HomeMy WebLinkAbout02. September Revenue Updates TOWN OF VAIL
REVENUE UPDATE
September 6, 2022
4% Sales Tax
Upon receipt of all sales tax returns, July collections are estimated to be
$3,436,768. This is down (1.6)% from last year and down (1.6)% from the
amended budget. Collections are up 38.6% from 2019, the last year not impacted
by Covid-19. Year-to-date collections of $26,006,107 are up 30.5% from 2021 and
up 38.7% from 2019. Year-to-date collections are up 1.4% from amended budget.
Inflation, as measured by the consumer price index, was up 8.5% for July. The
2022 amended sales tax budget totals $39.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, July collections of the 0.5% housing fund
sales tax are estimated to be $403,226 and YTD total collections are estimated to
be $3,163,983. The 2022 budget for the housing fund sales tax totals $4.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through August 29th total $7,233,567, down (0.7)% from this time
last year. 2021 was a record year for RETT collections. The 2022 annual RETT
budget totals $7,500,000. RETT collections increased significantly in August due
to the sale of the Four Seasons Hotel.
Construction Use Tax
Use Tax collections through August 29th total $1,469,711 compared to $3,012,991
from this time last year. 2021 collections were significantly higher due to several
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 $4,967,510 up 19.6% or $814,506 from this time
last year. The 2022 amended budget totals $6,273,196.
Summary
Across all funds, year-to-date total revenue of $62.3 million is up 4.5% from the
amended budget and up 10.9% from prior year, due to increases in sales tax, lift
tax, and daily parking fee collections. Excluding the new 0.5% housing fund sales
tax, total revenue is up 5.3% compared to prior year.
1
2022Budget % change % change % change 2017201820192020Amended BudgetVariance from 2021 from 2019 from BudgetJanuary3,725,212$ 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 5,676,751$ 6,575 53.76% 37.22% 0.12%March3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,944,239$ 38,783 36.19% 40.26% 0.66%April1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,208,124$ 100,119 26.07% 52.80% 4.75%May659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,222,573$ 110,538 15.17% 60.07% 9.94%June1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 2,308,936$ 159,636 7.43% 43.70% 7.43%July2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 3,436,768$ (54,932) -1.57% 38.56% -1.57%YTD Total16,712,097$ 17,708,381$ 18,750,881$ 14,644,803$ 19,932,880$ 25,639,129 26,006,107$ 366,978$ 30.47% 38.69% 1.43%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$ 26,006,107$ 2022Budget% change Amended BudgetVariance from BudgetJanuary643,700$ 644,436$ 736$ 0.11%February700,700 701,501 801 0.11%March721,900 723,739 1,839 0.25%April253,300 265,746 12,446 4.91%May132,400 145,982 13,582 10.26%June250,000 279,354 29,354 11.74%YTD Total378,000 403,22625,226 6.67%July3,080,000$ 3,163,983$ 83,983$ 2.73%August290,000 September200,000 October150,000 November180,000 December600,000 Total4,500,000$ 3,163,983$ 0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONSBalanceActual Collections4.0% Collected Sales Tax2021Town of Vail Revenue UpdateSeptember 6, 20224.0% SALES TAX2022 Budget Comparison2
Town of Vail Revenue Update
September 6, 2022
YTD 4% Sales Tax Collections By Year
Through July 31
July 4% Sales Tax Collections By Year
Through July 31
• YTD collections of $26.0M are up 30.5% from prior year and up 1.4% from amended budget.
YTD collections are up 38.7%from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 8.5% in July.
$17,708,381
$18,750,881
$14,644,803
$19,932,880
$26,006,107
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2018
2019
2020
2021
2022
$2,412,425
$2,480,292
$2,084,644
$3,491,668
$3,436,768
$0 $1,000,000 $2,000,000 $3,000,000
2018
2019
2020
2021
2022
• July 2022 collections of $3.4M are down (1.6)% from prior year and down (1.6)% from the
amended budget. July collections are up 38.6% from 2019.
