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HomeMy WebLinkAbout03. January Revenue Updates TOWN OF VAIL REVENUE UPDATE January 3, 2023 4.0% Sales Tax Upon receipt of all sales tax returns, November collections are estimated to be $1,847,235 down (1.8)% from last year and down (1.8)% compared to amended budget. November collections are up 46.6% from 2019. Year to date collections of $34,964,772 are up 21.4% from prior year and up 39.8% from 2019. Compared to amended budget, collections are up 1.4%. Inflation as measured by the consumer price index was up 6.0% for November. The annual budget totals $39.95 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, November collections of the 0.5% housing sales tax are estimated to be $212,842 and the YTD total collections are estimated to be $4,246,255. The 2022 amended budget for the housing fund sales tax totals $4.8 million. Real Estate Transfer Tax (RETT) RETT collections through December 27 total $9,528,656 down (28.7)% from this time last year. The 2022 amended RETT budget totals $9,707,414. Construction Use Tax Use Tax collections through December 28 total $2,083,865 compared to $3,682,745 from this time last year. 2021 collections were significantly higher due to several large single-family residential projects and an interior hotel renovation. The 2022 amended budget totals $1,965,000. Lift Tax 2022 YTD lift tax collections total $5,424,419 up 18.2% or $836,584 from the same time last year. Daily Parking Sales Daily sales from the parking structures from November through December 26 total approximately $1,354,872, up $110,162, or 8.9% from this time last year. Parking Pass Revenue Pass sales for the 22/23 ski season (November through December 28) total $1,419,484 up $236,652 or 20.0% from prior winter season. A detailed chart of approximate passes sold by type is shown below. 21/22 ski season numbers represent passes sold or used throughout the entire prior ski season. 1 2022/23 Passes YTD Sold 2021/22 Passes Total Season Sold Premier 21 Gold 66 Vail Village Business Premier 65 Silver - Vail Village 60 Lionshead Business Premier 11 Silver - Lionshead 6 Employee Plus 347 Blue 358 Employee 481 Pink 690 Eagle County Local 1,582 Eagle County Value Card 1,699* Vail Local 1,539 Vail Value Card 2,303* Total 4,046 Total 5,182 *During the 2021/2022 season Value Cards were not recertified. The total number sold is estimated based on the number of individual Value Cards scanned in the parking structures during the entire 2021/2022 winter season. Value cards in prior seasons we often used in conjunction with other passes, such as the Blue, to utilize discount parking in the structures on days that the parker’s other pass did not grant access. This year, discounted parking is included with employee and business passes, reducing the need for multiple passes. Staff estimates that at least of portion of the decrease in Local passes purchased this season is due to this. Summary Across all funds, year-to-date total revenue of $81.7 million is down (0.9)% from amended budget and up 4.1% from prior year. Excluding the new 0.5% housing sales tax, total revenue is flat with prior year. Revenues are tracking slightly down from budget due to construction permitting and fees as well as interest revenues. 2 2022 Budget % change % change % change 2017 2018 2019 2020 Amended Budget Variance from 2021 from 2019 from Budget January 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,210,205$ 7,748$ 52.25% 27.70% 0.15% February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,676,745$ 6,569 53.76% 37.22% 0.12% March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,943,712$ 38,256 36.17% 40.25% 0.65% April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,227,084$ 119,079 27.15% 54.12% 5.65% May 659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,225,050$ 113,015 15.41% 60.40% 10.16% June 1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 2,310,986$ 161,686 7.52% 43.83% 7.52% July 2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 3,499,905$ 8,205 0.24% 41.11% 0.23% August 1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,877,600 2,989,735$ 112,135 3.90% 33.65% 