HomeMy WebLinkAbout03. August Revenue Updates
TOWN OF VAIL
REVENUE UPDATE
August 2, 2022
4% Sales Tax
Upon receipt of all sales tax returns, June collections are estimated to be
$2,263,005. This is up 5.3% from last year and up 5.3% from the amended budget.
Collections are up 40.8% from 2019, the last year not impacted by Covid-19. Year-
to-date collections of $22,475,429 are up 36.7% from 2021 and up 38.1% from
2019. Year-to-date collections are up 1.5% from amended budget. Inflation, as
measured by the consumer price index, was up 9.1% for June. The 2022 amended
sales tax budget totals $39.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, June collections of the 0.5% housing fund
sales tax are estimated to be $273,612 and YTD total collections are estimated to
be $2,749,087. The 2022 budget for the housing fund sales tax totals $4.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through July 24th total $5,284,908, down (17.1)% 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. RETT
collections are down due to fewer individual property sales. Excluding timeshares,
159 properties subject to transfer tax have been sold year to date, compared to
269 during the same period 2021. The median YTD home value of $1.8 million is
21.3% higher compared to 2021.
Construction Use Tax
Use Tax collections through July 24th total $1,205,847 compared to $2,662,342
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 $4,798,965 up 20.5% or $817,104 from this time
last year. The 2022 amended budget totals $6,273,196.
Summary
Across all funds, year-to-date total revenue of $54.6 million is up 3.6% from the
amended budget and up 11.0% from prior year, due to increases in sales tax, lift
tax, and daily parking fee collections. Excluding the new 0.5% housing fund sales
tax, total revenue is up 5.4% compared to prior year.
2022Budget % change % change % change 2017201820192020Amended BudgetVariance from 2021 from 2019 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,208,715$ 6,258$ 52.20% 27.66% 0.12%February3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,671,546$ 1,370 53.62% 37.09% 0.02%March3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,938,647$ 33,191 36.06% 40.13% 0.56%April1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,193,088$ 85,083 25.21% 51.76% 4.04%May659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,200,978$ 88,943 13.14% 57.25% 8.00%June1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 2,263,005$ 113,705 5.29% 40.84% 5.29%YTD Total14,496,448$ 15,295,956$ 16,270,588$ 12,560,159$ 16,441,212$ 22,147,429 22,475,979$ 328,550$ 36.71% 38.14% 1.48%July2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 August1,863,949 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 October936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,735,000 November997,716 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$ 22,475,979$ 2022Budget% change Amended BudgetVariance from BudgetJanuary643,700$ 644,436$ 736$ 0.11%February700,700 700,850$ 150 0.02%March721,900 723,040$ 1,140 0.16%April253,300 263,867$ 10,567 4.17%May132,400 143,282$ 10,882 8.22%June250,000 273,612$ 23,612 9.44%YTD Total2,702,000$ 2,749,087$ 47,087$ 1.74%July378,000 August290,000 September200,000 October150,000 November180,000 December600,000 Total4,500,000$ 2,749,087$ Town of Vail Revenue UpdateAugust 2, 20224.0% SALES TAX2022 Budget Comparison0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONS2022 Actual Collections4.0% Collected Sales Tax2021
Through June 30
June 4% Sales Tax Collections By Year
Through June 30
Town of Vail Revenue Update
August 2, 2022
YTD 4% Sales Tax Collections By Year
• YTD collections of $22.5M are up 36.7% from prior year and up 1.5% from amended budget.
YTD collections are up 38.1%from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 9.1% in June.
$15,295,956
$16,270,588
$12,560,159
$16,441,212
$22,475,429
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2018
2019
2020
2021
2022
$1,648,443
$1,606,748
$1,023,517
$2,149,312
$2,263,005
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2018
2019
2020
2021
2022
• June 2022 collections of $2.3M are up 5.3% from prior year and up 5.3% from the amended
budget. June collections are up 40.8% from 2019.
Through June 30
Town of Vail Revenue Update
August 2, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through July 2022
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
•2022 RETT collections through July 25 total $5,284,908, down (17.1)% from the prior year.
•RETT collections are down due to fewer individual sales transactions; 159 YTD 2022 vs. 269
from this time last year. The median YTD sale price, excluding timeshares, of $1.8M is up
21.3% compared to 2021.
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
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
$4,352,747
$3,247,376 $3,170,265
$6,373,698
$5,284,908
• 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.
YTD TOTAL
$2,749,087
$273,612
$‐
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$‐
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
January February March April May June
Monthly YTD
YTD
TotalMonthly
Total
Town of Vail Revenue Update
August 2, 2022
Construction Use Tax by Year
YTD Through July 2022
Lift Tax Collections YTD
Through June 30
• Use Tax collections through July 25 total $1,205,847 compared to $2,662,342 from this time
last year. This is a decrease of (54.7%)
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel.
$1,263,237
$1,855,330
$845,172
$2,662,342
$1,205,847
$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 $4.8M are up 20.5% or $817,104 from the same time last year.
$3,801,538
$4,131,594
$2,918,791
$3,981,861
$4,798,965
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2018
2019
2020
2021
2022
Vail Business Review
May 2022
August 2, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of May.
Overall, May sales tax increased 13.1% with retail increasing 15.9%, lodging increased
10.0%, food and beverage increased 13.7%, and utilities/other increased by 7.3%.
Excluding the out of town category; sales tax for the month of May was up 12.9%.
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
May 4.0% Tax Collections by Year
May 2022 Sales Tax
May 2021May 2022
Sales Tax Collections by Business Type
Retail $576,747
Lodging
$244,520
Food &
Beverage
$237,949 Utilities &
Other
$141,746
$0
$250,000
$500,000
$750,000
15.9%13.7%7.3%
RLFU
-$8,000,000
$12,000,000
$831,060
$762,935
$502,782
$1,061,549
$1,200,963
$0 $500,000 $1,000,000
2018
2019
2020
2021
2022
10.0%
• 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, YTD May 2022 4.0% sales tax collections were up 13.1% from the prior year and 57.4% from
2019, the last year not impacted by Covid-19.
• May 2022 retail sales increased 15.9%, lodging increased 10.0%, food and beverage increased
13.7% and utilities and other increased 7.3%.
Retail
$497,638
Lodging
$222,396 Food &
Beverage
$209,363 Utilities &
Other
$132,152
$0
$250,000
$500,000
$750,000
Town of Vail Business Review
20212022
Geographic Area Trends by Year
May Sales Tax by Year
Sales Tax by Location
May 2022 Sales Tax
Other
Areas
16%
Lionshead 8%
Out of
Town
45%
Vail Village
31%
Other Areas
18%
Lionshead
7%
Out of Town
45%
Vail Village
30%
• Vail Village sales tax increased 16.0%, Lionshead increased 31.1%, Other Areas decreased (0.1)%,
and Out of Town increased 13.4%. Excluding Out of Town collections, all areas were up 12.9%.
$179,485
$164,098
$143,732
$186,201
$186,090
$93,598
$82,621 $13,210
$76,923 $100,879
$278,669
$265,328 $253,954
$477,880
$542,090
$279,308
$250,888
$91,887
$320,545
$371,903
$0
$150,000
$300,000
$450,000
$600,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows May sales tax collections, by geographic area over time.
Retail Business Sales Tax Detail
May 2022 Sales Tax
Town of Vail Business Review
May 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$68,483
Grocery
$98,458
Gallery
$4,095
Gifts
$2,254
Jewelry
$23,316
Retail Liquor
$24,342
Retail Other
$266,501
Sporting Goods
$38,519
Online Retailers
$50,585
Retail Home
Occupation
$194
• Overall, May 2022 accommodations services were up 10.0%, short-term rentals were flat with prior year
and hotels and lodges were up 15.9%.
• 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.
$16,089
$10,748
$139,721
$82,675
$161,871
$82,648
$0 $50,000 $100,000 $150,000 $200,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
Retail 106,734.18 107,231.99 ‐0.46%
Lodging 26,599.07 32,461.59 ‐18.06%
F & B 46,645.79 40,863.37 14.15%
Other 6,111.41 5,643.87 8.28%
Total 186,090.45 186,200.83 ‐0.06%
Retail 15,328.35 20,401.26 ‐24.87%
Lodging 44,249.97 32,383.05 36.65%
F & B 40,461.53 23,903.13 69.27%
Other 839.26 235.09 257.00%
Total 100,879.11 76,922.53 31.14%
Retail 319,504.60 248,536.79 28.55%
Lodging 93,329.33 103,594.11 ‐9.91%
F & B 760.27 1,065.02 ‐28.61%
Other 128,496.19 124,684.42 3.06%
Total 542,090.39 477,880.34 13.44%
Retail 135,180.36 121,467.57 11.29%
Lodging 80,341.33 53,957.00 48.90%
F & B 150,081.88 143,531.63 4.56%
Other 6,299.16 1,588.92 296.44%
Total 371,902.73 320,545.12 16.02%
Retail 576,747.49 497,637.61 15.90%
Lodging 244,519.70 222,395.75 9.95%
F & B 237,949.47 209,363.15 13.65%
Other 141,746.02 132,152.30 7.26%
Total 1,200,962.68 1,061,548.81 13.13%
Retail Apparel 68,482.66 66,949.11 2.29%
Retail Food 98,458.23 86,223.11 14.19%
Retail Gallery 4,094.80 9,365.89 ‐56.28%
Retail Gift 2,254.41 1,244.36 81.17%
Retail Home Occupation 194.23 122.35 58.75%
Retail Jewelry 23,316.12 19,906.35 17.13%
Retail Liquor 24,341.81 23,609.98 3.10%
Retail Other 266,501.23 215,065.09 23.92%
Retail Sport 38,518.67 32,289.43 19.29%
Retail Online Retailer 50,585.33 42,861.95 18.02%
Total 576,747.49 497,637.61 15.90%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
May 2022 Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary