HomeMy WebLinkAbout01. 231003 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
October 3, 2023
4.0% General Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$2,829,569, down (5.6)% from last year and up 2.6% from the amended budget.
YTD collections of $29,744,959 are up 2.2% from this time last year and up 1.4%
from the amended budget. Inflation as measured by the consumer price index was
up 3.7% for the 12-months ending August 2023. The annual amended budget
totals $40.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, July collections of the 0.5% housing sales tax
are estimated to be $340,084, down (5.8)% from last year and up 2.4% from the
amended budget. YTD collections of $3,607,966 are up 1.6% from this time last
year and up 1.2% 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 September 26 total $5,376,842, down (31.2)% from this
time last year. The 2023 RETT budget totals $7,000,000.
Construction Use Tax
Use Tax collections through September 27 total $1,923,906 compared to
$1,869,324 from this time last year. The 2023 budget totals $2,000,000.
Lift Tax
2023 YTD lift tax collections through August total $4,990,984, down (2.0)% or
$(101,304) from the same time last year. The 2023 amended budget totals
$6,234,550.
Summary
Across all funds, year-to-date total revenue of $68.4 million is up 6.5% from the
budget and up 0.9% from prior year. The majority of the positive variance from
budget is due to higher-than-expected sales tax, construction use tax,
interest/gains on investments, and real estate transfer tax collections during the
month of August.
2023 Amended Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,904,670$ 5,903,634$ (1,036)$ 13.16%-0.02%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 6,030,915 5,898,023 (132,892) 3.72%-2.20%
March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 6,034,154 6,181,884 147,730 4.56%2.45%
April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 2,213,286 2,258,079 44,793 1.06%2.02%
May 830,193 763,756 503,828 1,061,516 1,227,974 1,043,778 1,108,720 64,942 -9.71%6.22%
June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,931 2,132,497 2,262,116 129,619 -2.41%6.08%
July 2,412,425 2,480,292 2,084,644 3,491,668 3,507,973 3,227,335 3,302,934 75,599 -5.84%2.34%
August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,757,598 2,829,569 71,971 -5.60%2.61%
Total 19,903,556$ 20,987,931$ 16,783,641$ 22,810,430$ 29,101,332$ 29,344,233$ 29,744,959$ 400,726$ 2.21%1.37%
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$ 29,744,959$ 400,726$ 2.21%1.37%
2022 2023 Amended Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,487$ 720,043$ 719,913$ (130)$ 11.53%-0.02%
February 702,730 735,514 718,903 (16,611) 2.30%-2.26%
March 719,717 735,514 753,980 18,466 4.76%2.51%
April 269,018 259,234 271,078 11,844 0.77%4.57%
May 146,657 134,924 131,171 (3,753) -10.56%-2.78%
June 280,460 258,023 273,820 15,797 -2.37%6.12%
July 424,602 390,634 399,015 8,381 -6.03%2.15%
August 361,165 332,272 340,084 7,812 -5.84%2.35%
Total 3,549,836$ 3,566,158$ 3,607,966$ 41,808$1.64%1.17%
September 294,861 271,272
October 207,397 190,805
November 230,383 211,952
December 671,982 618,223
Total 4,954,459$ 4,858,410$ 3,607,966$ 41,808$ 1.64%1.17%
Town of Vail Revenue Update
October 3, 2023
4.0% GENERAL SALES TAX
2023 Budget Comparison
0.5% Collected
Sales Tax
0.5% HOUSING SALES TAX
2023 Budget Comparison
Actual 4.0% Collections 4.0% Collected
Sales Tax20212022
Town of Vail Revenue Update
October 3, 2023
YTD 4% General Sales Tax Collections By Year
Through August 31
August 4% General Sales Tax Collections By Year
Through August 31
• August collections of $2,829,569 are down (5.6)% from prior year and are up 2.6% from the
amended budget.
$2,237,050
$2,138,838
$2,877,550
$2,997,389
$2,829,569
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2019
2020
2021
2022
2023
$20,987,931
$16,783,641
$22,810,430
$29,101,332
$29,744,959
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
2019
2020
2021
2022
2023
• YTD collections of $29,744,959 are up 2.2% from prior year and are up 1.4% from the amended
budget.
• Inflation as measured by the consumer price index was up 3.7% in August.
Town of Vail Revenue Update
October 3, 2023
August 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through September 2023
August Collections YTD Collections
• This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (31.2)% from the prior year.
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
$7,000,000
$8,000,000
$9,000,000
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
$4,778,874
$6,064,302
$8,465,550
$7,815,116
$5,376,842
• August collections of $340,084 are down (5.8)% from prior year and are up 2.4% from the
amended budget. YTD collections of $3.6M are up 1.6% from this time last year and are up
1.2% from the amended budget.
$361,165
$340,084
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
2022 2023
$3,549,836 $3,607,966
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2022 2023
Town of Vail Revenue Update
October 3, 2023
Construction Use Tax by Year
YTD Through September 2023
YTD Lift Tax Collections
YTD Through August 2023
• Use Tax collections through September 27 total $1,923,906, compared to $1,869,324 from
this time last year. This is an increase of 2.9%.
$2,273,327
$1,696,299
$3,225,928
$1,869,324 $1,923,906
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
2019 2020 2021 2022 2023
• 2023 YTD lift tax collections of $4,990,984 are down (2.0)% or $(101,304) from the same time
last year.
$4,244,160
$3,016,849
$4,280,736
$5,092,288
$4,990,984
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000
2019
2020
2021
2022
2023
Vail Business Review
July 2023
October 3, 2023
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
July 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, July 4.5% sales tax was down from the prior year (5.9%). Retail decreased
(11.9%), lodging decreased (3.1%), food and beverage decreased (1.0%), and
utilities/other decreased (3.6%). Excluding the out-of-town category, sales tax for the
month of July was down (2.1%) 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
Sales Tax Administrator
July 2022
Sales Tax Collections by Business Type
July 2023
Town of Vail Business Review
July Sales Tax Collections by Year
July 2023 Sales Tax
1,297,700 Lodging
1,228,568
Food &
Beverage
1,012,797
Utilities &
Other
163,057
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
(11.9%)(1.0%)(3.6%)
Retail
RLFU
-$8,000,000
$12,000,00 OLOV
2,499,620
2,081,068
3,494,004
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000
2019
2020
2021
2022
2023
General Sales Tax
Housing Sales Tax
3,933,241
3,702,122
• July 2023 retail sales decreased (11.9%), lodging decreased (3.1%), food and beverage decreased
(1.0%), and utilities and other decreased (3.6%).
• The figures above reflect 4.5% sales tax.
Retail
1,473,658
Lodging
1,267,414
Food &
Beverage
1,023,056
Utilities &
Other
169,113
$0
$250,000
$500,000
$750,000
$1,000,000
$1,250,000
$1,500,000
• 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 July 2022 collections were $3,933,241. Total July 2023 collections were $3,702,122.
• Overall, July 2023 4.5% sales tax collections were down from the prior year (5.9%).
(3.1%)
July 2023 Sales Tax
Town of Vail Business Review
July 2022July 2023
Geographic Area Trends by Year
July Sales Tax
Sales Tax by Location
Other Areas
14%
Lionshead
13%
Out of
Town
25%
Vail Village
48%
• Vail Village sales tax decreased (1.1%), Lionshead decreased (2.4%), Other Areas decreased (5.2%), and
Out of Town decreased (17.5%). Excluding Out of Town collections, all areas were down (2.1%).
• The figures above reflect 4.5% sales tax.
403,042
343,884
527,091
461,293
304,840
481,559
319,967
321,989
824,762
1,315,318
1,110,354
1,660,592
$0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000
2019
2020
2021
2022
2023
Vail Village
Out of Town
Lionshead
Other Areas
• This chart shows July 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.
568,963
527,032 966,135
1,871,112
1,851,072
514,433 797,502
539,115
Other
Areas
15%
Lionshead
14%
Out of
Town
21%
Vail Village
50%
Accommodation Services Sales Tax by Year
Retail Business 4.5% Sales Tax Detail
July 2023 Sales Tax
Town of Vail Business Review
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000
Apparel
$344,523
Grocery
$231,749
Gallery
$31,339
Gifts
$8,785Jewelry
$78,670
Retail Liquor
$63,117
Retail Other
$299,671
Sporting Goods
$153,343
Online Retailers
$86,437
Retail Home
Occupation
$66
• Overall, July 2023 accommodations services decreased (3.1%) from prior year. Short-term rentals decreased
(3.5%) from prior year and hotels and lodges decreased (2.9%).
• 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.
Revenue collections from facilitators may include some hotels and lodges.
812,119
340,074
Hotel and Lodges
Short-Term Rentals
2023 2022 2021
371,825
869,941
895,589
358,627
Retail 216,159.36 224,053.57 ‐3.52%
Lodging 200,059.08 220,429.84 ‐9.24%
F & B 109,705.00 114,542.92 ‐4.22%
Other 13,191.29 9,937.02 32.75%
Total 539,114.73 568,963.35 ‐5.25%
Retail 103,929.14 109,760.37 ‐5.31%
Lodging 218,355.79 217,061.57 0.60%
F & B 187,730.01 195,907.98 ‐4.17%
Other 4,417.65 4,301.60 2.70%
Total 514,432.59 527,031.51 ‐2.39%
Retail 321,973.15 491,936.68 ‐34.55%
Lodging 340,546.88 335,946.19 1.37%
F & B 1,765.79 2,033.95 ‐13.18%
Other 133,216.47 136,217.74 ‐2.20%
Total 797,502.29 966,134.56 ‐17.45%
Retail 655,638.27 647,907.30 1.19%
Lodging 469,606.30 493,976.33 ‐4.93%
F & B 713,596.02 710,571.48 0.43%
Other 12,231.56 18,656.48 ‐34.44%
Total 1,851,072.15 1,871,111.59 ‐1.07%
Retail 1,297,699.92 1,473,657.91 ‐11.94%
Lodging 1,228,568.05 1,267,413.93 ‐3.06%
F & B 1,012,796.82 1,023,056.33 ‐1.00%
Other 163,056.97 169,112.84 ‐3.58%
Total 3,702,121.76 3,933,241.01 ‐5.88%
Retail Apparel 344,523.29 345,489.76 ‐0.28%
Retail Food 231,748.62 204,959.36 13.07%
Retail Gallery 31,339.33 19,672.76 59.30%
Retail Gift 8,784.85 7,287.94 20.54%
Retail Home Occupation 66.38 386.31 ‐82.82%
Retail Jewelry 78,670.06 91,443.23 ‐13.97%
Retail Liquor 63,116.73 70,214.65 ‐10.11%
Retail Other 299,671.01 492,083.74 ‐39.10%
Retail Sport 153,342.65 156,961.30 ‐2.31%
Retail Online Retailer 86,437.00 85,158.86 1.50%
Total 1,297,699.92 1,473,657.91 ‐11.94%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
July 4.5% Sales Tax
2023 Collections 2022 Collections YoY % Change
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary