HomeMy WebLinkAbout01. 230307 Revenue Update TOWN OF VAIL
REVENUE UPDATE
March 7, 2023
4.0% Sales Tax
Upon receipt of all sales tax returns, January collections are estimated to be
$5,783,071 up 10.9% from last year and up 41.7% compared to budget. Inflation
as measured by the consumer price index was up 6.4% for January. The annual
budget totals $34.0 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, January collections of the 0.5% housing sales
tax are estimated to be $699,213 up 8.3% from last year and up 35.0% from
budget. The 2023 budget for the housing fund sales tax totals $4.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through February 28 total $800,706 down (1.6)% from this time
last year. The 2023 RETT budget totals $7,000,000.
Construction Use Tax
Use Tax collections through February 28 total $121,191 compared to $134,088
from this time last year. The 2023 budget totals $2,000,000.
Lift Tax
2023 January lift tax collections total $1.5M up 3.5% or $51,067 from the same
time last year.
Daily Parking Sales
Daily sales from the parking structures from November through February 26 total
approximately $4,653,817, up $412,051, or 9.7% from this time last year.
Parking Pass Revenue
Pass sales for the 22/23 ski season (November through February 28) total
$1,913,851 up $605,123 or 46.2% from prior winter season. A detailed chart of
approximate passes sold by type is shown below. 21/22 ski season numbers
represent passes sold or used throughout the entire prior ski season.
2022/23 Passes YTD
Sold 2021/22 Passes
Total
Season
Sold
Premier 21 Gold 66
Vail Village Business
Premier 65 Silver - Vail Village 60
Lionshead Business
Premier 11 Silver - Lionshead 6
1
Employee Plus 360 Blue 358
Employee 513 Pink 690
Eagle County Local 1,838
Eagle County Value
Card 1,699*
Vail Local 1,797 Vail Value Card 2,303*
Total 4,605 Total 5,182
*During the 2021/2022 season Value Cards were not recertified. The total number
sold is estimated based on the number of individual Value Cards scanned in the
parking structures during the entire 2021/2022 winter season.
Value cards in prior seasons we often used in conjunction with other passes, such
as the Blue pass, to utilize discount parking in the structures on days that the
parker’s other pass did not grant access. This year, discounted parking is included
with employee and business passes, reducing the need for multiple passes.
2
2023 Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,216,116$ 4,080,000$ 5,783,071 1,703,071$ 10.87% 41.74%
Total 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,216,116$ 4,080,000$ 5,783,071$ 1,703,071$ 10.87% 41.74%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,683,024 4,250,000
March 4,167,880 4,237,933 2,243,518 4,364,797 5,950,721 4,420,000
April 1,233,474 1,445,071 427,518 1,751,528 2,233,363 1,700,000
May 830,193 763,756 503,828 1,061,516 1,231,329 1,020,000
June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,265 2,040,000
July 2,412,425 2,480,292 2,084,644 3,491,668 3,506,410 3,400,000
August 2,195,175 2,237,050 2,138,838 2,877,550 2,996,616 2,720,000
September 1,540,490 1,600,100 1,767,393 2,359,528 2,439,884 2,040,000
October 1,106,596 1,165,176 1,371,727 1,734,964 1,739,445 1,700,000
November 1,264,600 1,260,314 1,425,461 1,880,397 1,892,722 1,700,000
December 4,070,870 4,237,178 3,625,189 5,749,365 5,599,646 4,930,000
Total 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 40,806,540$ 34,000,000$ 5,783,071$ 1,703,071$ 10.87%41.74%
2022 2023 Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,407$ 518,000$ 699,213$ 181,213$ 8.34% 34.98%
Total 645,407$ 518,000$ 699,213$ 181,213$ 8.34% 34.98%
February 702,285 531,000
March 724,549 552,500
April 268,901 212,500
May 147,076 122,500
June 280,377 245,000
July 424,406 395,000
August 361,068 325,000
September 294,681 250,000
October 208,413 191,500
November 229,143 207,500
December 671,674 574,500
Total 4,957,980$ 4,125,000$ 699,213$ 181,213$ 8.34%34.98%
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX COLLECTIONS
2023 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax2021 2022
Town of Vail Revenue Update
March 7, 2023
4.0% SALES TAX
2023 Budget Comparison
3
Town of Vail Revenue Update
March 7, 2023
January 4% Sales Tax Collections by Year
Through January 31
January 0.5% Housing Fund Sales Tax Collections by Year
Through January 31
• January collections of $5.8M ar up 10.9% from prior year and up 41.7% from budget.
• Inflation as measured by the consumer price index was up 6.4% in January.
$4,079,994
$4,076,145
$3,422,209
$5,216,116
$5,783,071
$0 $2,000,000 $4,000,000 $6,000,000
2019
2020
2021
2022
2023
• January collections of $699,213 are up 8.3% from prior year and up 35.0% from the
budget.
$645,407
$699,213
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000
2022
2023
4
Town of Vail Revenue Update
March 7, 2023
Real Estate Transfer Tax by Year
January Lift Tax Collections By Year
Through January 31
YTD Through February 2023
• This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (1.6)% from the prior year.
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
2019 2020 2021 2022 2023
Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million
$736,965
$935,641
$691,318
$813,884 $800,706
• 2023 YTD lift tax collections of $1.5M are up 3.5% or $51,067 from the same time last year.
$1,178,919
$1,147,447
$1,550,169
$1,452,347
$1,503,415
$0 $500,000 $1,000,000 $1,500,000
2019
2020
2021
2022
2023
5
Town of Vail Revenue Update
March 7, 2023
Construction Use Tax by Year
YTD Through February 2023
• Use Tax collections through February 28 total 121,191 compared to $134,088 from this time
last year. This is a decrease of (9.6)%
$123,087
$178,354
$292,969
$134,088 $121,191
$0
$100,000
$200,000
$300,000
2019 2020 2021 2022 2023
6
Vail Business Review
December 2022
March 7, 2023
The Vail Business Review breaks down the four percent sales tax collected for the
month of December 2022 and the year.
Overall, December sales tax decreased from prior year (2.9%). Retail decreased
(2.2%), lodging decreased (10.4%), food and beverage increased 6.5%, and
utilities/other increased 34.5%. Excluding the out-of-town category, sales tax for the
month of December was down (1.5%).
The year resulted in a 18.1% increase overall with retail increasing 10.5%, lodging
increasing 25.9%, food and beverage increasing 18.1%, and utilities/other increasing
18.6%. Excluding the out-of-town category, sales tax for 2022 was up 20.7%.
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
Sales Tax Administrator
7
Town of Vail Business Review
December 4.0% Tax Collections by Year
December Sales Tax
December 2021December 2022
Sales Tax Collections by Business Type
$2,088,545
Lodging
$2,234,514
Food &
Beverage
$971,851
Utilities &
Other
$304,735
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
(2.2%)6.5%34.5%
Retail
RLFU
-$8,000,000
$12,000,000
$4,087,271
$4,274,583
$3,652,966
$5,767,346
$5,599,646
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2018
2019
2020
2021
2022
(10.4%)
• 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, December 2022 4.0% sales tax collections were down from the prior year (2.9%).
• December 2022 retail sales decreased (2.2%), lodging decreased (10.4%), food and beverage
increased 6.5%, and utilities and other increased 34.5%.
Retail
$2,134,774
Lodging
$2,493,129
Food &
Beverage
$912,803 Utilities &
Other
$226,640
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
8
Town of Vail Business Review
December 2021December 2022
Geographic Area Trends by Year
December Sales Tax by Year
Sales Tax by Location
December Sales Tax
Other
Areas
14%
Lionshead
17%
Out of
Town
24%
Vail Village
45%
Other Areas
15%
Lionshead
18%
Out of Town
25%
Vail Village
42%
• Vail Village sales tax increased 1.7%, Lionshead decreased (6.9%), Other Areas decreased (4.3%),
and Out of Town decreased (7.0%). Excluding Out of Town collections, all areas were down (1.5%).
$623,423 $610,197
$589,777
$832,676
$796,965
$904,949 $955,883
$608,692
$1,037,190 $965,466
$440,178 $468,966
$926,288
$1,451,362
$1,349,622
$2,118,721 $2,239,538
$1,528,208
$2,446,119 $2,487,593
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows December sales tax collections by geographic area over time.
9
Retail Business Sales Tax Detail
December Sales Tax
Town of Vail Business Review
December 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$433,750
Grocery
$344,264
Gallery
$11,493
Gifts
$9,182
Jewelry
$117,021Retail Liquor
$89,971
Retail Other
$400,445
Sporting Goods
$583,587
Online Retailers
$98,521
Retail Home
Occupation
$310
• Overall, December 2022 accommodations services decreased (10.4%). Short-term rentals decreased
(8.5%) from prior year and hotels and lodges decreased (11.1%).
• 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.
$898,722
$374,865
$1,810,080
$683,050
$1,609,539
$624,975
$0 $500,000 $1,000,000 $1,500,000 $2,000,000
Hotel and Lodges
Short-Term
Rentals
2022 2021 2020
10
Retail 391,135.50 400,267.22 ‐2.28%
Lodging 310,246.56 353,418.46 ‐12.22%
F & B 86,170.98 71,112.53 21.18%
Other 9,412.31 7,877.42 19.48%
Total 796,965.35 832,675.63 ‐4.29%
Retail 288,175.40 291,874.32 ‐1.27%
Lodging 500,131.55 578,731.30 ‐13.58%
F & B 173,199.94 163,154.63 6.16%
Other 3,958.99 3,429.67 15.43%
Total 965,465.88 1,037,189.92 ‐6.92%
Retail 455,553.19 567,595.33 ‐19.74%
Lodging 632,782.02 702,919.95 ‐9.98%
F & B 1,990.00 3,513.06 ‐43.35%
Other 259,296.93 177,333.79 46.22%
Total 1,349,622.14 1,451,362.13 ‐7.01%
Retail 953,680.79 875,036.75 8.99%
Lodging 791,354.18 858,059.66 ‐7.77%
F & B 710,490.33 675,022.56 5.25%
Other 32,067.26 37,999.56 ‐15.61%
Total 2,487,592.56 2,446,118.53 1.70%
Retail 2,088,544.88 2,134,773.62 ‐2.17%
Lodging 2,234,514.32 2,493,129.36 ‐10.37%
F & B 971,851.25 912,802.78 6.47%
Other 304,735.48 226,640.44 34.46%
Total 5,599,645.93 5,767,346.20 ‐2.91%
Retail Apparel 433,750.43 397,525.80 9.11%
Retail Food 344,263.55 349,936.32 ‐1.62%
Retail Gallery 11,492.89 134,111.77 ‐91.43%
Retail Gift 9,181.84 11,622.86 ‐21.00%
Retail Home Occupation 310.28 280.10 10.78%
Retail Jewelry 117,021.48 59,143.17 97.86%
Retail Liquor 89,971.37 95,683.83 ‐5.97%
Retail Other 400,445.39 394,138.45 1.60%
Retail Sport 583,586.54 592,278.90 ‐1.47%
Retail Online Retailer 98,521.11 100,052.43 ‐1.53%
Total 2,088,544.88 2,134,773.62 ‐2.17%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
December 4.0% General Sales Tax
2022 Collections 2021 Collections YoY % Change
11
Town of Vail Business Review
Annual 4.0% Tax Collections by Year
2022 Sales Tax
20212022
Sales Tax Collections by Business Type
Retail
$14,297,069
Lodging
$15,488,950
Food &
Beverage
$8,634,764
Utilities &
Other
$2,379,758
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
10.5%18.1%
18.6%
FU
-$8,000,000
$12,000,000
$27,937,830
$29,337,950
$25,036,798
$34,555,136
$40,800,540
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000
2018
2019
2020
2021
2022
25.9%
• 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, 2022 4.0% sales tax collections were up 18.1% from the prior year.
• 2022 retail sales increased 10.5%, lodging increased 25.9% food and beverage increased 18.1%
and utilities and other increased 18.6%.
