HomeMy WebLinkAbout03. July Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
July 18, 2023
4.0% General Sales Tax
Upon receipt of all sales tax returns, May collections are estimated to be
$1,027,672, down (16.3)% from last year and down (1.5)% from the amended
budget. YTD collections of $21,178,880 are up 4.4% from this time last year and
down (0.2)% from the amended budget. Inflation as measured by the consumer
price index was up 4.0% for the 12-months ending May 2023. The annual
amended budget totals $40.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, May collections of the 0.5% housing sales tax
are estimated to be $121,045, down (17.5)% from last year and down (10.3)% from
the amended budget. YTD collections of $2,576,623 are up 3.6% from this time
last year and down (0.5)% from the amended budget. The 2023 amended budget
for the housing fund sales tax totals $4.9 million.
Real Estate Transfer Tax (RETT)
RETT collections through June 30 total $2,826,381, down (41.1)% from this time
last year. The 2023 RETT budget totals $7,000,000.
Construction Use Tax
Use Tax collections through June 30 total $1,635,988 compared to $1,092,082
from this time last year. The 2023 budget totals $2,000,000.
Lift Tax
2023 YTD lift tax collections through June 30 total $4,650,293, down (1.1)% or
($52,154) from the same time last year. The 2023 amended budget totals
$6,234,550.
Summary
Across all funds, year-to-date total revenue of $52.7 million is up 4.9% from the
budget and up 7.3% from prior year. The positive variance from budget is due to
higher-than-expected construction use tax, construction permit revenue, and
interest/gains on investments.
2023 Amended Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,904,670$ 5,900,580$ (4,090)$ 13.10%-0.07%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 6,030,915 6,031,313 398 6.06%0.01%
March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 6,034,154 6,046,046 11,892 2.27%0.20%
April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 2,213,286 2,173,269 (40,017) -2.73%-1.81%
May 830,193 763,756 503,828 1,061,516 1,227,974 1,043,778 1,027,672 (16,106) -16.31%-1.54%
Total 13,647,513$ 14,663,841$ 11,536,642$ 14,291,900$ 20,278,039$ 21,226,803$ 21,178,880$ (47,923)$ 4.44%-0.23%
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$ 21,178,880$ (47,923)$ 4.44%-0.23%
2022 2023 Amended Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,487$ 720,043$ 719,532$ (511)$ 11.47%-0.07%
February 702,730 735,514 735,564 50 4.67%0.01%
March 719,717 735,514 737,001 1,487 2.40%0.20%
April 269,018 259,234 260,482 1,248 -3.17%0.48%
May 146,657 134,924 121,045 (13,879) -17.46%-10.29%
Total 2,483,609$ 2,585,229$ 2,573,623$ (11,606)$ 3.62%-0.45%
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$ 2,573,623$ (11,606)$ 3.62%-0.45%
Town of Vail Revenue Update
July 18, 2023
4.0% GENERAL SALES TAX2023 Budget Comparison
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX COLLECTIONS
2023 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax20212022
Through May 31
May 4% General Sales Tax Collections By Year
Through May 31
Town of Vail Revenue Update
July 18, 2023
YTD 4% General Sales Tax Collections By Year
•May collections of $1,027,672 are down (16.3)% from prior year and are down (1.5)% from the
amended budget.
$763,756
$503,828
$1,061,516
$1,227,974
$1,027,672
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000
2019
2020
2021
2022
2023
$14,663,841
$11,536,642
$14,291,900
$20,278,039
$21,178,880
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000
2019
2020
2021
2022
2023
•YTD collections of $21,178,880 are up 4.4% from prior year and are down (0.2)%from the
amended budget.
•Inflation as measured by the consumer price index was up 4.0% in May.
May Collections YTD Collections
Town of Vail Revenue Update
July 18, 2023
May 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through June 2023
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (41.1)% 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
$5,000,000
$5,500,000
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
$2,944,293
$2,414,347
$5,073,151 $4,796,758
$2,826,381
•May collections of $121,045 are down (17.5)% from prior year and are down (10.3)% from the
amended budget.YTD collections of $2.6M are up 3.6% from this time last year and are down
(0.5)% from the amended budget.
$146,657
$121,045
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
2022 2023
$2,483,609 $2,573,623
$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 June 2023
YTD Lift Tax Collections
Through June 30
•Use Tax collections through June 30 total $1,635,988, compared to $1,092,082 from this time
last year. This is an increase of 49.8%.
$1,706,822
$733,781
$2,435,590
$1,092,082
$1,635,988
$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
2019 2020 2021 2022 2023
•2023 YTD lift tax collections of $4,650,293 are down (1.1)% or $(52,154) from the same time last
year.
$4,109,163
$2,916,926
$3,925,279
$4,702,447
$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
April 2023
July 18, 2023
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
April 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,
effective January 1, 2022. The housing sales tax sunsets on December 31, 2051.
Overall, April 4.5% sales tax was down from the prior year (2.8%). Retail increased
0.6%, lodging decreased (6.6%), food and beverage decreased (5.6%), and
utilities/other increased 2.2%. Excluding the out-of-town category, sales tax for the
month of April was down (1.0%) compared to prior year.
The ski season VBR report reflects 4% general sales tax since collection of the 0.5%
housing sales tax began partway through the 21-22 season. The 22-23 ski season
resulted in an overall 3.6% increase from the prior ski season. Retail increased 4.3%,
lodging decreased (0.5%), food and beverage increased 6.8%, and utilities/other
increased 21.4%. Excluding the out-of-town category, sales tax for the 22-23 ski season
increased 3.8%.
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
Sales Tax Administrator
April 2023
Town of Vail Business Review
April Sales Tax Collections by Year
April 2023 Sales Tax
April 2022
Sales Tax Collections by Business Type
978,829
Lodging
674,612 Food &
Beverage
553,931
Utilities &
Other
226,378
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
0.6%(5.6%)2.2%
Retail
RLFU
-$8,000,000
$12,000,000
1,444,255
428,125
1,751,761
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000
2019
2020
2021
2022
2023
General Sales Tax
Housing Sales Tax
2,503,568
2,433,751
• April 2023 retail sales increased 0.6%, lodging decreased (6.6%), food and beverage decreased
(5.6%), and utilities and other increased 2.2%.
• The figures above reflect 4.5% sales tax.
Retail
973,195
Lodging
721,997
Food &
Beverage
586,779
Utilities &
Other
221,597
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
• 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 April 2022 collections were $2,503,568. Total April 2023 collections were $2,433,751.
• Overall, April 2023 4.5% sales tax collections were down from the prior year (2.8%).
(6.6%)
April 2023 Sales Tax
Town of Vail Business Review
April 2022April 2023
Geographic Area Trends by Year
April Sales Tax
Sales Tax by Location
Other
Areas
13%
Lionshead
14%
Out of
Town
30%
Vail Village
43%
Other Areas
13%
Lionshead
15%
Out of Town
31%
Vail Village
41%
• Vail Village sales tax increased 3.0%, Lionshead decreased (9.2%), Other Areas decreased (4.1%), and
Out of Town decreased (6.8%). Excluding Out of Town collections, all areas were down (1.0%).
• The figures above reflect 4.5% sales tax.
235,305
126,027
262,682
240,903
15,602
224,988
331,939
252,780
563,968
636,108
33,716
700,123
$0 $200,000 $400,000 $600,000 $800,000 $1,000,000
2019
2020
2021
2022
2023
Vail Village
Out of Town
Lionshead
Other Areas
• This chart shows April 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.
326,802379,740 770,282 1,026,744
1,057,578
344,647 718,039
313,488
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
April 2023 Sales Tax
Town of Vail Business Review
$0 $100,000 $200,000 $300,000 $400,000 $500,000
533,164
Apparel
$185,230
Grocery
$147,438
Gallery
$40,588
Gifts
$3,200
Jewelry
$31,379Retail Liquor
$41,104
Retail Other
$236,298
Sporting Goods
$224,493
Online Retailers
$69,079
Retail Home
Occupation
$20
• Overall, April 2023 accommodations services decreased (6.6%) from prior year. Short-term rentals increased
20.3% from prior year and hotels and lodges decreased (16.1%).
• 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.
