Revenue Update July 5, 2022 YTD 0.5% Housing Fund Sales Tax Collections Real Estate Transfer Tax by Year YTD Through June 2022 • This chart shows YTD collections of 1% RETT, segmented by individual home sale value. • 2022 RETT collections through June 28 total $4,772,508, down (5.9)% from the prior year. $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 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 $3,675,305 $2,944,293 $2,414,347 $5,073,151 $4,772,508 • 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. $643,716 $700,740 $721,946 $253,344 $132,424 $2,452,170 $0 $1,000,000 $2,000,000 $3,000,000 $0 $200,000 $400,000 $600,000 $800,000 January February March April May Monthly YTD YTD Total: YTD TotalMonthly Total Town of Vail Revenue Update July 5, 2022 Construction Use Tax by Year YTD Through June 2022 Lift Tax Collections YTD Through May 31 • Use Tax collections through June 28 total $1,097,118 compared to $2,435,970 from this time last year. This is an decrease of (55.0%) • 2021 collections were significantly higher due to a number of large single-family residential projects and the interior renovation of the Sonnenalp Hotel. $1,162,368 $1,706,962 $739,475 $2,435,970 $1,097,118 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2018 2019 2020 2021 2022 • 2022 YTD lift tax collections of $4.7M are up 19.8% or $777,168 from the same time last year. $3,769,072 $4,109,163 $2,916,926 $3,925,279 $4,702,447 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2018 2019 2020 2021 2022 Vail Business Review April 2022 July 5, 2022 The Vail Business Review breaks down the four percent sales tax collected for the month of April and the 2021/2022 ski season Overall, April sales tax increased 20.4% with retail increasing 5.6%, lodging increased 34.4%, food and beverage increased 37.9%, and utilities/other increased by 7.8%. Excluding the out of town category; sales tax for the month of April up 27.8%. The ski season 2021/2022 resulted in an overall 45.1% increase from the prior year. Retail increased 24.4%, lodging increased 72.8%, food and beverage increased 42.0% and utilities and other increased 17.9%. Excluding the out of town category; sales tax for the 2021/2022 ski season increased 48.9%. 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 Town of Vail Revenue Manager Town of Vail Business Review April 4.0% Tax Collections by Year April 2022 Sales Tax April 2021April 2022 Sales Tax Collections by Business Type Retail $779,320 Lodging $635,898 Food & Beverage $509,738 Utilities & Other $183,857 $0 $250,000 $500,000 $750,000 $1,000,000 5.6%37.9% 7.8% RLFU -$8,000,000 $12,000,000 $1,233,941 $1,444,250 $427,504 $1,751,522 $2,108,813 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 2018 2019 2020 2021 2022 34.4% • 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 20.4% from the prior year and 46.0% from 2019, the last year not impacted by Covid-19. • April 2022 retail sales increased 5.6%, lodging increased 34.4%, food and beverage increased 37.9% and utilities and other increased 7.8%. Retail $738,178 Lodging $473,112 Food & Beverage $369,678 Utilities & Other $170,555 $0 $250,000 $500,000 $750,000 $1,000,000 April 2022 Sales Tax Town of Vail Business Review 20212022 Geographic Area Trends by Year April Sales Tax by Year Sales Tax by Location Other Areas 14% Lionshead 16% Out of Town 28% Vail Village 42% Other Areas 15% Lionshead 13% Out of Town 32% Vail Village 40% • Vail Village sales tax increased 26.6%, Lionshead increased 48.4%, Other Areas increased 13.1%, and Out of Town increased 4.9%. Excluding Out of Town collections, all areas were up 27.8%. $211,383 $235,436 $120,249 $263,549 $298,153 $189,163 $240,903 $15,564 $224,916 $333,769 $308,803 $331,867 $257,965 $563,384 $590,839 $524,592 $636,044 $33,726 $699,673 $886,053 $0 $250,000 $500,000 $750,000 $1,000,000 2018 2019 2020 2021 2022 Other Areas Lionshead Out of Town Vail Village • This chart shows April sales tax collections, by geographic area over time. April 4.0% Sales Tax Accommodation Services Sales Tax by Year Retail Business Sales Tax Detail April 2022 Sales Tax Town of Vail Business Review Apparel $148,079 Grocery $132,280 Gallery $5,404 Gifts $2,495 Jewelry $17,960Retail Liquor $37,988 Retail Other $183,621 Sporting Goods $171,945 Online Retailers $79,518 Retail Home Occupation $31 • Overall, April 2022 accommodations services were up 34.4%, short-term rentals were up 3.2% and hotels and lodges were up 50.4%. • 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. $14,411 $8,382 $312,652 $160,459 $470,368 $165,530 $0 $100,000 $200,000 $300,000 $400,000 $500,000 Hotel and Lodges Short-Term Rentals 2022 2021 2020 Retail 145,598.61                               146,399.20                                ‐0.55% Lodging 89,768.43                                 74,725.78                                 20.13% F & B 