Retail
$12,937,711
Lodging
$12,302,194
Food &
Beverage
$7,309,193
Utilities &
Other
$2,006,038
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
12
Town of Vail Business Review
20212022
Geographic Area Trends by Year
Annual Sales Tax
Sales Tax by Location
2022 Sales Tax
Other
Areas
15%
Lionshead
16%
Out of
Town
26%
Vail Village
43%
Other Areas
15%
Lionshead
15%
Out of Town
28%
Vail Village
42%
• Vail Village sales tax increased 19.6%, Lionshead increased 24.1%, Other Areas increased 20.2%,
and Out of Town increased 11.4%. Excluding Out of Town collections, all areas were up 20.7%.
$4,447,746 $4,788,065
$4,167,727 $5,082,636 $6,108,473
$5,760,785 $6,182,584 $4,478,211 $5,204,772 $6,457,449
$3,947,677 $4,210,054
$5,062,428
$9,594,169
$10,684,610
$13,781,621 $14,157,247
$11,328,431
$14,673,558
$17,550,008
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
$18,000,000
2018 2019 2020 2021 2022
Other Areas Lionshead Out of Town Vail Village
• This chart shows annual sales tax collections by geographic area over time.
13
Retail Business Sales Tax Detail
2022 Sales Tax
Town of Vail Business Review
Annual 4.0% Sales Tax
Accommodation Services Sales Tax by Year
Apparel
$2,827,825
Grocery
$2,136,897
Gallery
$141,255
Gifts
$66,359
Jewelry
$571,755Retail Liquor
$676,008
Retail Other
$4,012,670
Sporting Goods
$3,045,052
Online Retailers
$816,563
Retail Home
Occupation
$2,685
• Overall, 2022 accommodations services increased 25.9%, short-term rentals increased 19.7% from prior
year and hotels and lodges increased 28.8%.
• 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.
$6,099,432
$2,045,335
$8,420,739
$3,881,455
$10,842,441
$4,646,509
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000
Hotel and Lodges
Short-Term
Rentals
2022 2021 2020
14
Retail 2,464,500.91 2,369,398.60 4.01%
Lodging 2,578,387.78 1,864,478.14 38.29%
F & B 980,151.33 776,204.22 26.27%
Other 85,432.92 72,554.90 17.75%
Total 6,108,472.94 5,082,635.86 20.18%
Retail 1,658,169.97 1,500,317.87 10.52%
Lodging 3,189,938.23 2,472,495.92 29.02%
F & B 1,586,706.47 1,216,538.48 30.43%
Other 22,633.96 15,420.16 46.78%
Total 6,457,448.63 5,204,772.43 24.07%
Retail 4,353,161.26 3,926,528.68 10.87%
Lodging 4,260,681.58 3,896,911.95 9.33%
F & B 21,735.32 20,847.97 4.26%
Other 2,049,032.34 1,749,880.88 17.10%
Total 10,684,610.49 9,594,169.48 11.37%
Retail 5,821,236.73 5,141,465.59 13.22%
Lodging 5,459,942.11 4,068,308.28 34.21%
F & B 6,046,170.60 5,295,602.00 14.17%
Other 222,658.71 168,182.21 32.39%
Total 17,550,008.14 14,673,558.08 19.60%
Retail 14,297,068.87 12,937,710.74 10.51%
Lodging 15,488,949.70 12,302,194.29 25.90%
F & B 8,634,763.72 7,309,192.67 18.14%
Other 2,379,757.93 2,006,038.15 18.63%
Total 40,800,540.21 34,555,135.85 18.07%
Retail Apparel 2,827,824.74 2,422,405.58 16.74%
Retail Food 2,136,896.69 2,052,825.24 4.10%
Retail Gallery 141,254.69 262,026.88 ‐46.09%
Retail Gift 66,359.43 71,210.17 ‐6.81%
Retail Home Occupation 2,684.70 3,001.44 ‐10.55%
Retail Jewelry 571,755.26 453,618.11 26.04%
Retail Liquor 676,008.00 686,207.85 ‐1.49%
Retail Other 4,012,670.11 3,472,393.40 15.56%
Retail Sport 3,045,052.27 2,786,948.04 9.26%
Retail Online Retailer 816,562.98 727,074.03 12.31%
Total 14,297,068.87 12,937,710.74 10.51%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Annual 4.0% General Sales Tax
2022 Collections 2021 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
15