3.90% September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,359,500 2,430,125$ 70,625 2.99% 51.87% 2.99% October 936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,735,000 1,603,990$ (131,010) -7.55% 37.66% -7.55% November 997,716 1,264,600 1,260,314 1,425,461 1,880,397 1,880,400 1,847,235$ (33,165) -1.76% 46.57% -1.76% YTD Total 21,896,178$ 23,815,242$ 25,013,520$ 21,348,222$ 28,785,318$ 34,491,629$ 34,964,772$ 473,143$ 21.47% 39.78%1.37% December 3,695,305 4,070,870 4,237,178 3,625,189 5,749,365 5,458,371 Total 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 39,950,000$ 34,964,772$ 2022 Budget % change Amended Budget Variance from Budget January 643,700$ 644,622$ 922$ 0.14% February 700,700 701,500 800 0.11% March 721,900 723,673 1,773 0.25% April 260,300 268,116 7,816 3.00% May 146,400 146,291 (109) -0.07% June 280,000 279,592 (408) -0.15% July 420,000 423,593 3,593 0.86% August 360,000 360,260 260 0.07% September 290,000 293,836 3,836 1.32% October 190,000 191,930 1,930 1.02% November 200,000 212,842 12,842 6.42% YTD Total 4,213,000$ 4,246,256$ 33,256$ 0.79% December 600,000 Total 4,813,000$ 4,246,256$ Town of Vail Revenue Update January 3, 2023 4.0% SALES TAX 2022 Budget Comparison 0.5% Collected Sales Tax 0.5% HOUSING SALES TAX COLLECTIONS Balance Actual Collections 4.0% Collected Sales Tax2021 3 Through November 30 November 4% Sales Tax Collections By Year Through November 30 Town of Vail Revenue Update January 3, 2023 YTD 4% Sales Tax Collections By Year • YTD collections of $35.0M are up 21.4% from prior year and up 1.4% from amended budget. YTD collections are up 39.8%from 2019, the last year not impacted by Covid-19. • Inflation as measured by the consumer price index was up 6.0% in November. $23,815,242 $25,013,520 $21,348,222 $28,785,318 $34,964,772 $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 $1,264,600 $1,260,314 $1,425,461 $1,880,397 $1,847,235 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2018 2019 2020 2021 2022 • November 2022 collections of $1.8M are down (1.8)% from prior year and down (1.8)% from the amended budget. November collections are up 46.6% from 2019. 44 Through November 30 Town of Vail Revenue Update January 3, 2023 YTD 0.5% Housing Fund Sales Tax Collections Real Estate Transfer Tax by Year YTD Through December 2022 $212,842  YTD Total: $4,246,255   $‐  $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  $‐  $100,000  $200,000  $300,000  $400,000  $500,000  $600,000  $700,000  $800,000 Monthly YTD • This chart shows YTD collections of 1% RETT, segmented by real property values. 2022 collections are down (28.7)% from the prior year. $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 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million $7,649,014 $7,224,668 $10,448,526 $13,371,555 $9,528,656 • 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 55 Town of Vail Revenue Update January 3, 2023 Construction Use Tax by Year YTD Through December 2022 Lift Tax Collections YTD Through November 30 • Use Tax collections through December 28 total $2,083,865 compared to $3,682,745 from this time last year. This is a decrease of (43.4)% •2021 collections were significantly higher due to a number of large single-family residential projects and the interior renovation of the Sonnenalp Hotel. $3,689,131 $2,467,928 $2,078,577 $3,682,745 $2,083,865 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 2018 2019 2020 2021 2022 • 2022 YTD lift tax collections of $5.4M are up 18.2% or $836,584 from the same time last year. $4,233,135 $4,445,969 $3,162,233 $4,587,835 $5,424,419 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2018 2019 2020 2021 2022 66 Vail Business Review October 2022 December 27, 2022 The Vail Business Review breaks down the four percent sales tax collected for the month of October and Summer season - May through October. Overall, October sales tax decreased (7.6%) from prior year with retail decreasing (14.9%), lodging decreasing (11.4%), food and beverage increasing 8.8%, and utilities/other increasing 1.9%. Excluding the out-of-town category, sales tax for the month of October was up 1.2% compared to prior year. Summer Season May through October resulted in an overall 3.0% increase from the prior year. Retail increased 3.9%, lodging remained flat, food and beverage increased 3.9% and utilities and other increased 8.8%. Excluding the out-of-town category, sales tax for May through October increased 3.9%. 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 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 77 Town of Vail Business Review October 4.0% Tax Collections by Year October Sales Tax October 2021October 2022 Sales Tax Collections by Business Type $634,565 Lodging $437,239 Food & Beverage $401,653 Utilities & Other $130,533 $0 $200,000 $400,000 $600,000 $800,000 (14.9%)8.8%1.9% Retail RLFU -$8,000,000 $12,000,000 $1,110,979 $1,169,458 $1,386,377 $1,736,184 $1,603,990 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2018 2019 2020 2021 2022 (11.4%) • 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, October 2022 4.0% sales tax collections were down (7.6%) from the prior year. • October 2022 retail sales decreased (14.9%), lodging decreased (11.4%), food and beverage increased 8.8% and utilities and other increased 1.9%. Retail $745,245 Lodging $493,601 Food & Beverage $369,248 Utilities & Other $128,091 $0 $200,000 $400,000 $600,000 $800,000 88 October Sales Tax Town of Vail Business Review 20212022 Geographic Area Trends by Year October Sales Tax by Year Sales Tax by Location Other Areas 18% Lionshead 10% Out of Town 35% Vail Village 37% Other Areas 15% Lionshead 10% Out of Town 40% Vail Village 35% • Vail Village sales tax decreased (4.1%), Lionshead decreased (0.4%), Other Areas increased 14.7%, and Out of Town decreased (20.5%). Excluding Out of Town collections, all areas were up 1.2%. $231,286 $238,324 $228,706 $254,500 $291,975 $128,959 $142,953 $125,081 $166,824 $166,206 $319,673 $397,851 $497,207 $703,886 $559,600 $431,062 $390,331 $535,383 $610,974 $586,210 $0 $200,000 $400,000 $600,000 $800,000 2018 2019 2020 2021 2022 Other Areas Lionshead Out of Town Vail Village • This chart shows October sales tax collections by geographic area over time. 99 Retail Business Sales Tax Detail October Sales Tax Town of Vail Business Review October 4.0% Sales Tax Accommodation Services Sales Tax by Year Apparel $113,681 Grocery $113,606 Gallery $9,978 Gifts $2,614 Jewelry $24,495Retail Liquor $28,544 Retail Other $218,323 Sporting Goods $68,084 Online Retailers $55,204 Retail Home Occupation $36 • Overall, October 2022 accommodations services decreased (11.4%). Short-term rentals decreased (22.7)% from prior year and hotels and lodges decreased (3.0%). • 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. $215,718 $114,572 $281,514 $212,088 $273,208 $164,031 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 Hotel and Lodges Short-Term Rentals 2022 2021 2020 1010 Retail 135,606.56 129,412.19 4.79% Lodging 63,202.65 65,006.15 ‐2.77% F & B 87,102.18 55,505.95 56.92% Other 6,063.40 4,575.66 32.51% Total 291,974.78 254,499.95 14.72% Retail 35,591.03 38,700.36 ‐8.03% Lodging 62,016.01 68,304.70 ‐9.21% F & B 68,395.31 59,205.24 15.52% Other 203.21 613.74 ‐66.89% Total 166,205.56 166,824.04 ‐0.37% Retail 252,624.18 351,284.41 ‐28.09% Lodging 186,028.70 233,314.90 ‐20.27% F & B 1,591.97 529.40 200.71% Other 119,354.98 118,757.18 0.50% Total 559,599.83 703,885.89 ‐20.50% Retail 210,743.51 225,847.78 ‐6.69% Lodging 125,991.52 126,975.36 ‐0.77% F & B 244,563.82 254,006.98 ‐3.72% Other 4,910.98 4,144.15 18.50% Total 586,209.83 610,974.27 ‐4.05% Retail 634,565.28 745,244.74 ‐14.85% Lodging 437,238.88 493,601.10 ‐11.42% F & B 401,653.28 369,247.57 8.78% Other 130,532.56 128,090.73 1.91% Total 1,603,990.00 1,736,184.14 ‐7.61% Retail Apparel 113,681.19 115,546.91 ‐1.61% Retail Food 113,606.26 111,896.27 1.53% Retail Gallery 9,978.34 11,154.11 ‐10.54% Retail Gift 2,614.32 3,976.95 ‐34.26% Retail Home Occupation 35.61 183.02 ‐80.54% Retail Jewelry 24,495.00 28,150.89 ‐12.99% Retail Liquor 28,543.81 31,565.02 ‐9.57% Retail Other 218,323.39 310,048.73 ‐29.58% Retail Sport 68,083.68 85,398.93 ‐20.28% Retail Online Retailer 55,203.68 47,323.92 16.65% Total 634,565.28 745,244.74 ‐14.85% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review October Sales Tax 2022 Collections   2021 Collections YoY % Change 1111 Town of Vail Business Review Summer 4.0% Tax Collections by Year May - October Sales Tax Summer 2021Summer 2022 Sales Tax Collections by Business Type Retail $5,475,193 Lodging $4,172,092 Food & Beverage $3,531,106 Utilities & Other $881,400 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 3.9%3.9%8.8% RLFU -$8,000,000 $12,000,000 $9,743,349 $9,893,853 $8,901,707 $13,648,633 $14,059,791 $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 0.0% • 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, May through October 2022 4.0% sales tax collections were up 3.0% from the prior year. • May through October 2022 retail sales increased 3.9%, lodging remained flat, food and beverage increased 3.9% and utilities and other increased 8.8%. Retail $5,270,279 Lodging $4,170,789 Food & Beverage $3,397,666 Utilities & Other $809,899 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 1212 Town of Vail Business Review Summer 2021Summer 2022 Geographic Area Trends by Year Summer Sales Tax by Year Sales Tax by Location May - October Sales Tax Other Areas 16% Lionshead 13% Out of Town 29% Vail Village 42% Other Areas 15% Lionshead 12% Out of Town 30% Vail Village 43% • Vail Village sales tax increased 1.6%, Lionshead increased 9.7%, Other Areas increased 5.9%, and Out of Town increased 0.9%. Excluding Out of Town collections, all areas were up 3.9%. $1,809,708 $1,829,891 $1,571,703 $2,104,715 $2,229,116 $1,569,739 $1,653,468 $1,166,444 $1,609,801 $1,766,077$1,772,948 $1,904,922 $2,114,272 $4,069,926 $4,107,649$4,590,953 $4,505,572 $4,049,288 $5,864,192 $5,956,948 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 2018 2019 2020 2021 2022 Other Areas Lionshead Out of Town Vail Village • This chart shows May through October sales tax collections by geographic area over time. 1313 Retail Business Sales Tax Detail May - October Sales Tax Town of Vail Business Review Summer 4.0% Sales Tax Accommodation Services Sales Tax by Year Apparel $1,069,694 Grocery $918,445 Gallery $64,723 Gifts $26,348 Jewelry $295,827Retail Liquor $242,197 Retail Other $1,941,465 Sporting Goods $545,708 Online Retailers $369,634 Retail Home Occupation $1,152 • Overall, May through October 2022 accommodations services remained flat compared to prior year. Short-term rentals decreased (9.2)% from prior year and hotels and lodges increased 4.4%. • 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. $1,563,197 $516,084 $2,819,510 $1,351,279 $2,944,602 $1,227,490 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 Hotel and Lodges Short-Term Rentals 2022 2021 2020 1414 Retail 974,151.63 958,071.89 1.68% Lodging 679,345.00 672,739.19 0.98% F & B 531,529.29 433,826.37 22.52% Other 44,089.95 40,077.44 10.01% Total 2,229,115.87 2,104,714.90 5.91% Retail 330,418.35 363,476.33 ‐9.09% Lodging 757,311.04 693,385.95 9.22% F & B 669,524.31 547,276.95 22.34% Other 8,823.34 5,661.50 55.85% Total 1,766,077.03 1,609,800.73 9.71% Retail 2,094,116.99 1,939,337.14 7.98% Lodging 1,236,715.34 1,406,575.87 ‐12.08% F & B 8,080.98 8,127.51 ‐0.57% Other 768,736.19 715,885.15 7.38% Total 4,107,649.50 4,069,925.66 0.93% Retail 2,076,506.28 2,009,393.42 3.34% Lodging 1,498,720.73 1,398,087.99 7.20% F & B 2,321,971.13 2,408,435.26 ‐3.59% Other 59,750.15 48,274.98 23.77% Total 5,956,948.28 5,864,191.65 1.58% Retail 5,475,193.25 5,270,278.77 3.89% Lodging 4,172,092.10 4,170,789.00 0.03% F & B 3,531,105.71 3,397,666.09 3.93% Other 881,399.63 809,899.07 8.83% Total 14,059,790.68 13,648,632.94 3.01% Retail Apparel 1,069,693.76 1,017,463.41 5.13% Retail Food 918,445.19 895,917.78 2.51% Retail Gallery 64,723.27 82,363.15 ‐21.42% Retail Gift 26,348.08 33,658.12 ‐21.72% Retail Home Occupation 1,152.19 1,422.91 ‐19.03% Retail Jewelry 295,826.94 252,355.44 17.23% Retail Liquor 242,197.09 260,518.64 ‐7.03% Retail Other 1,941,464.82 1,784,483.59 8.80% Retail Sport 545,708.37 607,495.73 ‐10.17% Retail Online Retailer 369,633.52 334,600.02 10.47% Total 5,475,193.25 5,270,278.77 3.89% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review May ‐ October Sales Tax 2022 Collections   2021 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary 1515