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HomeMy WebLinkAbout02. December Revenue Updates TOWN OF VAIL REVENUE UPDATE December 6, 2022 Sales Tax Upon receipt of all sales tax returns, October collections are estimated to be $1,718,251 down (1.0)% from last year and down (1.0)% from amended budget. Year to date collections of $33,228,024 are up 23.5% from 2021 and up 39.9% from 2019. Compared to amended budget, year to date collections are up 1.9%. Inflation as measured by the consumer price index was up 6.3% for October. The annual amended budget totals $39.9 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, October collections of the 0.5% housing fund sales tax are estimated to be $190,980 and YTD total collections are estimated to be $4,031,817. The 2022 amended budget for the housing fund sales tax totals $4.8 million. Real Estate Transfer Tax (RETT) RETT collections through November 29 total $9,315,033 down (19.5)% from this time last year and up 4.2% from this time in 2019. The 2022 amended RETT budget totals $9.7 million. Construction Use Tax Use Tax collections through November 29 total $1,926,017 compared to $3,525,642 from this time last year. The 2022 amended budget totals $1,965,000. 2021 construction use tax was significantly higher due to several large residential projects and construction of the new Marriott Residence Inn. Lift Tax 2022 YTD Lift tax collections total $5,168,789 up 17.6% or $771,947 from the same time last year. Parking Passes Early season parking pass sale revenue through November 29 totals $1,135,220 up 12.9% or $130,133 from this time last year. A total of 3,161 passes have been sold this year. A detailed breakout of 2022/23 passes sold by type is provided in the chart below. Premier 18    Vail Village Business Premier 62    Lionshead Business Premier 11    Employee 394    Employee  Plus 335    Eagle  County Local 1,199   Vail Local 1,142   Total 3,161   Summary Across all funds, year-to-date total revenue of $76.8 million is up 0.9% from amended budget and 7.4% from prior year. Excluding the new 0.5% housing fund sales tax, total revenue is up 1.8% comparted to prior year. 2022Budget % change % change % change 2017201820192020Amended BudgetVariance from 2021 from 2019 from BudgetJanuary3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,209,967$ 7,510$ 52.24% 27.70% 0.14%February3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,676,619$ 6,443 53.76% 37.21% 0.11%March3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,943,675$ 38,219 36.17% 40.25% 0.65%April1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,226,924$ 118,919 27.14% 54.10% 5.64%May659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,224,819$ 112,784 15.38% 60.37% 10.14%June1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 2,310,768$ 161,468 7.51% 43.82% 7.51%July2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 3,498,984$ 7,284 0.21% 41.07% 0.21%August1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,877,600 2,989,415$ 111,815 3.89% 33.63% 3.89%September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,359,500 2,428,602$ 69,102 2.93% 51.78% 2.93%October936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,735,000 1,718,251$ (16,749) -0.96% 47.47% -0.97%YTD Total20,898,462$ 22,550,642$ 23,753,206$ 19,922,761$ 26,904,921$ 32,611,229$ 33,228,024$ 616,795$ 23.50% 39.89% 1.89%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$ 33,228,024$ 2022Budget% change Amended BudgetVariance from BudgetJanuary643,700$ 644,592$ 892$ 0.14%February700,700 701,484 784 0.11%March721,900 723,669 1,769 0.25%April260,300 268,096 7,796 3.00%May146,400 146,262 (138) -0.09%June280,000 279,582 (418) -0.15%July420,000 423,495 3,495 0.83%August360,000 360,168 168 0.05%September290,000 293,486 3,486 1.20%October190,000 190,980 980 0.52%YTD Total4,013,000$ 4,031,816$ 18,816$ 0.47%November200,000 December600,000 Total4,813,000$ 4,031,816$ 0.5% Collected Sales Tax0.5% HOUSING SALES TAX COLLECTIONSBalanceActual Collections4.0% Collected Sales Tax2021Town of Vail Revenue UpdateDecember 6, 20224.0% SALES TAX2022 Budget Comparison Town of Vail Revenue Update December 6, 2022 YTD 4% Sales Tax Collections By Year Through October 31 October 4% Sales Tax Collections By Year Through October 31 • YTD collections of $33.2M are up 23.5% from prior year and up 1.9% from amended budget. YTD collections are up 39.9%from 2019, the last year not impacted by Covid-19. • Inflation as measured by the consumer price index was up 6.3% in October. $22,550,642 $23,753,206 $19,922,761 $26,904,921 $33,228,024 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 2018 2019 2020 2021 2022 $1,106,596 $1,165,176 $1,371,727 $1,734,964 $1,718,251 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2018 2019 2020 2021 2022 • October 2022 collections of $1.7M are down (1.0)% from prior year and down (1.0)% from the amended budget. October collections are up 47.5% from 2019. Town of Vail Revenue Update December 6, 2022 YTD 0.5% Housing Fund Sales Tax Collections Real Estate Transfer Tax by Year YTD Through November 2022 Through October 31 $644,592  $701,484 $723,669  $268,096  $146,262  $279,582  $423,495  $360,169  $293,486  $190,980  YTD Total $4,031,817   $‐  $1,000,000  $2,000,000  $3,000,000  $4,000,000  $‐  $200,000  $400,000  $600,000  $800,000 January February March April May June July August September October Monthly YTD • This chart shows YTD collections of 1% RETT, segmented by real property values. 2022 collections are down (19.5)% from the prior year. $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 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 $6,569,078 $6,376,610 $8,940,918 $11,567,947 $9,315,033 • 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 Town of Vail Revenue Update December 6, 2022 Construction Use Tax by Year YTD Through November 2022 Lift Tax Collections YTD Through October 31 • Use Tax collections through November 29 total $1,926,017 compared to $3,525,642 from this time last year. This is a decrease of (45.4)%. •2021 collections were significantly higher due to a number of large single-family residential projects and the interior renovation of the Sonnenalp Hotel. $3,620,978 $2,453,281 $1,957,225 $3,525,642 $1,926,017 $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 17.6% or $771,947 from the same time last year. $3,948,172 $4,267,308 $3,113,849 $4,396,842 $5,168,789 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2018 2019 2020 2021 2022 Vail Business Review September 2022 November 30, 2022 The Vail Business Review breaks down the four percent sales tax collected for the month of September and Year to Date through 3rd Quarter 2022 (January through September). Overall, September sales tax increased 3.0% with retail increasing 4.7%, lodging increasing 0.3%, food and beverage increasing 1.5%, and utilities/other increasing 13.0%. Excluding the out-of-town category, sales tax for the month of September was up 5.4%. YTD through Q3 resulted in an overall 25.4% increase from the prior year. Retail increased 15.0%, lodging increased 40.5%, food and beverage increased 21.2% and utilities and other increased 17.4%. Excluding the out-of-town category, sales tax for January through September increased 28.1%. 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 emailed 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, Finance Director, at (970) 479-2119. Sincerely, Lauren Noll Town of Vail Sales Tax Administrator September 2022 Sales Tax Collections by Business Type Town of Vail Business Review September 4.0% Tax Collections by Year September Sales Tax September 2021 Retail $943,631 Lodging $709,594 Food & Beverage $623,282 Utilities & Other $152,095 $0 $500,000 $1,000,000 4.7%1.5% 13.0% RLFU -$8,000,000 $12,000,000 $1,544,768 $1,611,510 $1,771,277 $2,357,776 $2,428,602 $0 $1,000,000 $2,000,000 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, September 2022 4.0% sales tax collections were up 3.0% from the prior year. • September 2022 retail sales increased 4.7%, lodging increased 0.3%, food and beverage increased 1.5% and utilities and other increased 13.0%. Retail $901,382 Lodging $707,557 Food & Beverage $614,198 Utilities & Other $134,638 $0 $500,000 $1,000,000 September Sales Tax Town of Vail Business Review 20212022 Geographic Area Trends by Year September Sales Tax by Year Sales Tax by Location Other Areas 15% Lionshead 14% Out of Town 29% Vail Village 42% Other Areas 15% Lionshead 11% Out of Town 31% Vail Village 43% • Vail Village sales tax decreased (1.6)%, Lionshead increased 29.0%, Other Areas increased 8.5%, and Out of Town decreased (2.4%). Excluding Out of Town collections, all areas were up 5.4%. $297,407 $294,746 $314,504 $347,605 $377,286 $252,109 $280,630 $271,867 $258,949 $334,007$278,242 $300,431 $321,385 $722,949 $705,666$717,009 $735,703 $863,522 $1,028,273 $1,011,644 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2018 2019 2020 2021 2022 Other Areas Lionshead Out of Town Vail Village • This chart shows September sales tax collections by geographic area over time. September 4.0% Sales Tax Accommodation Services Sales Tax by Year Retail Business Sales Tax Detail September Sales Tax Town of Vail Business Review Apparel $179,402 Grocery $149,229 Gallery $13,209 Gifts $5,313 Jewelry $42,345Retail Liquor $40,670 Retail Other $350,337 Sporting Goods $104,751 Online Retailers $58,244 Retail Home Occupation $131 • Overall, September 2022 accommodations services increased 0.3%, short-term rentals decreased (14.9)% from prior year and hotels and lodges increased 7.3%. • 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. $352,402 $101,075 $483,602 $223,955 $518,962 $190,632 $0 $200,000 $400,000 $600,000 Hotel and Lodges Short-Term Rentals 2022 2021 2020 Retail 165,684.26 150,828.49 9.85% Lodging 120,007.98 103,974.25 15.42% F & B 84,637.53 85,843.49 ‐1.40% Other 6,955.86 6,958.92 ‐0.04% Total 377,285.63 347,605.16 8.54% Retail 54,068.38 51,862.28 4.25% Lodging 144,401.84 108,934.11 32.56% F & B 133,233.32 96,906.15 37.49% Other 2,303.34 1,246.32 84.81% Total 334,006.87 258,948.85 28.99% Retail 368,297.74 354,986.46 3.75% Lodging 204,464.09 245,836.76 ‐16.83% F & B 1,270.68 1,730.60 ‐26.58% Other 131,633.57 120,395.10 9.33% Total 705,666.08 722,948.92 ‐2.39% Retail 355,580.92 343,705.26 3.46% Lodging 240,720.34 248,811.98 ‐3.25% F & B 404,140.36 429,718.15 ‐5.95% Other 11,201.88 6,037.26 85.55% Total 1,011,643.50 1,028,272.65 ‐1.62% Retail 943,631.31 901,382.50 4.69% Lodging 709,594.25 707,557.09 0.29% F & B 623,281.88 614,198.39 1.48% Other 152,094.66 134,637.60 12.97% Total 2,428,602.09 2,357,775.58 3.00% Retail Apparel 179,401.83 163,399.76 9.79% Retail Food 149,228.84 137,302.66 8.69% Retail Gallery 13,209.46 29,491.39 ‐55.21% Retail Gift 5,312.86 6,716.69 ‐20.90% Retail Home Occupation 130.89 239.96 ‐45.45% Retail Jewelry 42,345.38 48,506.69 ‐12.70% Retail Liquor 40,669.88 43,904.73 ‐7.37% Retail Other 350,336.61 309,261.19 13.28% Retail Sport 104,751.06 110,658.61 ‐5.34% Retail Online Retailer 58,244.50 51,900.83 12.22% Total 943,631.31 901,382.50 4.69% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review September Sales Tax 2022 Collections   2021 Collections YoY % Change Town of Vail Business Review January - September 4.0% Tax Collections by Year January - September Sales Tax January - September 2021January - September 2022 Sales Tax Collections by Business Type Retail $10,589,889 Lodging $12,273,958 Food & Beverage $6,900,018 Utilities & Other $1,743,956 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 15.0%21.2%17.4% RLFU -$8,000,000 $12,000,000 $21,459,847 $22,627,581 $18,562,764 $25,128,250 $31,507,821 