HomeMy WebLinkAbout02b. February Revenue Updates1
TOWN OF VAIL
REVENUE UPDATE
February 7, 2023
4.0% Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
$5,603,459 down (2.5)% from last year and up 2.7% compared to amended
budget. December collections are up 32.3% from 2019. Year to date collections of
$40,795,487 are up 18.1% from prior year and up 39.5% from 2019. Compared to
amended budget, collections are up 2.1%. Inflation as measured by the consumer
price index was up 6.5% for December. The annual budget totals $39.95 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, December collections of the 0.5% housing
sales tax are estimated to be $668,392 and the YTD total collections are estimated
to be $4,953,027. The 2022 amended budget for the housing fund sales tax totals
$4.8 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 31 total $9,577,356 down (28.4)% from this
time last year. The 2022 amended RETT budget totals $9,707,414.
Construction Use Tax
Use Tax collections through December 31 total $2,189,230 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 $6,473,618 up 17.3% or $954,728 from the same
time last year.
Daily Parking Sales
Daily sales from the parking structures from November through December 31 total
approximately $1,689,297, up $208,773, or 14.1% from this time last year.
Parking Pass Revenue
Pass sales for the 22/23 ski season (November through December 31) total
$1,491,526 up $308,694 or 26.1% 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.
2
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 359 Blue 358
Employee 495 Pink 690
Eagle County Local 1,602
Eagle County Value
Card 1,699*
Vail Local 1,578 Vail Value Card 2,303*
Total 4,131 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 pass, 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.
Summary
Across all funds, year-to-date total revenue of $92.3 million is down (0.3)% from
amended budget and up 7.9% from prior year. Excluding the new 0.5% housing
sales tax, total revenue is up 2.1% from prior year. Increased revenues from prior
year are due to higher sales tax collections, higher lift tax collections, and higher
daily parking fees. These increases were partially offset by decreases in
RETT and Construction Use Taxes.
2022 Budget % change % change % change
2017 2018 2019 2020 Amended Budget Variance from 2021 from 2019 from Budget
January 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,202,457$ 5,216,351$ 13,894$ 52.43% 27.85% 0.27%
February 3,692,592 3,818,356 4,137,087 4,285,633 3,691,850 5,670,176 5,682,891$ 12,715 53.93% 37.36% 0.22%
March 3,642,407 4,167,880 4,237,933 2,243,518 4,364,797 5,905,456 5,949,858$ 44,402 36.31% 40.40% 0.75%
April 1,386,780 1,233,474 1,445,071 427,518 1,751,528 2,108,005 2,233,230$ 125,225 27.50% 54.54% 5.94%
May 659,475 830,193 763,756 503,828 1,061,516 1,112,035 1,231,196$ 119,161 15.98% 61.20% 10.72%
June 1,389,982 1,648,443 1,606,748 1,023,517 2,149,312 2,149,300 2,317,132$ 167,832 7.81% 44.21% 7.81%
July 2,215,649 2,412,425 2,480,292 2,084,644 3,491,668 3,491,700 3,506,228$ 14,528 0.42% 41.36% 0.42%
August 1,863,949 2,195,175 2,237,050 2,138,838 2,877,550 2,877,600 2,996,481$ 118,881 4.13% 33.95% 4.13%
September 1,385,462 1,540,490 1,600,100 1,767,393 2,359,528 2,359,500 2,439,752$ 80,252 3.40% 52.47% 3.40%
October 936,954 1,106,596 1,165,176 1,371,727 1,734,964 1,735,000 1,730,445$ (4,555) -0.26% 48.51% -0.26%
November 997,716 1,264,600 1,260,314 1,425,461 1,880,397 1,880,400 1,888,465$ 8,065 0.43% 49.84% 0.43%
December 3,695,305 4,070,870 4,237,178 3,625,189 5,749,365 5,458,371 5,603,459$ 145,088 -2.54% 32.25% 2.66%
Total 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 39,950,000$ 40,795,487$ 845,487$ 18.13% 39.47% 2.12%
2022 Budget % change
Amended Budget Variance from Budget
January 643,700$ 645,390$ 1,690$ 0.26%
February 700,700 702,268 1,568 0.22%
March 721,900 724,442 2,542 0.35%
April 260,300 268,884 8,584 3.30%
May 146,400 147,059 659 0.45%
June 280,000 280,360 360 0.13%
July 420,000 424,383 4,383 1.04%
August 360,000 361,051 1,051 0.29%
September 290,000 294,664 4,664 1.61%
October 190,000 207,508 17,508 9.21%
November 200,000 228,626 28,626 14.31%
December 600,000 668,392 68,392 11.40%
Total 4,813,000$ 4,953,027$ 140,029$ 2.91%
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX COLLECTIONS
Balance
Actual Collections 4.0% Collected
Sales Tax2021
Town of Vail Revenue Update
February 7, 2023
4.0% SALES TAX
2022 Budget Comparison
Town of Vail Revenue Update
February 7, 2023
YTD 4% Sales Tax Collections By Year
Through December 31
December 4% Sales Tax Collections By Year
Through December 31
• YTD collections of $40.8M are up 18.1% from prior year and up 2.1% from amended budget.
