HomeMy WebLinkAbout04. April 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 $755,699 or 56.2% from prior winter season. A detailed chart of
approximate passes sold by type is shown below. 21/22 ski season numbers
represent passes sold or used throughout the entire prior ski season.
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2022/23 Passes YTD
Sold 2021/22 Passes
Total
Season
Sold
Premier 21 Gold 66
Vail Village Business
Premier 65 Silver - Vail Village 60
Lionshead Business
Premier 11 Silver - Lionshead 6
Employee Plus 360 Blue 358
Employee 513 Pink 690
Eagle County Local 1,838
Eagle County Value
Card 1,699*
Vail Local 1,797 Vail Value Card 2,303*
Total 4,605 Total 5,182
*During the 2021/2022 season Value Cards were not recertified. The total number sold is
estimated based on the number of individual Value Cards scanned in the parking
structures during the entire 2021/2022 winter season.
Value cards in prior seasons we often used in conjunction with other passes, such as the
Blue pass, to utilize discount parking in the structures on days that the parker’s other pass
did not grant access. This year, discounted parking is included with employee and
business passes, reducing the need for multiple passes.
2
2023 Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 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
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