3
Town of Vail Revenue Update
September 6, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through August 2022
Through July 31
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2022 RETT collections through August 29 total $7,233,567, down (0.7)% from the prior year.
• RETT collections were bolstered by the recent sale of the Four Seasons Hotel.
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
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
$4,770,117
$3,761,157
$4,835,382
$7,281,036 $7,233,567
• 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.
$644,436
$701,501 $723,739
$265,746
$145,982
$279,354
$403,226
$‐
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$‐
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
January February March April May June July
Monthly YTD
YTD Total:
$3.2M
YTDMonthly
Total
4
Town of Vail Revenue Update
September 6, 2022
Construction Use Tax by Year
YTD Through August 2022
Lift Tax Collections YTD
Through August 31
• Use Tax collections through August 29 total $1,469,711 compared to $3,012,991 from this
time last year. This is a decrease of (51.2%)
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel. 2018 collections were significantly
higher due to construction at the Hospital.
$3,373,368
$2,029,397
$1,084,279
$3,012,991
$1,469,711
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2018 2019 2020 2021 2022
• 2022 YTD lift tax collections of $5.0M are up 19.6% or $814,506 from the same time last year.
$3,870,767
$4,192,839
$2,969,671
$4,152,983
$4,967,510
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2018
2019
2020
2021
2022
5
Vail Business Review
June 2022
September 6, 2022
The Vail Business Review breaks down the four percent sales tax collected for the month of
June and year to date through the second quarter of 2022.
Overall June sales tax increased 7.4% with retail increasing 3.7%, lodging increased 9.6%, food
and beverage increased 9.3%, and utilities/other increased by 13.7%. Excluding the out of town
category; sales tax for the month of June was up 9.8%.
Year to date through the second quarter of 2022 resulted in a 37.5% increase overall with retail
increasing 19.7%, lodging increased 60.1%, food and beverage increased 34.5%, and
utilities/other increased by 21.6%. Excluding the out of town category; sales tax year to date is
up 42.0%.
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) 477-3518 or Carlie
Smith at (970) 479-2119.
Sincerely,
Alex Jakubiec
Revenue Manager
6
June 2022
Sales Tax Collections by Business Type
Town of Vail Business Review
June 4.0% Tax Collections by Year
June 2022 Sales Tax
June 2021
Retail $881,815
Lodging
$702,681 Food &
Beverage
$579,074
Utilities &
Other
$145,368
$0
$250,000
$500,000
$750,000
$1,000,000
3.7%9.3%13.7%
RLFU
-$8,000,000
$12,000,000
OLOV
$1,650,119
$1,606,885
$1,021,694
$2,149,343
$2,308,936
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2018
2019
2020
2021
2022
9.6%
• 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 June 2022 4.0% sales tax collections were up 7.4% from the prior year.
• June 2022 retail sales increased 3.7%, lodging increased 9.6%, food and beverage increased
9.3% and utilities and other increased 13.7%.
Retail
$850,728
Lodging
$641,070 Food &
Beverage
$529,697
Utilities &
Other
$127,848
$0
$250,000
$500,000
$750,000
$1,000,000
7
June 2022 Sales Tax
Town of Vail Business Review
20212022
Geographic Area Trends by Year
June Sales Tax by Year
Sales Tax by Location
Other Areas
15%
Lionshead
12%
Out of Town
31%
Vail Village
42%
• Vail Village sales tax increased 9.3%, Lionshead increased 15.8%, Other Areas increased 6.5%, and
Out of Town increased 2.1%. Excluding Out of Town collections, all areas were up 9.8%.
$335,872 $311,067
$192,351
$329,105 $350,501
$266,180
$271,361 $151,093
$250,696 $290,350
$277,085
$285,251
$265,657
$664,763 $678,890
$770,981
$739,207
$412,592
$904,779
$989,195
$0
$150,000
$300,000
$450,000
$600,000
$750,000
$900,000
$1,050,000
$1,200,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows June sales tax collections, by geographic area over time.
•Increases in collections from out-of-town vendors in 2021 and 2022 are due in part to changes to
the tax code definitions made in coordination with Statewide simplification efforts. More
information about these efforts can be found online here.
Other
Areas
15%
Lionshead
13%
Out of Town
29%
Vail Village
43%
8
June 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
June 2022 Sales Tax
Town of Vail Business Review
Apparel
$176,621
Grocery
$150,138
Gallery
$11,200
Gifts
$3,571
Jewelry
$45,401
Retail Liquor
$40,693
Retail Other
$317,749
Sporting Goods
$73,473
Online Retailers
$62,703
Retail Home
Occupation
$265
• Overall, June 2022 accommodations services were up 9.6%, short-term rentals were down (9.8)% and
hotels and lodges were up 18.8% compared to 2021.
• 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.
$164,945
$30,097
$435,632
$205,438
$517,332
$185,348
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
9
Retail 146,380.99 154,225.85 ‐5.09%
Lodging 106,237.72 106,244.55 ‐0.01%
F & B 90,933.20 62,447.53 45.62%
Other 6,948.98 6,186.82 12.32%
Total 350,500.89 329,104.76 6.50%
Retail 53,724.81 61,040.62 ‐11.99%
Lodging 129,163.75 97,688.69 32.22%
F & B 106,615.65 91,305.08 16.77%
Other 845.65 661.53 27.83%
Total 290,349.86 250,695.92 15.82%
Retail 349,681.63 329,126.56 6.25%
Lodging 195,585.80 219,472.96 ‐10.88%
F & B 1,143.50 948.90 20.51%
Other 132,479.55 115,214.59 14.99%
Total 678,890.48 664,763.01 2.13%
Retail 332,027.12 306,335.04 8.39%
Lodging 271,693.24 217,663.78 24.82%
F & B 380,381.16 374,995.18 1.44%
Other 5,093.62 5,785.16 ‐11.95%
Total 989,195.14 904,779.16 9.33%
Retail 881,814.55 850,728.07 3.65%
Lodging 702,680.51 641,069.98 9.61%
F & B 579,073.51 529,696.69 9.32%
Other 145,367.80 127,848.10 13.70%
Total 2,308,936.37 2,149,342.84 7.43%
Retail Apparel 176,620.55 167,782.92 5.27%
Retail Food 150,138.29 147,942.82 1.48%
Retail Gallery 11,200.40 5,128.09 118.41%
Retail Gift 3,570.60 5,041.79 ‐29.18%
Retail Home Occupation 265.25 177.75 49.22%
Retail Jewelry 45,401.22 32,051.84 41.65%
Retail Liquor 40,692.67 43,176.37 ‐5.75%
Retail Other 317,748.77 295,612.09 7.49%
Retail Sport 73,473.49 90,288.16 ‐18.62%
Retail Online Retailer 62,703.32 63,526.25 ‐1.30%
Total 881,814.56 850,728.07 3.65%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
June 2022 Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
10
Town of Vail Business Review
June YTD 4.0% Tax Collections by Year
June YTD Sales Tax
June 2021 YTDJune 2022 YTD
Sales Tax Collections by Business Type
Retail
$7,213,067
Lodging
$9,486,327
Food &
Beverage
$4,578,693
Utilities &
Other
$1,290,836
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
19.7%34.5%
21.6%
RLFU
-$8,000,000
$12,000,000
$15,305,967
$16,271,543
$12,570,235
$16,416,342
$22,568,924
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2018
2019
2020
2021
2022
60.1%
• 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 June 2022 4.0% sales tax collections were up 37.5% from the prior year and 38.7% from
2019, the last year not impacted by Covid-19.
• YTD June 2022 retail sales increased 19.7%, lodging increased 60.1%, food and beverage
increased 34.5% and utilities and other increased 21.6%.
Retail
$6,025,783
Lodging
$5,923,733
Food &
Beverage
$3,405,328
Utilities &
Other
$1,061,498
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
11
Town of Vail Business Review
20212022
Geographic Area Trends by Year
YTD June Sales Tax by Year
Sales Tax by Location
June YTD Sales Tax
Other
Areas
15%
Lionshead
17%
Out of
Town
24%
Vail Village
44%
Other Areas
15%
Lionshead
16%
Out of Town
27%
Vail Village
42%
• Vail Village sales tax increased 41.8%, Lionshead increased 46.0%, Other Areas increased 38.4%,
and Out of Town increased 25.1%. Excluding Out of Town collections, all areas were up 42.0%.
$2,294,318
$2,607,374
$2,094,850 $2,421,970
$3,350,822$3,445,118
$3,744,609
$2,702,409 $2,666,241
$3,892,825
$1,942,952 $2,018,064
$1,974,231
$4,401,220
$5,504,386
$7,623,579
$7,901,496
$5,798,745
$6,926,912
$9,820,891
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows June YTD sales tax collections, by geographic area over time.
•Increases in collections from out-of-town vendors in 2021 and 2022 are due in part to changes to
the tax code definitions made in coordination with Statewide simplification efforts. More information
about these efforts can be found online here.
12
Retail Business Sales Tax Detail
June YTD Sales Tax
Town of Vail Business Review
YTD June 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$1,431,971
Grocery
$1,068,410
Gallery
$71,408
Gifts
$32,959
Jewelry
$195,811Retail Liquor
$347,916
Retail Other
$1,776,578
Sporting Goods
$1,891,584
Online Retailers
$395,064
Retail Home
Occupation
$1,366
• Overall, YTD June 2022 accommodations services were up 60.1%, short-term rentals were up 50.0% from
prior year and hotels and lodges were up 64.8%.
• 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.
$3,596,479
$1,038,001
$4,051,658
$1,872,075
$6,678,369
$2,807,958
$0 $2,000,000 $4,000,000 $6,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
13
Retail 1,195,386.33 1,139,540.62 4.90%
Lodging 1,649,937.49 906,643.45 81.98%
F & B 465,437.86 345,065.73 34.88%
Other 40,059.96 30,719.80 30.40%
Total 3,350,821.64 2,421,969.60 38.35%
Retail 1,005,553.15 831,305.49 20.96%
Lodging 2,016,881.12 1,239,936.02 62.66%
F & B 859,746.90 589,318.81 45.89%
Other 10,643.76 5,680.36 87.38%
Total 3,892,824.93 2,666,240.68 46.00%
Retail 1,948,218.37 1,606,195.93 21.29%
Lodging 2,446,426.38 1,844,367.09 32.64%
F & B 12,680.64 10,414.32 21.76%
Other 1,097,060.80 940,242.42 16.68%
Total 5,504,386.19 4,401,219.76 25.07%
Retail 3,063,909.03 2,448,740.94 25.12%
Lodging 3,373,082.25 1,932,786.86 74.52%
F & B 3,240,828.02 2,460,529.61 31.71%
Other 143,071.87 84,855.01 68.61%
Total 9,820,891.17 6,926,912.42 41.78%
Retail 7,213,066.88 6,025,782.97 19.70%
Lodging 9,486,327.24 5,923,733.42 60.14%
F & B 4,578,693.42 3,405,328.47 34.46%
Other 1,290,836.39 1,061,497.59 21.61%
Total 22,568,923.93 16,416,342.45 37.48%
Retail Apparel 1,431,971.09 1,104,938.78 29.60%
Retail Food 1,068,409.61 965,229.49 10.69%
Retail Gallery 71,407.66 43,543.95 63.99%
Retail Gift 32,958.88 28,169.55 17.00%
Retail Home Occupation 1,366.04 1,369.60 ‐0.26%
Retail Jewelry 195,811.03 170,477.28 14.86%
Retail Liquor 347,916.20 332,533.81 4.63%
Retail Other 1,776,577.76 1,477,030.49 20.28%
Retail Sport 1,891,584.35 1,570,062.53 20.48%
Retail Online Retailer 395,064.26 332,427.50 18.84%
Total 7,213,066.88 6,025,782.97 19.70%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
June YTD Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
14