58,961.87                                 39,298.14                                 50.04% Other 3,823.76                                   3,126.33                                   22.31% Total 298,152.66                               263,549.46                               13.13% Retail 90,419.50                                 74,566.25                                 21.26% Lodging 146,834.06                               92,037.48                                 59.54% F & B 96,407.63                                 58,034.49                                 66.12% Other 108.01                                       277.90                                        ‐61.13% Total 333,769.19                               224,916.12                               48.40% Retail 243,174.32                               244,405.35                                ‐0.50% Lodging 177,105.30                               157,359.91                               12.55% F & B 952.38                                       1,158.35                                    ‐17.78% Other 169,606.73                               160,460.54                               5.70% Total 590,838.73                               563,384.15                               4.87% Retail 300,127.86                               272,807.52                               10.01% Lodging 222,190.12                               148,988.49                               49.13% F & B 353,415.82                               271,186.52                               30.32% Other 10,318.81                                 6,690.04                                   54.24% Total 886,052.61                               699,672.57                               26.64% Retail 779,320.28                               738,178.32                               5.57% Lodging 635,897.91                               473,111.66                               34.41% F & B 509,737.70                               369,677.50                               37.89% Other 183,857.31                               170,554.81                               7.80% Total 2,108,813.20                           1,751,522.29                           20.40% Retail Apparel 148,078.84                               123,687.45                               19.72% Retail Food 132,279.66                               129,389.61                               2.23% Retail Gallery 5,403.66                                   5,588.47                                    ‐3.31% Retail Gift 2,495.17                                   3,255.04                                    ‐23.34% Retail Home Occupation 31.13                                         145.98                                        ‐78.68% Retail Jewelry 17,959.86                                 21,613.08                                  ‐16.90% Retail Liquor 37,988.39                                 38,085.90                                  ‐0.26% Retail Other 183,621.09                               227,980.35                                ‐19.46% Retail Sport 171,944.67                               146,128.99                               17.67% Retail Online Retailer 79,517.81                                 42,303.46                                 87.97% Total 779,320.28                               738,178.32                               5.57% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review April 2022 Sales Tax 2022 Collections   2021 Collections YoY % Change Ski Season 2021/2022 Sales Tax Collections by Business Type Town of Vail Business Review Ski Season 4.0% Tax Collections by Year Ski Season 2021/2022 Ski Season 2020/2021 Retail $8,596,783 Lodging $11,601,863 Food & Beverage $4,987,906 Utilities & Other $1,367,089 $0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000 24.4%42.0% 17.9% RLFU -$8,000,000 $12,000,000 $17,554,341 $19,258,918 $16,578,886 $18,294,614 $26,553,640 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 17-18 18-19 19-20 20-21 21-22 72.8% • 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, Ski Season 2021/2022 4.0% sales tax collections were up 45.1% from the prior ski season and 37.9% from Ski Season 2018/2019, the last year not impacted by Covid-19. • Ski Season 2021-2022 retail sales increased 24.4%, lodging increased 72.8%, food and beverage increased 42.0% and utilities and other increased 17.9%. Retail $6,910,178 Lodging $6,713,062 Food & Beverage $3,511,635 Utilities & Other $1,159,739 $0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000 Ski Season 2021/2022 Town of Vail Business Review Ski Season 2020/2021Ski Season 2021/2022 Geographic Area Trends by Year Ski Season 2021/2022 Sales Tax by Location Other Areas 15% Lionshead 18% Out of Town 24% Vail Village 43% Other Areas 15% Lionshead 17% Out of Town 26% Vail Village 42% • Vail Village sales tax increased 50.0%, Lionshead increased 52.7%, Other Areas increased 41.4%, and Out of Town increased 34.5%. Excluding Out of Town collections, all areas were up 48.9%. $2,461,885 $2,989,445 $2,584,248 $2,743,922 $3,880,557 $4,110,565 $4,495,966 $3,676,594 $3,112,282 $4,753,660 $1,956,682 $2,248,370 $2,286,845 $4,751,901 $6,392,604 $9,025,209 $9,525,136 $8,031,199 $7,686,509 $11,526,818 $0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 17-18 18-19 19-20 20-21 21-22 Other Areas Lionshead Out of Town Vail Village • This chart shows Ski Season sales tax collections by geographic area over time. Ski Season 4.0% Sales Tax Accommodation Services Sales Tax by Year Retail Business Sales Tax Detail Ski Season 2021/2022 Town of Vail Business Review Apparel $1,717,795 Grocery $1,270,707 Gallery $206,462 Gifts $42,177 Jewelry $209,827Retail Liquor $410,492 Retail Other $1,778,841 Sporting Goods $2,511,385 Online Retailers $447,777 Retail Home Occupation $1,319 • Overall, Ski Season 2021-2022 accommodations services were up 72.8%. Short-term rentals were up 64.7% and hotels and lodges were up 76.5% compared to prior ski season. • 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. $4,935,493 $1,071,336 $4,607,687 $2,105,375 $8,133,933 $3,467,929 $0 $2,500,000 $5,000,000 $7,500,000 Hotel and Lodges Short-Term Rentals 21/22 20/21 19/20 Retail 1,459,673.59                            1,382,236.26                            5.60% Lodging 1,937,495.17                            1,002,794.68                            93.21% F & B 443,000.75                               329,803.75                               34.32% Other 40,387.94                                 29,087.70                                 38.85% Total 3,880,557.45                           2,743,922.39                           41.42% Retail 1,291,061.67                            1,003,895.82                            28.61% Lodging 2,509,427.52                            1,476,177.98                            69.99% F & B 940,091.47                               624,611.42                               50.51% Other 13,079.84                                 7,597.12                                   72.17% Total 4,753,660.50                           3,112,282.34                           52.74% Retail 2,108,613.60                            1,677,371.73                            25.71% Lodging 3,125,284.63                            2,044,668.59                            52.85% F & B 14,454.61                                 10,374.11                                 39.33% Other 1,144,251.16                            1,019,486.27                            12.24% Total 6,392,604.00                           4,751,900.70                           34.53% Retail 3,737,433.83                            2,846,674.55                            31.29% Lodging 4,029,655.25                            2,189,420.31                            84.05% F & B 3,590,358.85                            2,546,846.15                            40.97% Other 169,370.15                               103,567.86                               63.54% Total 11,526,818.08                         7,686,508.87                           49.96% Retail 8,596,782.69                            6,910,178.36                            24.41% Lodging 11,601,862.57                          6,713,061.56                            72.83% F & B 4,987,905.68                            3,511,635.43                            42.04% Other 1,367,089.09                            1,159,738.95                            17.88% Total 26,553,640.03                         18,294,614.30                         45.14% Retail Apparel 1,717,795.14                            1,207,569.45                            42.25% Retail Food 1,270,707.48                            1,131,735.36                            12.28% Retail Gallery 206,462.12                               43,179.23                                 378.15% Retail Gift 42,177.10                                 34,480.59                                 22.32% Retail Home Occupation 1,318.59                                   1,364.32                                    ‐3.35% Retail Jewelry 209,827.00                               196,847.10                               6.59% Retail Liquor 410,492.39                               389,770.68                               5.32% Retail Other 1,778,840.71                            1,522,003.20                            16.87% Retail Sport 2,511,385.21                            2,010,548.90                            24.91% Retail Online Retailer 447,776.93                               372,679.54                               20.15% Total 8,596,782.67                           6,910,178.37                           24.41% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review Ski Season 2021/2022 21/22 Collections   20/21 Collections YoY % Change