HomeMy WebLinkAbout09. November Revenue Update
TOWN OF VAIL
REVENUE UPDATE
November 1, 2022
4% Sales Tax
Upon receipt of all sales tax returns, September collections are estimated to be
$2,404,325. This is up 1.9% from last year and up 1.9% from the amended budget.
Collections are up 50.3% from 2019, the last year not impacted by Covid-19. Year-
to-date collections of $31,408,975 are up 24.8% from 2021 and up 39.0% from
2019. Year-to-date collections are up 1.7% from amended budget. Inflation, as
measured by the consumer price index, was up 6.6% for September. The 2022
amended sales tax budget totals $39.9 million.
0.5% Housing Fund Sales Tax
Upon Receipt of all sales tax returns, September collections of the 0.5% housing
fund sales tax are estimated to be $283,996 and YTD total collections are
estimated to be $3,821,800. The 2022 budget for the housing fund sales tax totals
$4.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through October 25th total $8,254,521, down (14.2)% from this
time last year. 2021 was a record year for RETT collections. The 2022 annual
RETT budget totals $7,500,000.
Construction Use Tax
Use Tax collections through October 25th total $1,909,585 compared to $3,405,556
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 $5,156,434 up 18.6% or $808,484 from this time
last year. The 2022 amended budget totals $6,273,196.
Summary
Across all funds, year-to-date total revenue of $70.0 million is up 0.7% from the
amended budget and up 6.1% from prior year, due to increases in sales tax, lift
tax, and daily parking fee collections. Excluding the new 0.5% housing fund sales
tax, total revenue is up 0.3% compared to prior year.
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2022Budget % change % change % change 2017201820192020Amended BudgetVariance from 2021 from 2019 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,208,733$ 6,276$ 52.20% 27.67% 0.12%February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,676,118$ 5,942 53.75% 37.20% 0.10%March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,943,672$ 38,216 36.17% 40.25% 0.65%April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,207,753$ 99,748 26.05% 52.78% 4.73%May 659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,222,605$ 110,570 15.18% 60.08% 9.94%June 1,389,982 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%July 2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 3,473,318$ (18,382) -0.53% 40.04% -0.53%August 1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,877,600 2,963,514$ 85,914 2.99% 32.47% 2.99%September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,359,500 2,404,325$ 44,825 1.90% 50.26% 1.90%YTD Total19,961,508$ 21,444,046$ 22,588,030$ 18,551,034$ 25,169,958$ 30,876,229$ 31,408,975$ 532,746$ 24.79% 39.05% 1.73%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$ 31,408,975$ 2022Budget% change Amended BudgetVariance from BudgetJanuary643,700$ 644,438$ 738$ 0.11%February700,700 701,422 722 0.10%March721,900 723,668 1,768 0.24%April253,300 265,700 12,400 4.90%May132,400 145,986 13,586 10.26%June250,000 279,373 29,373 11.75%July 378,000 420,287 42,287 11.19%August290,000 356,930 66,930 23.08%September200,000 283,996 83,996 42.00%YTD Total3,570,000$ 3,821,800$ 251,800$ 7.05%October150,000 November180,000 December600,000 Total4,500,000$ 3,821,800$ Town of Vail Revenue UpdateNovember 1, 20224.0% SALES TAX2022 Budget Comparison0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONSBalanceActual Collections4.0% Collected Sales Tax20212
Town of Vail Revenue Update
November 1, 2022
YTD 4% Sales Tax Collections By Year
Through September 30
September 4% Sales Tax Collections By Year
Through September 30
• YTD collections of $31.4M are up 24.8% from prior year and up 1.7% from amended budget.
YTD collections are up 39.0%from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 6.6% in September.
$21,444,046
$22,588,030
$18,551,034
$25,169,958
$31,408,975
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
2018
2019
2020
2021
2022
$1,540,490
$1,600,100
$1,767,393
$2,359,528
$2,404,325
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2018
2019
2020
2021
2022
• September 2022 collections of $2.4M are up 1.9% from prior year and up 1.9% from the
amended budget. September collections are up 50.3% from 2019.
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Town of Vail Revenue Update
November 1, 2022
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through October 2022
Through September 30
$644,438
$701,422 $723,668
$265,700
$145,986
$279,373
$420,287
$356,930
$283,996
$3,821,800
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
January February March April May June July August September
Monthly YTD
YTD Total:
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2022 RETT collections through October 25 total $8,254,521, down (14.2)% from the prior year.
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
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
$6,009,001
$5,323,469
$7,942,577
$9,619,958
$8,254,521
• 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.
Monthly
Total
YTD
Total
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Town of Vail Revenue Update
November 1, 2022
Construction Use Tax by Year
YTD Through October 2022
Lift Tax Collections YTD
Through September 30
• Use Tax collections through October 25 total $1,909,585 compared to $3,405,556 from this
time last year. This is a decrease of (43.9)%
• 2021 collections were significantly higher due to a number of large single-family residential
projects and the interior renovation of the Sonnenalp Hotel.
$3,565,275
$2,378,984
$1,897,133
$3,405,556
$1,909,585
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
2018 2019 2020 2021 2022
• 2022 YTD lift tax collections of $5.2M are up 18.6% or $808,484 from the same time last year.
$3,948,172
$4,267,308
$3,046,308
$4,347,950
$5,156,434
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2018
2019
2020
2021
2022
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Vail Business Review
August 2022
November 1, 2022
The Vail Business Review breaks down the four percent sales tax collected for the
month of August.
Overall, August sales tax increased 2.9% with retail increasing 6.1%, lodging decreased
(0.3)%, food and beverage increased 2.1%, and utilities/other increased by 3.9%.
Excluding the out of town category; sales tax for the month of August was down (2.8)%.
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
Town of Vail
Revenue Manager
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August 2022
Sales Tax Collections by Business Type
Town of Vail Business Review
August 4.0% Tax Collections by Year
August Sales Tax
August 2022
Retail
$1,093,129 Lodging
$951,447 Food &
Beverage
$763,457
Utilities &
Other
$150,189
$0
$500,000
$1,000,000
$1,500,000
6.1%2.1%
3.9%
RLFU
-$8,000,000
$12,000,000
$2,197,957
$2,247,610
$2,138,645
$2,876,203
$2,958,221
$0 $1,000,000 $2,000,000 $3,000,000
2018
2019
2020
2021
2022
(0.3)%
• 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, August 2022 4.0% sales tax collections were up 2.9% from the prior year.
• August 2022 retail sales increased 6.1%, lodging decreased (0.3)%, food and beverage increased
2.1% and utilities and other increased 3.9%.
Retail
$1,029,992 Lodging
$953,924 Food &
Beverage
$747,775
Utilities &
Other
$144,512
$0
$500,000
$1,000,000
$1,500,000
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August Sales Tax
Town of Vail Business Review
20212022
Geographic Area Trends by Year
August Sales Tax by Year
Sales Tax by Location
Other
Areas
15%
Lionshead
14%
Out of
Town
22%
Vail Village
49%
Other Areas
15%
Lionshead
14%
Out of Town
24%
Vail Village
47%
• Vail Village sales tax decreased (2.6)%, Lionshead increased 8.0%, Other Areas increased 10.5%,
and Out of Town increased 5.6%. Excluding Out of Town collections, all areas were up 2.0%.
$369,491 $412,228
$342,164
$450,296 $497,499$398,140 $415,117
$300,490
$375,104 $405,192$316,541 $338,152
$453,839
$702,245 $741,528
$1,113,785 $1,082,114 $1,042,152
$1,348,558 $1,314,002
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows August sales tax collections, by geographic area over time.
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August 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
August Sales Tax
Town of Vail Business Review
Apparel
$221,019
Grocery
$208,871
Gallery
$8,753
Gifts
$6,200
Jewelry
$76,985
Retail Liquor
$48,818
Retail Other
$338,711
Sporting Goods
$116,386
Online Retailers
$67,203
Retail Home
Occupation
$183
• Overall, August 2022 accommodations services decreased (0.3)%, short-term rentals decreased (6.0)%
from prior year and hotels and lodges increased 2.3%.
• 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.
$408,544
$128,835
$661,920
$292,004
$677,033
$274,413
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000
Hotel and Lodges
Short-Term Rentals
2022 2021 2020
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Retail 204,642.48 198,039.67 3.33%
Lodging 167,338.06 156,872.27 6.67%
F & B 116,135.07 88,365.21 31.43%
Other 9,383.83 7,018.52 33.70%
Total 497,499.44 450,295.68 10.48%
Retail 74,940.40 80,978.03 ‐7.46%
Lodging 184,535.86 171,492.60 7.61%
F & B 143,382.28 121,231.76 18.27%
Other 2,333.16 1,401.59 66.47%
Total 405,191.71 375,103.97 8.02%
Retail 354,041.29 293,747.67 20.53%
Lodging 258,688.58 283,088.12 ‐8.62%
F & B 1,504.26 2,082.34 ‐27.76%
Other 127,293.51 123,326.91 3.22%
Total 741,527.64 702,245.04 5.59%
Retail 459,504.55 457,226.30 0.50%
Lodging 340,884.23 342,471.01 ‐0.46%
F & B 502,435.13 536,095.90 ‐6.28%
Other 11,178.53 12,764.65 ‐12.43%
Total 1,314,002.44 1,348,557.86 ‐2.56%
Retail 1,093,128.71 1,029,991.67 6.13%
Lodging 951,446.73 953,923.99 ‐0.26%
F & B 763,456.74 747,775.21 2.10%
Other 150,189.04 144,511.67 3.93%
Total 2,958,221.23 2,876,202.55 2.85%
Retail Apparel 221,019.36 219,197.41 0.83%
Retail Food 208,870.67 203,104.52 2.84%
Retail Gallery 8,753.38 9,172.22 ‐4.57%
Retail Gift 6,199.88 7,988.32 ‐22.39%
Retail Home Occupation 182.83 277.49 ‐34.11%
Retail Jewelry 76,984.80 53,630.80 43.55%
Retail Liquor 48,817.57 52,043.82 ‐6.20%
Retail Other 338,711.01 292,526.37 15.79%
Retail Sport 116,385.85 132,635.84 ‐12.25%
Retail Online Retailer 67,203.37 59,414.89 13.11%
Total 1,093,128.71 1,029,991.67 6.13%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
August Sales Tax
2022 Collections 2021 Collections YoY % Change
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