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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