HomeMy WebLinkAbout03. May Revenue Update TOWN OF VAIL
REVENUE UPDATE
May 2, 2023
4.0% Sales Tax
Upon receipt of all sales tax returns, March collections are estimated to be
$6,051,906, up 2.4% from last year and up 36.9% compared to budget. YTD
collections of $17,958,799 are up 6.8% from this time last year and up 40.9% from
the budget. Inflation as measured by the consumer price index was up 5.0% for
March. The annual budget totals $34.0 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, March collections of the 0.5% housing sales
tax are estimated to be $731,494, up 1.6% from last year and up 32.4% from
budget. YTD collections of $2,183,465 are up 5.6% from this time last year and up
36.3% from budget. The 2023 budget for the housing fund sales tax totals $4.1
million.
Real Estate Transfer Tax (RETT)
RETT collections through April 25 total $1,743,555, down (38.1)% from this time
last year. The 2023 RETT budget totals $7,000,000.
Construction Use Tax
Use Tax collections through April 25 total $657,699 compared to $599,518 from
this time last year. The 2023 budget totals $2,000,000.
Lift Tax
2023 YTD lift tax collections through March 31 total $4,265,597, down (0.5)% or
($20,305) from the same time last year.
Daily Parking Sales
Daily sales from the parking structures from November through April total
approximately $6,841,289, up $591,174, or 9.5% from this time last year.
Parking Pass Revenue
Pass sales for the 22/23 ski season (November through April) total $2,162,691, up
$808,879 or 59.7% from the prior winter season. This increase is due primarily to
the increased use and price of local value passes which were up $520,907 or
158.4% compared to the prior year. During the 22/23 ski season, local pass
holders were charged daily for the use of their pass. In prior years, local pass
holders prepaid their parking charges by preloading money to their passes. 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 22 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 1,859
Eagle County Value
Card 1,699*
Vail Local 1,816 Vail Value Card 2,303*
Total 4,646 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 $39.9 million is up 23.7% from the
amended budget and up 4.3% from prior year. The positive variance from budget
is due to higher-than-expected general sales tax, housing sales tax, and daily
parking revenue. During the 2023 budget process Council supported conservative
projections that reflected a normalization of revenue after experiencing historically
high revenue collections from increased visitation and inflation coming out the
pandemic.
2
2023 Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 4,080,000$ 5,898,420 1,818,420$ 13.06% 44.57%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 4,250,000 6,008,473 1,758,473$ 5.66% 41.38%
March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 4,420,000 6,051,906 1,631,906$ 2.37% 36.92%
Total 11,583,846$ 12,455,014$ 10,605,296$ 11,478,857$ 16,815,769$ 12,750,000$ 17,958,799$ 5,208,799$ 6.80% 40.85%
April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 1,700,000
May 830,193 763,756 503,828 1,061,516 1,227,974 1,020,000
June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,931 2,040,000
July 2,412,425 2,480,292 2,084,644 3,491,668 3,507,973 3,400,000
August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,720,000
September 1,540,490 1,600,100 1,767,393 2,359,528 2,441,331 2,040,000
October 1,106,596 1,165,176 1,371,727 1,734,964 1,729,558 1,700,000
November 1,264,600 1,260,314 1,425,461 1,880,397 1,902,643 1,700,000
December 4,070,870 4,237,178 3,625,189 5,749,365 5,602,018 4,930,000
Total 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 34,000,000$ 17,958,799$ 5,208,799$ 6.80%40.85%
2022 2023 Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,487$ 518,000$ 719,261$ 201,261$ 11.43%38.85%
February 702,730 531,000 732,709$ 201,709$ 4.27%37.99%
March 719,717 552,500 731,494$ 178,994$ 1.64%32.40%
Total 2,067,934$ 1,601,500$ 2,183,465$ 581,965$ 5.59%36.34%
April 269,018 212,500
May 146,657 122,500
June 280,460 245,000
July 424,602 395,000
August 361,165 325,000
September 294,861 250,000
October 207,397 191,500
November 230,383 207,500
December 671,982 574,500
Total 4,954,459$ 4,125,000$ 2,183,465$ 581,965$ 5.59%36.34%
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX COLLECTIONS
2023 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax20212022
Town of Vail Revenue Update
May 2, 2023
4.0% SALES TAX
2023 Budget Comparison
3
Town of Vail Revenue Update
May 2, 2023
YTD 4% Sales Tax Collections By Year
Through March 31
March 4% Sales Tax Collections By Year
Through March 31
• March collections of $6.1M are up 2.4% from prior year and up 36.9% from budget.