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 2018 2019 2020 2021 2022 40.5% • 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, January through September 2022, 4.0% sales tax collections were up 25.4% from the prior year. • January through September 2022 retail sales increased 15.0%, lodging increased 40.5%, food and beverage increased 21.2% and utilities and other increased 17.4%. Retail $9,210,119 Lodging $8,737,970 Food & Beverage $5,694,687 Utilities & Other $1,485,474 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 Town of Vail Business Review January - September 2021January - September 2022 Geographic Area Trends by Year January - September Sales Tax by Year Sales Tax by Location January - September Sales Tax Other Areas 15% Lionshead 16% Out of Town 25% Vail Village 44% Other Areas 15% Lionshead 15% Out of Town 26% Vail Village 44% • Vail Village sales tax increased 26.4%, Lionshead increased 34.9%, Other Areas increased 26.4%, and Out of Town increased 17.8%. Excluding Out of Town collections, all areas were up 28.1%. $3,357,725 $3,723,864 $3,101,763 $3,757,393 $4,749,595 $4,526,194 $4,901,143 $3,579,470 $3,781,599 $5,101,449 $2,841,944 $2,975,263 $3,073,361 $6,634,412 $7,812,788 $10,733,984 $11,027,311 $8,808,170 $10,954,846 $13,843,990 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 2018 2019 2020 2021 2022 Other Areas Lionshead Out of Town Vail Village • This chart shows January through September sales tax collections by geographic area over time. Retail Business Sales Tax Detail January - September Sales Tax Town of Vail Business Review January - September 4.0% Sales Tax Accommodation Services Sales Tax by Year Apparel $2,143,657 Grocery $1,624,176 Gallery $110,857 Gifts $50,868 Jewelry $404,699Retail Liquor $496,525 Retail Other $2,903,740 Sporting Goods $2,257,139 Online Retailers $596,205 Retail Home Occupation $2,023 • Overall, January through September 2022 accommodations services increased 40.5%, short-term rentals increased 32.1% from prior year and hotels and lodges increased 44.3%. • 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. $4,758,933 $1,402,749 $6,010,169 $2,727,801 $8,671,271 $3,602,687 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 Hotel and Lodges Short-Term Rentals 2022 2021 2020 Retail 1,780,835.96 1,706,742.47 4.34% Lodging 2,133,221.17 1,376,184.54 55.01% F & B 770,511.68 620,075.25 24.26% Other 65,026.12 54,390.89 19.55% Total 4,749,594.94 3,757,393.15 26.41% Retail 1,231,327.30 1,074,639.58 14.58% Lodging 2,538,762.44 1,734,945.54 46.33% F & B 1,313,798.72 962,182.31 36.54% Other 17,560.30 9,831.50 78.61% Total 5,101,448.76 3,781,598.93 34.90% Retail 3,107,990.46 2,624,212.17 18.44% Lodging 3,208,197.89 2,694,560.99 19.06% F & B 17,265.88 15,998.50 7.92% Other 1,479,333.51 1,299,639.98 13.83% Total 7,812,787.74 6,634,411.64 17.76% Retail 4,469,735.36 3,804,524.63 17.48% Lodging 4,393,776.89 2,932,278.71 49.84% F & B 4,798,441.71 4,096,431.08 17.14% Other 182,035.82 121,611.77 49.69% Total 13,843,989.78 10,954,846.19 26.37% Retail 10,589,889.09 9,210,118.84 14.98% Lodging 12,273,958.39 8,737,969.78 40.47% F & B 6,900,017.98 5,694,687.14 21.17% Other 1,743,955.76 1,485,474.14 17.40% Total 31,507,821.22 25,128,249.90 25.39% Retail Apparel 2,143,657.47 1,772,354.61 20.95% Retail Food 1,624,175.64 1,515,091.09 7.20% Retail Gallery 110,857.40 100,259.01 10.57% Retail Gift 50,867.63 51,578.22 ‐1.38% Retail Home Occupation 2,023.14 2,309.38 ‐12.39% Retail Jewelry 404,698.57 342,723.64 18.08% Retail Liquor 496,525.36 494,701.08 0.37% Retail Other 2,903,739.80 2,448,192.28 18.61% Retail Sport 2,257,138.64 1,969,584.75 14.60% Retail Online Retailer 596,205.45 513,324.78 16.15% Total 10,589,889.09 9,210,118.84 14.98% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January ‐ September Sales Tax 2022 Collections   2021 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary