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HomeMy WebLinkAbout04. 230404_Revenue_Update TOWN OF VAIL REVENUE UPDATE April 4, 2023 4.0% Sales Tax Upon receipt of all sales tax returns, February collections are estimated to be $5,943,615 up 4.6% from last year and up 39.9% compared to budget. YTD collections of $11,678,223 are up 7.1% from this time last year and up 40.2% from the budget. Inflation as measured by the consumer price index was up 6.0% for February. The annual budget totals $34.0 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, February collections of the 0.5% housing sales tax are estimated to be $709,986 up 1.1% from last year and up 33.7% from budget. YTD collections of $1,408,781 are up 4.5% from this time last year and up 34.3% from budget. The 2023 budget for the housing fund sales tax totals $4.1 million. Real Estate Transfer Tax (RETT) RETT collections through March 29 total $1,184,704 down (24.3)% from this time last year. The 2023 RETT budget totals $7,000,000. Construction Use Tax Use Tax collections through March 29 total $540,063 compared to $227,296 from this time last year. The 2023 budget totals $2,000,000. Lift Tax 2023 YTD lift tax collections through February 28 total $2,929,120 up 1.2% or $34,361 from the same time last year. Daily Parking Sales Daily sales from the parking structures from November through March 19 total approximately $5,834,997, up $673,978, or 13.1% from this time last year. Parking Pass Revenue Pass sales for the 22/23 ski season (November through March 29) total $2,101,066 up $755,699 or 56.2% from prior winter season. A detailed chart of approximate passes sold by type is shown below. 21/22 ski season numbers represent passes sold or used throughout the entire prior ski season. 1 2022/23 Passes YTD Sold 2021/22 Passes Total Season Sold Premier 21 Gold 66 Vail Village Business Premier 65 Silver - Vail Village 60 Lionshead Business Premier 11 Silver - Lionshead 6 Employee Plus 360 Blue 358 Employee 513 Pink 690 Eagle County Local 1,838 Eagle County Value Card 1,699* Vail Local 1,797 Vail Value Card 2,303* Total 4,605 Total 5,182 *During the 2021/2022 season Value Cards were not recertified. The total number sold is estimated based on the number of individual Value Cards scanned in the parking structures during the entire 2021/2022 winter season. Value cards in prior seasons we often used in conjunction with other passes, such as the Blue pass, to utilize discount parking in the structures on days that the parker’s other pass did not grant access. This year, discounted parking is included with employee and business passes, reducing the need for multiple passes. 2 2023 Budget % change % change 2018 2019 2020 Budget Variance from 2022 from Budget January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,216,484$ 4,080,000$ 5,734,607 1,654,607$ 9.93% 40.55% February 3,818,356 4,137,087 4,285,633 3,691,850 5,683,024 4,250,000 5,943,615 1,693,615$ 4.59% 39.85% Total 7,415,966$ 8,217,081$ 8,361,778$ 7,114,060$ 10,899,508$ 8,330,000$ 11,678,223$ 3,348,223$ 7.14% 40.19% 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 2,996,614 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 5,599,712 4,930,000 Total 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 40,806,972$ 34,000,000$ 11,678,223$ 3,348,223$ 7.14% 40.19% 2022 2023 Budget % change % change Collections Budget Variance from 2022 from Budget January 645,407$ 518,000$ 698,795$ 180,795$ 8.27%34.90% February 702,285 531,000 709,986$ 178,986$ 1.10% 33.71% Total 1,347,692$ 1,049,000$ 1,408,781$ 359,781$ 4.53%34.30% 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 208,633 191,500 November 229,143 207,500 December 671,674 574,500 Total 4,958,199$ 4,125,000$ 1,408,781$ 359,781$ 4.53%34.30% Town of Vail Revenue Update April 4, 2023 4.0% SALES TAX 2023 Budget Comparison 0.5% Collected Sales Tax 0.5% HOUSING SALES TAX COLLECTIONS 2023 Budget Comparison Actual 4.0% Collections 4.0% Collected Sales Tax2021 2022 3 Through February 28 February 4% Sales Tax Collections By Year Through February 28 Town of Vail Revenue Update April 4, 2023 YTD 4% Sales Tax Collections By Year • February collections of $5.9M are up 4.6% from prior year and up 39.9% from budget. $4,137,087 $4,285,633 $3,691,850 $5,683,024 $5,943,615 $0 $2,000,000 $4,000,000 $6,000,000 2019 2020 2021 2022 2023 $8,217,081 $8,361,778 $7,114,060 $10,899,508 $11,678,223 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 2019 2020 2021 2022 2023 • YTD collections of $11,678,223 are up 7.1% from prior year and up 40.2% from the budget. • Inflation as measured by the consumer price index was up 6.0% in February. February Collections YTD Collections Town of Vail Revenue Update April 4, 2023 February 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through March 2023 • This chart shows YTD collections of 1% RETT, segmented by real property values. 2023 collections are down (24.3)% from the prior year. $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 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 $1,563,122 $1,531,069 $1,517,141 $1,564,967 $1,184,704 • February collections of $709,986 are up 1.1% from prior year and up 33.7% from the budget. YTD collections of $1.4M are up 4.5% from this time last year and up 34.3% from budget. $702,285 $709,986 $0 $250,000 $500,000 $750,000 2022 2023 $1,347,692 $1,408,781 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2022 2023 Town of Vail Revenue Update April 4, 2023 Construction Use Tax by Year YTD Through March 2023 YTD Lift Tax Collections Through February 28 • Use Tax collections through March 29 total 535,377 compared to $227,296 from this time last year. This is an increase of 137.6% $230,943 $257,577 $574,257 $227,296 $540,063 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 2019 2020 2021 2022 2023 • 2023 YTD lift tax collections of $2.9M are up 1.2% or $34,361 from the same time last year. $2,357,153 $2,309,563 $2,793,560 $2,894,759 $2,929,120 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2019 2020 2021 2022 2023 Vail Business Review January 2023 April 4, 2023 The Vail Business Review breaks down the 4.5% sales tax collected for the month of January 2023. The 4.5% sales tax includes the town’s general 4% sales tax and the 0.5% housing sales tax supported by Town of Vail voters during the November 2021 election made effective January 1st, 2022. The housing sales tax will sunset on December 31, 2051. Overall, January sales tax was up from the prior year 9.8%. Retail increased 11.1%, lodging increased 5.9%, food and beverage increased 15.8%, and utilities/other increased 13.8%. Excluding the out-of-town category, sales tax for the month of January was up 13.1% compared to prior year. 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 7 January 2023 Sales Tax Collections by Business Type Town of Vail Business Review January Sales Tax Collections by Year January Sales Tax January 2022 1,944,549 Lodging 2,831,248 Food & Beverage 1,322,620 Utilities & Other 334,985 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 11.1%15.8%13.8% Retail RLFU -$8,000,000 $12,000,000 4,079,072 4,077,009 3,422,093 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 5,860,648 6,433,402 5.9% • January 2023 retail sales increased 11.1%, lodging increased 5.9%, food and beverage increased 15.8%, and utilities and other increased 13.8%. • The figures above reflect 4.5% sales tax. Retail 1,749,433 Lodging 2,674,146 Food & Beverage 1,142,654 Utilities & Other 294,414 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 • This report represents collections of Town of Vail 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 and 2023 above include the 0.5% housing sales tax, depicted in light blue. Prior years show general 4.0% sales tax collections. •Overall, January 2023 4.5% sales tax collections were up from the prior year 9.8%. 8 January Sales Tax Town of Vail Business Review January 2022January 2023 Geographic Area Trends by Year January Sales Tax by Year Sales Tax by Location Other Areas 13% Lionshead 19% Out of Town 21% Vail Village 47% Other Areas 15% Lionshead 18% Out of Town 23% Vail Village 44% • Vail Village sales tax increased 17.0%, Lionshead increased 17.3%, Other Areas decreased (3.5%), and Out of Town decreased (1.1%). Excluding Out of Town collections, all areas were up 13.1%. • The figures above reflect 4.5% sales tax. 620,264 589,995 500,031 1,029,840 1,004,139 585,675 420,199 410,047 887,511 2,008,769 2,072,827 1,448,876 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows January sales tax collections by geographic area over time. • 2022 and 2023 include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales tax collections are shown in darker shades. 864,744 1,053,365 1,373,380 2,569,159 3,004,982 1,235,6801,357,982 834,759 9 January Sales Tax Accommodation Services Sales Tax by Year Retail Business Sales Tax Detail January Sales Tax Town of Vail Business Review Apparel $444,441 Grocery $237,077 Gallery $42,244 Gifts $7,813 Jewelry $70,742Retail Liquor $88,502 Retail Other $293,904 Sporting Goods $670,710 Online Retailers $88,760 Retail Home Occupation $360 • Overall, January 2023 accommodations services increased 5.9% over prior year. Short-term rentals increased 0.3% from prior year and hotels and lodges increased 8.6%. • 2022 and 2023 include the 0.5% increase for housing sales tax, depicted in lighter shades. General 4.0% sales tax collections are shown in darker shades. •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. 834,015 446,180 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 Hotel and Lodges Short-Term Rentals 2023 2022 2021 881,628 1,947,252 1,792,519 883,995 10 Retail 274,072.76 279,710.52 ‐2.02% Lodging 448,904.16 483,961.25 ‐7.24% F & B 103,759.35 93,970.66 10.42% Other 8,022.93 7,101.33 12.98% Total 834,759.20 864,743.76 ‐3.47% Retail 342,780.27 299,323.17 14.52% Lodging 638,939.82 540,698.91 18.17% F & B 247,802.56 210,075.65 17.96% Other 6,157.33 3,266.74 88.49% Total 1,235,679.98 1,053,364.48 17.31% Retail 339,610.28 379,688.99 ‐10.56% Lodging 732,363.60 743,248.26 ‐1.46% F & B 2,743.22 3,890.47 ‐29.49% Other 283,264.54 246,552.44 14.89% Total 1,357,981.64 1,373,380.16 ‐1.12% Retail 988,086.03 790,710.80 24.96% Lodging 1,011,040.79 906,238.04 11.56% F & B 968,314.82 834,716.92 16.01% Other 37,539.79 37,493.52 0.12% Total 3,004,981.43 2,569,159.28 16.96% Retail 1,944,549.34 1,749,433.47 11.15% Lodging 2,831,248.37 2,674,146.46 5.87% F & B 1,322,619.95 1,142,653.70 15.75% Other 334,984.59 294,414.03 13.78% Total 6,433,402.25 5,860,647.66 9.77% Retail Apparel 444,440.73 354,171.97 25.49% Retail Food 237,076.55 230,715.34 2.76% Retail Gallery 42,243.59 9,851.63 328.80% Retail Gift 7,812.51 8,367.33 ‐6.63% Retail Home Occupation 359.67 373.75 ‐3.77% Retail Jewelry 70,741.53 29,918.10 136.45% Retail Liquor 88,501.83 91,524.27 ‐3.30% Retail Other 293,903.65 360,578.62 ‐18.49% Retail Sport 670,709.58 583,299.49 14.99% Retail Online Retailer 88,759.70 80,632.98 10.08% Total 1,944,549.34 1,749,433.47 11.15% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change 11