YTD collections are up 39.5%from 2019, the last year not impacted by Covid-19.
• Inflation as measured by the consumer price index was up 6.5% in December.
$27,886,112
$29,250,698
$24,973,411
$34,534,683
$40,795,487
$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000
2018
2019
2020
2021
2022
$4,070,870
$4,237,178
$3,625,189
$5,749,365
$5,603,459
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
• December 2022 collections of $5.6M are down (2.5)% from prior year and up 2.7% from the
amended budget. December collections are up 32.2% from 2019.
Town of Vail Revenue Update
February 7, 2023
YTD 0.5% Housing Fund Sales Tax Collections
Real Estate Transfer Tax by Year
YTD Through December 2022
Through December 31
• This chart shows YTD collections of 1% RETT, segmented by real property values. 2022
collections are down (28.4)% 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
$9,577,356
• 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.
$645,390
$702,268 $724,442
$268,884
$147,059
$280,360
$424,383 $361,051
$294,664
$207,508 $228,626
$668,392
$‐
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$‐
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
Monthly YTD
Monthly
Total
YTD
Total
YTD Total: $4,953,027
Town of Vail Revenue Update
February 7, 2023
Construction Use Tax by Year
YTD Through December 2022
Lift Tax Collections YTD
Through December 31
• Use Tax collections through December 31 total $2,189,230 compared to $3,682,745 from this
time last year. This is a decrease of (40.6)%.
•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
$2,189,230
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
2018 2019 2020 2021 2022
• 2022 YTD lift tax collections of $6.5M are up 17.3% or $954,728 from the same time last year.
$5,103,480
$5,341,369
$4,095,812
$5,518,890
$6,473,618
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
Vail Business Review
November 2022
February 1, 2023
The Vail Business Review breaks down the four percent sales tax collected for the
month of November 2022.
Overall, November sales tax was in line with prior year, up 0.2%. Retail increased
6.0%, lodging decreased (10.7%), food and beverage remained flat, and utilities/other
increased 11.1%. Excluding the out-of-town category, sales tax for the month of
November was down (3.2%).
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
Town of Vail Business Review
November 4.0% Tax Collections by Year
November Sales Tax
November 2021November 2022
Sales Tax Collections by Business Type
$863,404
Lodging
$515,497
Food &
Beverage
$334,341
Utilities &
Other
$175,222
$0
$200,000
$400,000
$600,000
$800,000
6.0%(0.1%)11.1%
Retail
RLFU
-$8,000,000
$12,000,000
$1,268,974
$1,260,472
$1,430,471
$1,884,419
$1,888,465
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
2018
2019
2020
2021
2022
(10.7%)
• 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% general sales tax collected
on all items for accuracy of comparison to prior years.
•Overall, November 2022 4.0% sales tax collections were flat with the prior year, up 0.2%.