315,359
157,810
Hotel and Lodges
Short-Term Rentals
2023 2022 2021
188,833
447,384
227,228
Retail 155,273.84 153,775.82 0.97%
Lodging 93,292.88 102,627.90 ‐9.10%
F & B 59,829.87 65,627.23 ‐8.83%
Other 5,091.18 4,770.82 6.71%
Total 313,487.77 326,801.76 ‐4.07%
Retail 108,157.23 101,953.73 6.08%
Lodging 131,558.97 168,884.58 ‐22.10%
F & B 101,698.19 106,093.17 ‐4.14%
Other 3,232.14 2,808.97 15.06%
Total 344,646.53 379,740.46 ‐9.24%
Retail 313,013.52 366,345.88 ‐14.56%
Lodging 194,879.06 200,017.94 ‐2.57%
F & B 958.94 1,794.05 ‐46.55%
Other 209,187.09 202,123.98 3.49%
Total 718,038.61 770,281.86 ‐6.78%
Retail 402,384.44 351,119.31 14.60%
Lodging 254,881.31 250,466.36 1.76%
F & B 391,444.09 413,264.99 ‐5.28%
Other 8,867.88 11,893.05 ‐25.44%
Total 1,057,577.72 1,026,743.71 3.00%
Retail 978,829.03 973,194.74 0.58%
Lodging 674,612.22 721,996.79 ‐6.56%
F & B 553,931.09 586,779.44 ‐5.60%
Other 226,378.29 221,596.82 2.16%
Total 2,433,750.63 2,503,567.79 ‐2.79%
Retail Apparel 185,229.74 169,942.60 9.00%
Retail Food 147,437.87 138,943.12 6.11%
Retail Gallery 40,588.48 6,376.24 536.56%
Retail Gift 3,200.05 3,433.89 ‐6.81%
Retail Home Occupation 19.54 144.15 ‐86.44%
Retail Jewelry 31,378.75 29,525.45 6.28%
Retail Liquor 41,103.73 45,157.50 ‐8.98%
Retail Other 236,298.44 296,242.21 ‐20.23%
Retail Sport 224,493.18 193,533.32 16.00%
Retail Online Retailer 69,079.25 89,896.26 ‐23.16%
Total 978,829.03 973,194.74 0.58%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
April 4.5% Sales Tax
2023 Collections 2022 Collections YoY % Change
Sales Tax Collections by Business Type
Ski Season 2022-2023 Ski Season 2021-2022
Town of Vail Business Review
Ski Season 2022-2023
Sales Tax Collections by Ski Season
RFU
-$8,000,000
$12,000,000
19,265,990
16,605,139
18,269,518
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
18-19
19-20
20-21
21-22
22-23
General Sales Tax
Housing Sales Tax
29,028,986
30,997,336
• This report represents collections of Town of Vail sales tax, as opposed to actual gross sales.
• Effective January 1
st 2022, voters approved a 0.5% sales tax to support housing initiatives applicable to
all items excluding food for home consumption. The 0.5% housing sales tax is represented in light blue in
the chart above. For the 21-22 ski season this tax was collected January through April while the 22-23 ski
season reflects collections for the full season, November through April.
• Total 21-22 ski season collections for the 4% general sales tax were $26,694,500. Total 4% general 22-
23 ski season collections were $27,643,908, up 3.6% from the prior ski season.
Retail
$9,080,606
Lodging
$11,513,837
Food &
Beverage
$5,359,325 Utilities &
Other
$1,690,140
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
4.3%6.8% 21.4%(0.5%)
Retail
$8,709,348
Lodging
$11,573,473
Food &
Beverage
$5,019,765 Utilities &
Other
$1,391,914
$0
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
• Ski Season 2022-2023 retail sales increased 4.3%, lodging decreased (0.5%), food and beverage
increased 6.8% and utilities and other increased 21.4%.
• The figures above reflect 4.0% sales tax.
Geographic Area Trends by Ski Season
Town of Vail Business Review
Ski Season 2022-2023
Sales Tax by Location
Ski Season 2022-2023 Ski Season 2021-2022
Other
Areas
14%
Lionshead
18%
Out of
Town
24%
Vail Village
44%
Other Areas
15%
Lionshead
18%
Out of Town
24%
Vail Village
43%
• Vail Village sales tax increased 5.3%, Lionshead increased 2.8%, Other Areas increased 0.7%, and
Out of Town increased 2.7%. Excluding Out of Town collections, all areas were up 3.8%.
• The figures above reflect 4.0% sales tax.
$2,981,518 $2,618,296
$2,717,386
$3,858,218 $3,885,053
$4,495,966
$3,692,687 $3,113,845
$4,763,633 $4,895,979
$2,250,103 $2,292,573
$4,729,703
$6,512,619 $6,687,638
$9,538,402
$8,001,582
$7,708,584
$11,560,030
$12,175,237
$0
$2,500,000
$5,000,000
$7,500,000
$10,000,000
$12,500,000
18-19 19-20 20-21 21-22 22-23
Other Areas Lionshead Out of Town Vail Village
• This chart shows ski season sales tax collections by geographic area over time.
• The figures above reflect 4.0% sales tax.
Town of Vail Business Review
Ski Season 2022-2023
Retail Business 4.5% Sales Tax Detail
Accommodation Services Sales Tax by Ski Season
$0 $2,000,000 $4,000,000 $6,000,000 $8,000,000
Apparel
$2,130,776
Grocery
$1,357,142
Gallery
$131,892
Gifts
$42,312
Jewelry
$389,114Retail Liquor
$449,202
Retail Other
$2,162,518
Sporting Goods
$2,924,997
Online Retailers
$523,483
Retail Home
Occupation
$2,195
• The 0.5% housing sales tax is represented in light shades in the chart above. For the 21-22 ski season this tax was
collected January through April while the 22-23 ski season reflects collections for the full season, November through
April.
• 4% general sales tax collections for 22-23 ski season accommodations services decreased (0.5%) from the prior ski
season. Short-term rentals increased 2.4% from prior ski season and hotels and lodges decreased (1.8%).
• 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.
4,608,669
2,105,285
Hotel and Lodges
Short-Term Rentals
22-23 21-22 20-21
3,793,030
8,947,788
4,005,279
8,842,879
4.0% Sales Tax 4.0% Sales Tax
Retail 1,434,795.42 1,440,157.71 ‐0.37%
Lodging 1,893,108.30 1,940,428.50 ‐2.44%
F & B 481,960.16 435,963.68 10.55%
Other 75,189.40 41,668.17 80.45%
Total 3,885,053.28 3,858,218.05 0.70%
Retail 1,339,393.45 1,303,182.64 2.78%
Lodging 2,523,079.59 2,517,357.54 0.23%
F & B 1,004,720.36 917,385.64 9.52%
Other 28,785.94 25,707.36 11.98%
Total 4,895,979.34 4,763,633.18 2.78%
Retail 2,215,127.82 2,216,059.01 ‐0.04%
Lodging 3,035,925.75 3,126,547.31 ‐2.90%
F & B 11,574.23 15,096.94 ‐23.33%
Other 1,425,010.63 1,154,915.94 23.39%
Total 6,687,638.43 6,512,619.20 2.69%
Retail 4,091,289.15 3,749,948.33 9.10%
Lodging 4,061,723.38 3,989,139.99 1.82%
F & B 3,861,070.31 3,651,318.58 5.74%
Other 161,154.33 169,622.94 ‐4.99%
Total 12,175,237.17 11,560,029.85 5.32%
Retail 9,080,605.84 8,709,347.70 4.26%
Lodging 11,513,837.02 11,573,473.34 ‐0.52%
F & B 5,359,325.06 5,019,764.84 6.76%
Other 1,690,140.29 1,391,914.40 21.43%
Total 27,643,908.22 26,694,500.28 3.56%
Retail Apparel 1,894,023.43 1,728,006.50 9.61%
Retail Food 1,296,990.40 1,255,011.67 3.34%
Retail Gallery 117,237.28 206,728.00 ‐43.29%
Retail Gift 37,610.35 42,742.54 ‐12.01%
Retail Home Occupation 1,951.03 1,415.59 37.82%
Retail Jewelry 345,879.43 218,189.65 58.52%
Retail Liquor 399,342.86 433,248.84 ‐7.83%
Retail Other 1,922,245.79 1,864,062.12 3.12%
Retail Sport 2,600,006.71 2,511,772.02 3.51%
Retail Online Retailer 465,318.58 448,170.77 3.83%
Total 9,080,605.84 8,709,347.70 4.26%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
Ski Season 2022‐2023
22‐23 Collections 21‐22 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary