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