• November 2022 retail sales increased 6.0%, lodging decreased (10.7%), food and beverage
remained flat (0.1%), and utilities and other increased 11.1%.
Retail
$814,587
Lodging
$577,494
Food &
Beverage
$334,674
Utilities &
Other
$157,664
$0
$200,000
$400,000
$600,000
$800,000
Town of Vail Business Review
November 2021November 2022
Geographic Area Trends by Year
November Sales Tax by Year
Sales Tax by Location
November Sales Tax
Other
Areas
14%
Lionshead
11%
Out of
Town
43%
Vail Village
32%
Other Areas
13%
Lionshead
12%
Out of Town
40%
Vail Village
35%
• Vail Village sales tax decreased (7.9%), Lionshead decreased (3.0%), Other Areas increased 9.7%,
and Out of Town increased 5.2%. Excluding Out of Town collections, all areas were down (3.2%).
$233,941 $215,328
$247,481 $238,067 $261,064
$200,389 $182,605 $164,969
$219,160 $212,635
$340,000 $365,144
$561,352
$765,736 $805,555
$494,644 $497,395 $456,670
$661,456 $609,211
$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 November sales tax collections by geographic area over time.
Retail Business Sales Tax Detail
November Sales Tax
Town of Vail Business Review
November 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$124,881
Grocery
$102,292
Gallery
$7,545
Gifts
$3,243
Jewelry
$23,501
Retail Liquor
$32,064
Retail Other
$367,076
Sporting Goods
$136,010
Online Retailers
$66,584
Retail Home
Occupation
$208
• Overall, November 2022 accommodations services decreased (10.7%). Short-term rentals decreased
(10.5)% from prior year and hotels and lodges decreased (10.9%).
• 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.
$230,434
$148,773
$324,721
$252,773
$289,294
$226,203
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Hotel and Lodges
Short-Term
Rentals
2022 2021 2020
Retail 141,137.58 120,756.92 16.88%
Lodging 64,358.99 69,869.00 ‐7.89%
F & B 50,710.52 41,730.28 21.52%
Other 4,857.26 5,710.92 ‐14.95%
Total 261,064.35 238,067.12 9.66%
Retail 74,000.52 68,333.12 8.29%
Lodging 77,586.37 90,514.39 ‐14.28%
F & B 60,167.22 58,766.79 2.38%
Other 880.75 1,545.25 ‐43.00%
Total 212,634.86 219,159.55 ‐2.98%
Retail 406,819.24 352,831.47 15.30%
Lodging 231,473.06 266,116.10 ‐13.02%
F & B 657.00 807.01 ‐18.59%
Other 166,605.47 145,980.96 14.13%
Total 805,554.76 765,735.54 5.20%
Retail 241,446.81 272,665.01 ‐11.45%
Lodging 142,078.73 150,994.56 ‐5.90%
F & B 222,806.73 233,370.11 ‐4.53%
Other 2,878.77 4,426.73 ‐34.97%
Total 609,211.04 661,456.41 ‐7.90%
Retail 863,404.15 814,586.52 5.99%
Lodging 515,497.16 577,494.04 ‐10.74%
F & B 334,341.47 334,674.19 ‐0.10%
Other 175,222.24 157,663.86 11.14%
Total 1,888,465.01 1,884,418.61 0.21%
Retail Apparel 124,881.30 136,052.83 ‐8.21%
Retail Food 102,292.02 100,452.05 1.83%
Retail Gallery 7,545.38 16,502.00 ‐54.28%
Retail Gift 3,242.87 3,977.54 ‐18.47%
Retail Home Occupation 208.14 228.94 ‐9.09%
Retail Jewelry 23,500.63 23,600.42 ‐0.42%
Retail Liquor 32,064.36 37,487.44 ‐14.47%
Retail Other 367,075.62 290,276.40 26.46%
Retail Sport 136,010.17 139,673.47 ‐2.62%
Retail Online Retailer 66,583.66 66,335.44 0.37%
Total 863,404.15 814,586.52 5.99%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
November Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary