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