$4,237,933
$2,243,518
$4,364,797
$5,912,059
$6,051,906
$0 $2,000,000 $4,000,000 $6,000,000
2019
2020
2021
2022
2023
$12,455,014
$10,605,296
$11,478,857
$16,815,769
$17,958,799
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2019
2020
2021
2022
2023
• YTD collections of $17,958,799 are up 6.8% from prior year and up 40.9% from the budget.
• Inflation as measured by the consumer price index was up 5.0% in March.
4
Town of Vail Revenue Update
May 2, 2023
March 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through April 2023
March Collections YTD Collections
• This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (38.1)% from the prior year.
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
$1,750,000
$2,000,000
$2,250,000
$2,500,000
$2,750,000
$3,000,000
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
$2,030,090
$1,791,330
$2,849,638 $2,816,126
$1,743,555
• March collections of $731,494 are up 1.6% from prior year and up 32.4% from the budget.
YTD collections of $2.2M are up 5.6% from this time last year and up 36.3% from budget.
$719,717 $731,494
$0
$250,000
$500,000
$750,000
2022 2023
$2,067,934 $2,183,465
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
2022 2023
5
Town of Vail Revenue Update
May 2, 2023
Construction Use Tax by Year
YTD Through April 2023
YTD Lift Tax Collections
Through March 31
• Use Tax collections through April 25 total $657,699 compared to $599,518 from this time last
year. This is an increase of 9.7%.
$578,582
$370,942
$1,212,991
$599,518
$657,699
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$900,000
$1,000,000
$1,100,000
$1,200,000
$1,300,000
2019 2020 2021 2022 2023
• 2023 YTD lift tax collections of $4.3M are down (0.5)% or $(20,305) from the same time last
year.
$3,662,562
$2,905,686
$4,020,068
$4,285,902
$4,265,597
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000
2019
2020
2021
2022
2023
6
Vail Business Review
February 2023
May 2, 2023
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
February 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, February sales tax was up from the prior year 5.5%. Retail increased 1.2%,
lodging increased 5.2%, food and beverage increased 8.4%, and utilities/other
increased 22.6%. Excluding the out-of-town category, sales tax for the month of
February was up 5.3% 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
Town of Vail Business Review
February Sales Tax Collections by Year
February 2023 Sales Tax
February 2022
Sales Tax Collections by Business Type
February 2023
1,848,965
Lodging
3,180,969
Food &
Beverage
1,334,394 Utilities &
Other
376,854
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
1.2%8.4%22.6%
Retail
RLFU
-$8,000,000
$12,000,000
4,136,309
4,293,354
3,693,712
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000
2019
2020
2021
2022
2023
General Sales Tax
Housing Sales Tax
6,389,315
6,741,182
• February 2023 retail sales increased 1.2%, lodging increased 5.2%, food and beverage increased
8.4%, and utilities and other increased 22.6%.
• The figures above reflect 4.5% sales tax.
Retail
1,826,575
Lodging
3,023,909
Food &
Beverage
1,231,511 Utilities &
Other
307,321
$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% increase to sales tax, depicted in light
blue. Prior years show 4.0% sales tax collections.
• Total February 2022 collections were $6,389,315. Total February 2023 collections were $6,741,182.
• Overall, February 2023 4.5% sales tax collections were up from the prior year 5.5%.
5.2%
8
Town of Vail Business Review
February 2022February 2023
Geographic Area Trends by Year
February Sales Tax by Year
Sales Tax by Location
February 2023 Sales Tax
Other
Areas
14%
Lionshead
19%
Out of
Town
21%
Vail Village
45%
Other Areas
15%
Lionshead
20%
Out of Town
21%
Vail Village
44%
• Vail Village sales tax increased 7.1%, Lionshead increased 3.8%, Other Areas increased 2.1%, and
Out of Town increased 6.2%. Excluding Out of Town collections, all areas were up 5.3%.
• The figures above reflect 4.5% sales tax.
665,457
636,011
541,277
1,056,028
1,091,801
675,000
353,429
389,029
876,603
2,061,395
2,176,514
1,600,832
$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 February 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.
951,539
1,265,532
1,354,908 2,817,336
3,017,280
1,313,3491,439,273
971,281
9
Retail Business Sales Tax Detail
February 2023 Sales Tax
Town of Vail Business Review
Accommodation Services Sales Tax by Year
2,170,661
853,248
2,256,009
924,960
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
Apparel
$427,138
Grocery
$249,700
Gallery
$15,813
Gifts
$6,257
Jewelry
$64,014Retail Liquor
$92,140
Retail Other
$313,672
Sporting Goods
$604,644
Online Retailers
$75,117
Retail Home
Occupation
$469
• Overall, February 2023 accommodations services increased 5.2% from prior year. Short-term rentals increased
8.4% from prior year and hotels and lodges increased 3.9%.
• 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.
1,030,873
436,889
Hotel and Lodges
Short-Term
Rentals
2023 2022 2021
10
Retail 284,787.28 301,922.81 ‐5.68%
Lodging 565,508.97 545,866.88 3.60%
F & B 112,228.41 94,690.50 18.52%
Other 8,755.90 9,058.73 ‐3.34%
Total 971,280.56 951,538.92 2.07%
Retail 332,360.29 333,592.83 ‐0.37%
Lodging 708,536.63 698,025.17 1.51%
F & B 268,315.25 230,602.09 16.35%
Other 4,136.37 3,311.95 24.89%
Total 1,313,348.54 1,265,532.05 3.78%
Retail 324,544.07 348,333.42 ‐6.83%
Lodging 789,911.26 750,409.85 5.26%
F & B 3,143.89 2,837.09 10.81%
Other 321,673.93 253,327.60 26.98%
Total 1,439,273.16 1,354,907.96 6.23%
Retail 907,273.15 842,725.77 7.66%
Lodging 1,117,012.17 1,029,606.65 8.49%
F & B 950,706.65 903,380.96 5.24%
Other 42,288.07 41,622.23 1.60%
Total 3,017,280.04 2,817,335.60 7.10%
Retail 1,848,964.79 1,826,574.83 1.23%
Lodging 3,180,969.03 3,023,908.55 5.19%
F & B 1,334,394.20 1,231,510.64 8.35%
Other 376,854.27 307,320.51 22.63%
Total 6,741,182.30 6,389,314.53 5.51%
Retail Apparel 427,138.44 382,370.89 11.71%
Retail Food 249,700.20 247,161.49 1.03%
Retail Gallery 15,812.65 19,456.66 ‐18.73%
Retail Gift 6,257.09 8,196.03 ‐23.66%
Retail Home Occupation 468.63 271.01 72.92%
Retail Jewelry 64,014.29 45,355.08 41.14%
Retail Liquor 92,140.45 102,531.86 ‐10.13%
Retail Other 313,671.62 335,282.66 ‐6.45%
Retail Sport 604,644.33 617,040.15 ‐2.01%
Retail Online Retailer 75,117.10 68,909.00 9.01%
Total 1,848,964.79 1,826,574.83 1.23%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
February 4.5% Sales Tax
2023 Collections 2022 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
11