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HomeMy WebLinkAbout03. March 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