HomeMy WebLinkAbout03. June Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
June 6, 2023
4.0% General Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$2,213,286, down (0.9)% from last year and flat compared to the proposed
amended budget. YTD collections of $20,183,025 are up 6.0% from this time last
year and flat compared to the proposed amended budget. Inflation as measured
by the consumer price index was up 4.9% for the 12-months ending April 2023.
The annual proposed amended budget totals $40.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, April collections of the 0.5% housing sales tax
are estimated to be $259,234, down (3.6)% from last year and flat with the
proposed amended budget. YTD collections of $2,450,305 are up 4.9% from this
time last year and flat with the proposed amended budget. The annual proposed
amended budget for the housing fund sales tax totals $4.9 million.
Real Estate Transfer Tax (RETT)
RETT collections through May 30 total $2,525,899, down (35.8)% from this time
last year. The 2023 RETT budget totals $7,000,000.
Construction Use Tax
Use Tax collections through May 31 total $1,038,937 compared to $965,715 from
this time last year. The 2023 budget totals $2,000,000.
Lift Tax
2023 YTD lift tax collections through April 30 total $4,650,293, down (0.6)% or
($26,867) from the same time last year. The 2023 amended budget totals
$6,234,550.
Summary
Across all funds, year-to-date total revenue of $48.7 million is up 5.1% from the
proposed amended budget and up 8.0% from prior year. The majority of the
positive variance from the amended budget is related to interest/gains on
investments.
2023 Amended Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,904,670$ 5,904,670$ -$ 13.18%0.00%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 6,030,915 6,030,915 - 6.06%0.00%
March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 6,034,154 6,034,154 - 2.07%0.00%
April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 2,213,286 2,213,286 - -0.94%0.00%
Total 12,817,320$ 13,900,085$ 11,032,814$ 13,230,384$ 19,050,065$ 20,183,025$ 20,183,025$ -$ 5.95%0.00%
May 830,193 763,756 503,828 1,061,516 1,227,974 1,043,778
June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,931 2,132,497
July 2,412,425 2,480,292 2,084,644 3,491,668 3,507,973 3,227,335
August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,757,598
September 1,540,490 1,600,100 1,767,393 2,359,528 2,441,331 2,246,025
October 1,106,596 1,165,176 1,371,727 1,734,964 1,729,558 1,591,193
November 1,264,600 1,260,314 1,425,461 1,880,397 1,902,643 1,750,432
December 4,070,870 4,237,178 3,625,189 5,749,365 5,602,018 5,153,119
Total 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 40,085,000$ 20,183,025$ -$ 5.95%0.00%
2022 2023 Amended Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,487$ 720,043$ 720,043$ -$ 11.55%0.00%
February 702,730 735,514 735,514 - 4.67%0.00%
March 719,717 735,514 735,514 - 2.19%0.00%
April 269,018 259,234 259,234 - -3.64%0.00%
Total 2,336,952$ 2,450,305$ 2,450,305$ -$ 4.85%0.00%
May 146,657 134,924
June 280,460 258,023
July 424,602 390,634
August 361,165 332,272
September 294,861 271,272
October 207,397 190,805
November 230,383 211,952
December 671,982 618,223
Total 4,954,459$ 4,858,410$ 2,450,305$ -$ 4.85%0.00%
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
June 6, 2023
4.0% GENERAL SALES TAX2023 Budget Comparison
Town of Vail Revenue Update
June 6, 2023
YTD 4% Sales Tax Collections By Year
Through April 30
April 4% Sales Tax Collections By Year
Through April 30
•April collections of $2.2M are down (0.9)% from prior year and are flat with the proposed amended
budget.
$1,445,071
$427,518
$1,751,528
$2,234,296
$2,213,286
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2019
2020
2021
2022
2023
$13,900,085
$11,032,814
$13,230,384
$19,050,065
$20,183,025
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2019
2020
2021
2022
2023
•YTD collections of $20,183,025 are up 6.0% from prior year and are flat with the proposed
amended budget.
•Inflation as measured by the consumer price index was up 4.9% in April.
Town of Vail Revenue Update
June 6, 2023
April 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through May 2023
April Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (35.8)% from the prior year.
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
$4,500,000
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
$2,490,959
$2,069,914
$4,065,565 $3,936,168
$2,525,899
•April collections of $259,234 are down (3.6)% from prior year and are flat with the proposed
amended budget.YTD collections of $2.5M are up 4.9% from this time last year and are flat
with the proposed amended budget.
$269,018 $259,234
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2022 2023
$2,336,952 $2,450,305
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
2022 2023
Town of Vail Revenue Update
June 6, 2023
Construction Use Tax by Year
YTD Through May 2023
YTD Lift Tax Collections
Through April 30
•Use Tax collections through May 31 total $1,038,937, compared to $965,715 from this time last
year. This is an increase of 7.6%.
$846,684
$575,018
$2,138,087
$965,715 $1,038,937
$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
2019 2020 2021 2022 2023
•2023 YTD lift tax collections of $4.7M are down (0.6)% or $(26,867) from the same time last
year.
$4,108,951
$2,916,926
$3,919,631
$4,677,161
$4,650,293
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2019
2020
2021
2022
2023
Vail Business Review
March 2023
June 6, 2023
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
March 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, March sales tax was up from the prior year 2.1%. Retail increased 5.3%,
lodging decreased (2.0%), food and beverage increased 5.0%, and utilities/other
increased 11.6%. Excluding the out-of-town category, sales tax for the month of March
was up 0.5% 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
March 2023
Town of Vail Business Review
March Sales Tax Collections by Year
March 2023 Sales Tax
March 2022
Sales Tax Collections by Business Type
2,009,754
Lodging
3,080,057
Food &
Beverage
1,345,544 Utilities &
Other
334,314
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
5.3%5.0%11.6%
Retail
RLFU
-$8,000,000
$12,000,000
4,247,397
2,258,909
4,366,109
$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
6,631,763
6,769,668
• March 2023 retail sales increased 5.3%, lodging decreased (2.0%), food and beverage increased
5.0%, and utilities and other increased 11.6%.
• The figures above reflect 4.5% sales tax.
Retail
1,909,444
Lodging
3,141,870
Food &
Beverage
1,280,946 Utilities &
Other
299,503
$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 March 2022 collections were $6,631,763. Total March 2023 collections were $6,769,668.
• Overall, March 2023 4.5% sales tax collections were up from the prior year 2.1%.
2.0%
Town of Vail Business Review
March 2022March 2023
Geographic Area Trends by Year
March Sales Tax by Year
Sales Tax by Location
March 2023 Sales Tax
Other
Areas
14%
Lionshead
19%
Out of
Town
22%
Vail Village
45%
Other Areas
15%
Lionshead
19%
Out of Town
20%
Vail Village
46%
• Vail Village sales tax remained flat, Lionshead increased 2.6%, Other Areas decreased (1.1%), and
Out of Town increased 8.5%. Excluding Out of Town collections, all areas were up 0.5%.
• The figures above reflect 4.5% sales tax.
618,518
441,748
601,249
1,063,857
426,206
853,839
356,801
379,131
957,199
2,208,220
1,011,824
1,953,822
$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 March 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.
981,050
1,238,3581,344,896
3,067,460
3,069,837
1,271,124
1,458,623
970,083
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
March 2023 Sales Tax
Town of Vail Business Review
2,211,118
930,752
2,165,927
914,130
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
Apparel
$434,578
Grocery
$259,478
Gallery
$11,540
Gifts
$5,942
Jewelry
$64,885
Retail Liquor
$88,529
Retail Other
$435,300
Sporting Goods
$615,388
Online Retailers
$93,646
Retail Home
Occupation
$468
• Overall, March 2023 accommodations services decreased (2.0%) from prior year. Short-term rentals decreased
(1.8%) from prior year and hotels and lodges decreased (2.0%).
• 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.
1,299,001
540,736
Hotel and Lodges
Short-Term
Rentals
2023 2022 2021
Retail 299,896.07 287,864.26 4.18%
Lodging 548,903.83 574,327.66 ‐4.43%
F & B 112,333.79 109,170.17 2.90%
Other 8,949.54 9,687.74 ‐7.62%
Total 970,083.23 981,049.83 ‐1.12%
Retail 326,634.39 330,771.23 ‐1.25%
Lodging 690,081.43 667,732.66 3.35%
F & B 252,628.10 237,436.68 6.40%
Other 1,780.39 2,417.83 ‐26.36%
Total 1,271,124.31 1,238,358.41 2.65%
Retail 449,725.22 372,458.72 20.74%
Lodging 724,912.13 733,524.11 ‐1.17%
F & B 3,002.60 3,602.36 ‐16.65%
Other 280,983.31 235,310.34 19.41%
Total 1,458,623.27 1,344,895.53 8.46%
Retail 933,498.37 918,350.13 1.65%
Lodging 1,116,159.40 1,166,285.44 ‐4.30%
F & B 977,579.18 930,736.62 5.03%
Other 42,600.47 52,087.44 ‐18.21%
Total 3,069,837.42 3,067,459.62 0.08%
Retail 2,009,754.05 1,909,444.34 5.25%
Lodging 3,080,056.79 3,141,869.87 ‐1.97%
F & B 1,345,543.67 1,280,945.83 5.04%
Other 334,313.71 299,503.35 11.62%
Total 6,769,668.23 6,631,763.39 2.08%
Retail Apparel 434,578.20 389,506.34 11.57%
Retail Food 259,477.87 235,619.46 10.13%
Retail Gallery 11,539.66 24,394.66 ‐52.70%
Retail Gift 5,941.66 9,358.53 ‐36.51%
Retail Home Occupation 467.91 205.30 127.92%
Retail Jewelry 64,885.35 42,274.89 53.48%
Retail Liquor 88,528.94 85,823.43 3.15%
Retail Other 435,299.91 317,755.28 36.99%
Retail Sport 615,388.45 540,537.83 13.85%
Retail Online Retailer 93,646.11 68,955.37 35.81%
Total 2,009,754.05 1,714,431.09 17.23%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March 4.5% Sales Tax
2023 Collections 2022 Collections YoY % Change