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HomeMy WebLinkAbout03. 231205 Revenue Update1 TOWN OF VAIL REVENUE UPDATE December 5, 2023 4.0% General Sales Tax Upon receipt of all sales tax returns, October collections are estimated to be $1,645,645, down (4.9)% from last year and up 3.4% from the amended budget. YTD collections of $34,081,438 are up 2.4% from this time last year and up 2.7% from the amended budget. Inflation as measured by the consumer price index was up 3.2% for the 12-months ending October 2023. The annual amended budget totals $40.1 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, October collections of the 0.5% housing sales tax are estimated to be $197,617, up down (4.7%) from last year and up 3.6% from the amended budget. YTD collections of $4,132,649 are up 2.0% from this time last year and up 2.6% 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 November 27 total $7,448,984, down (20.0)% from this time last year. The 2023 RETT proposed amended budget totals $7,600,000. Construction Use Tax Use Tax collections through November 27 total $2,105,451 compared to $1,978,061 from this time last year. The 2023 proposed amended budget totals $2,200,000. Lift Tax 2023 YTD lift tax collections through October total $5,076,951, down (1.8)% or $(91,838) from the same time last year. The 2023 amended budget totals $6,234,550. Parking Passes Early season parking pass sale revenue through November 27 totals $1,007,045, down (11.3)% or $(128,175) from this time last year. A total of 1,103 passes have been sold this year. A detailed breakout of 2023/24 passes sold by type is provided in the chart below: Pass Type 2023/24 Oct/Nov Sales 2022/23 Oct/Nov Sales Change Premier 21 18 3 Vail Village Business Premier 55 62 (7) Lionshead Business Premier 4 11 (7) Employee 342 394 (52) Employee Plus 325 335 (10) Eagle County Local* 183 1,199 (1,016) Vail Local* 173 1,142 (969) Total 1,103 3,161 (2,058) 2 *In order to provide a better customer service experience while staff explores an alternative pass sales system, the annual fees for the Eagle County Local and Vail Local passes was waived for the 2023/2024 winter season for prior year pass holders. Summary Across all funds, year-to-date total revenue of $80.0 million is up 1.0% from the proposed amended budget and up 5.4% from prior year. The majority of the positive variance compared to the proposed amended budget is due to higher- than-expected sales tax. 2023 Amended Budget % change % change 2018 2019 2020 Budget Variance from 2022 from Budget January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,904,670$ 5,905,480$ 810$ 13.19%0.01% February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 6,030,915 6,035,010 4,095 6.13%0.07% March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 6,034,154 6,049,774 15,620 2.33%0.26% April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 2,213,286 2,258,798 45,512 1.10%2.06% May 830,193 763,756 503,828 1,061,516 1,227,974 1,043,778 1,111,919 68,141 -9.45%6.53% June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,931 2,132,497 2,265,104 132,607 -2.28%6.22% July 2,412,425 2,480,292 2,084,644 3,491,668 3,507,973 3,227,335 3,397,361 170,026 -3.15%5.27% August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,757,598 2,918,937 161,339 -2.62%5.85% September 1,540,490 1,600,100 1,767,393 2,359,528 2,441,331 2,246,025 2,493,410 247,385 2.13%11.01% October 1,106,596 1,165,176 1,371,727 1,734,964 1,729,558 1,591,193 1,645,645 54,452 -4.85%3.42% Total 22,550,642$ 23,753,206$ 19,922,761$ 26,904,921$ 33,272,221$ 33,181,451$ 34,081,438$ 899,987$ 2.43%2.71% 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$ 34,081,438$ 899,987$ 2.43%2.71% 2022 2023 Amended Budget % change % change Collections Budget Variance from 2022 from Budget January 645,487$ 720,043$ 720,144$ 101$ 11.57%0.01% February 702,730 735,514 736,026 512 4.74%0.07% March 719,717 735,514 737,467 1,953 2.47%0.27% April 269,018 259,234 271,168 11,934 0.80%4.60% May 146,657 134,924 131,571 (3,353) -10.29%-2.48% June 280,460 258,023 274,193 16,170 -2.23%6.27% July 424,602 390,634 410,985 20,351 -3.21%5.21% August 361,165 332,272 351,241 18,969 -2.75%5.71% September 294,861 271,272 302,237 30,965 2.50%11.41% October 207,397 190,805 197,617 6,812 -4.72%3.57% Total 4,052,094$ 4,028,235$ 4,132,649$ 104,414$ 1.99%2.59% November 230,383 211,952 December 671,982 618,223 Total 4,954,459$ 4,858,410$ 4,132,649$ 104,414$ 1.99%2.59% 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 December 5, 2023 4.0% GENERAL SALES TAX2023 Budget Comparison Through October 31 October 4% General Sales Tax Collections By Year Through October 31 Town of Vail Revenue Update December 5, 2023 YTD 4% General Sales Tax Collections By Year •October collections of $1,645,645 are down (4.9)% from prior year and are up 3.4% from the amended budget. $1,165,176 $1,371,727 $1,734,964 $1,729,558 $1,645,645 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 2019 2020 2021 2022 2023 $23,753,206 $19,922,761 $26,904,921 $33,272,221 $34,081,438 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 2019 2020 2021 2022 2023 •YTD collections of $34,081,438 are up 2.4% from prior year and are up 2.7%from the amended budget. •Inflation as measured by the consumer price index was up 3.2% in October. October Collections YTD Collections Town of Vail Revenue Update December 5, 2023 October 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through November 2023 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2023 collections are down (20.0)% 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 $10,000,000 $11,000,000 $12,000,000 $13,000,000 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 $6,376,609 $8,940,918 $11,567,947 $9,306,355 $7,448,984 •October collections of $197,617 are down (4.7)% from prior year and are up 3.6% from the amended budget.YTD collections of $4.1M are up 2.0% from this time last year and are up 2.6% from the amended budget. $207,397 $197,617 $0 $50,000 $100,000 $150,000 $200,000 $250,000 2022 2023 $4,052,094 $4,132,649 $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 2022 2023 Town of Vail Revenue Update December 5, 2023 Construction Use Tax by Year YTD Through November 2023 YTD Lift Tax Collections YTD Through October 2023 •Use Tax collections through November 27 total $2,105,451, compared to $1,978,061 from this time last year. This is an increase of 6.4%. $2,453,141 $1,957,225 $3,525,642 $1,978,061 $2,105,451 $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 •2023 YTD lift tax collections of $5,076,951 are down (1.8)% or $(91,838) from the same time last year. $4,267,308 $3,113,849 $4,396,842 $5,168,789 $5,076,951 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2019 2020 2021 2022 2023 Vail Business Review September 2023 December 5, 2023 The Vail Business Review breaks down the 4.5% sales tax collected for the month of September and year to date through third quarter 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. September 4.5% sales tax was up from the prior year 2.7%. Retail increased 3.9%, lodging decreased (0.9%), food and beverage increased 4.8%, and utilities/other increased 3.4%. Excluding the out-of-town category, sales tax for the month of September was up 0.5% compared to prior year. January through September (YTD through Q3) 4.5% sales tax was up from the prior year 2.8%. Retail increased 2.3%, lodging increased 1.2%, food and beverage increased 4.1%, and utilities/other increased 12.1%. Excluding the out-of-town category, sales tax for January through September was up 2.6% compared to prior year. Town of Vail sales tax forms, the Vail Business Review, and sales tax worksheets are available on the internet at vail.gov. You may email me to subscribe to have the Vail Business Review and the sales tax worksheet emailed to you automatically. 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 Town of Vail Business Review September Sales Tax Collections by Year September 2023 Sales Tax September 2022 Sales Tax Collections by Business Type September 2023 1,074,094 Lodging 791,401 Food & Beverage 746,723 Utilities & Other 183,428 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 3.9%4.8%3.4% Retail 1,611,107 1,771,532 2,359,648 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 2,722,488 2,795,646 • September 2023 retail sales increased 3.9%, lodging decreased (0.9%), food and beverage increased 4.8%, and utilities and other increased 3.4%. • The figures above reflect 4.5% sales tax. Retail 1,033,944 Lodging 798,459 Food & Beverage 712,684 Utilities & Other 177,401 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 (0.9%) • 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 September 2022 collections were $2,722,488; September 2023 collections were $2,795,646. • Overall, September 2023 4.5% sales tax collections were up from the prior year 2.7%. Town of Vail Business Review September 2022September 2023 Geographic Area Trends by Year September Sales Tax Sales Tax by Location September 2023 Sales Tax Other Areas 15% Lionshead 14% Out of Town 29% Vail Village 42% • Vail Village sales tax remained flat, Lionshead increased 5.6%, Other Areas decreased (2.9%), and Out of Town increased 8.0%. Excluding Out of Town collections, all areas were up 0.5%. • The figures above reflect 4.5% sales tax. 295,050 311,272 349,696 280,956 271,406 258,425 300,720 322,004 723,693 734,381 866,849 1,027,834 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows September 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. 413,861 374,709 788,000 1,145,918 1,146,780 395,723 851,324 401,820 Other Areas 14% Lionshead 14% Out of Town 31% Vail Village 41% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail September 2023 Sales Tax Town of Vail Business Review $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 Apparel $209,408 Grocery $158,566 Gallery $23,932 Gifts $6,747 Jewelry $61,239Retail Liquor $42,833 Retail Other $389,884 Sporting Goods $101,253 Online Retailers $79,828 Retail Home Occupation $402 • Overall, September 2023 accommodations services decreased (0.9%) from prior year. Short-term rentals decreased (0.6%) compared to prior year and hotels and lodges decreased (1.0%). • 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. 483,557 223,864 Hotel and Lodges Short-Term Rentals 2023 2022 2021 214,461 578,117 583,998 213,285 Retail 173,083.79                                            175,197.80                                             ‐1.21% Lodging 120,126.48                                            135,008.98                                             ‐11.02% F & B 97,683.48                                              91,401.98                                              6.87% Other 10,926.70                                              12,252.09                                               ‐10.82% Total 401,820.45                                            413,860.85                                             ‐2.91% Retail 60,129.98                                              59,908.23                                              0.37% Lodging 167,191.93                                            162,452.07                                            2.92% F & B 160,888.92                                            148,020.85                                            8.69% Other 7,511.72                                                 4,327.82                                                 73.57% Total 395,722.55                                            374,708.96                                            5.61% Retail 441,637.30                                            408,329.70                                            8.16% Lodging 246,401.67                                            230,022.10                                            7.12% F & B 3,069.39                                                 1,429.51                                                 114.72% Other 160,215.43                                            148,218.69                                            8.09% Total 851,323.78                                            788,000.00                                            8.04% Retail 399,242.61                                            390,507.98                                            2.24% Lodging 257,681.23                                            270,975.92                                             ‐4.91% F & B 485,081.32                                            471,831.79                                            2.81% Other 4,774.49                                                 12,602.12                                               ‐62.11% Total 1,146,779.65                                         1,145,917.81                                         0.08% Retail 1,074,093.68                                         1,033,943.70                                         3.88% Lodging 791,401.31                                            798,459.07                                             ‐0.88% F & B 746,723.11                                            712,684.13                                            4.78% Other 183,428.33                                            177,400.72                                            3.40% Total 2,795,646.43                                         2,722,487.62                                         2.69% Retail Apparel 209,408.18                                            202,348.40                                            3.49% Retail Food 158,565.84                                            146,129.23                                            8.51% Retail Gallery 23,932.19                                              14,860.64                                              61.04% Retail Gift 6,746.76                                                 5,976.97                                                 12.88% Retail Home Occupation 402.24                                                    299.08                                                    34.49% Retail Jewelry 61,239.48                                              49,890.54                                              22.75% Retail Liquor 42,832.81                                              47,617.97                                               ‐10.05% Retail Other 389,884.45                                            388,350.59                                            0.39% Retail Sport 101,253.37                                            112,252.52                                             ‐9.80% Retail Online Retailer 79,828.37                                              66,217.76                                              20.55% Total 1,074,093.68                                         1,033,943.70                                         3.88% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review September 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary January - September 2023 Town of Vail Business Review January - September Sales Tax Collections by Year January - September 2023 Sales Tax January - September 2022 Sales Tax Collections by Business Type 12,089,605 Lodging 13,926,082 Food & Beverage 8,113,591 Utilities & Other 2,212,775 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 2.3%4.1%12.1% Retail 22,630,500 18,561,664 25,186,127 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000 $40,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 35,352,759 36,342,053 • January through September 2023 retail sales increased 2.3%, lodging increased 1.2%, food and beverage increased 4.1%, and utilities and other increased 12.1%. • The figures above reflect 4.5% sales tax. Retail 11,823,683 Lodging 13,761,133 Food & Beverage 7,793,149 Utilities & Other 1,974,795 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 1.2% • 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 January through September 2023 4.5% sales tax collections were up from the prior year 2.8%. January - September 2023 Sales Tax Town of Vail Business Review January - September 2022January - September 2023 Geographic Area Trends by Year January - September Sales Tax Sales Tax by Location Other Areas 15% Lionshead 16% Out of Town 25% Vail Village 44% • Vail Village sales tax increased 3.1%, Lionshead increased 3.9%, Other Areas remained flat, and Out of Town increased 3.3%. Excluding Out of Town collections, all areas were up 2.6%. • The figures above reflect 4.5% sales tax. 3,736,115 3,135,278 3,761,092 4,902,612 3,577,834 3,777,130 2,972,125 3,046,036 6,687,380 11,019,648 8,802,516 10,960,524 $0 $2,500,000 $5,000,000 $7,500,000 $10,000,000 $12,500,000 $15,000,000 $17,500,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows January through September sales tax collections by 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. 5,275,064 5,725,808 8,796,282 15,555,605 16,034,004 5,946,876 9,082,706 5,278,467 Other Areas 15% Lionshead 16% Out of Town 25% Vail Village 44% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail January - September 2023 Sales Tax Town of Vail Business Review $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 Apparel $2,565,665 Grocery $1,750,342 Gallery $209,279 Gifts $56,771 Jewelry $499,910Retail Liquor $538,067 Retail Other $3,153,404 Sporting Goods $2,580,973 Online Retailers $731,985 Retail Home Occupation $3,208 • January through September 2023 accommodations services increased 1.2% from prior year. Short-term rentals increased 5.1% compared to prior year and hotels and lodges decreased (0.4%). • 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. 6,010,255 2,727,709 Hotel and Lodges Short-Term Rentals 2023 2022 2021 4,054,344 9,663,937 9,706,789 4,262,145 Retail 1,957,356.81                                         1,954,212.00                                         0.16% Lodging 2,363,463.19                                         2,399,944.36                                          ‐1.52% F & B 869,804.38                                            850,722.83                                            2.24% Other 87,842.59                                              70,185.13                                              25.16% Total 5,278,466.97                                         5,275,064.32                                         0.06% Retail 1,406,372.27                                         1,383,589.44                                         1.65% Lodging 2,949,757.77                                         2,855,715.78                                         3.29% F & B 1,535,198.20                                         1,448,312.41                                         6.00% Other 55,547.75                                              38,190.86                                              45.45% Total 5,946,875.99                                         5,725,808.49                                         3.86% Retail 3,509,788.45                                         3,506,006.65                                         0.11% Lodging 3,647,927.13                                         3,609,222.63                                         1.07% F & B 22,705.97                                              19,424.12                                              16.90% Other 1,902,284.64                                         1,661,628.55                                         14.48% Total 9,082,706.19                                         8,796,281.95                                         3.26% Retail 5,216,087.47                                         4,979,874.74                                         4.74% Lodging 4,964,934.36                                         4,896,249.96                                         1.40% F & B 5,685,882.15                                         5,474,689.73                                         3.86% Other 167,099.86                                            204,790.30                                             ‐18.40% Total 16,034,003.84                                      15,555,604.73                                      3.08% Retail 12,089,605.00                                       11,823,682.83                                       2.25% Lodging 13,926,082.45                                       13,761,132.73                                       1.20% F & B 8,113,590.70                                         7,793,149.09                                         4.11% Other 2,212,774.84                                         1,974,794.84                                         12.05% Total 36,342,052.99                                      35,352,759.49                                      2.80% Retail Apparel 2,565,665.00                                         2,412,178.25                                         6.36% Retail Food 1,750,342.15                                         1,678,035.14                                         4.31% Retail Gallery 209,279.13                                            124,716.57                                            67.80% Retail Gift 56,771.24                                              57,226.08                                               ‐0.79% Retail Home Occupation 3,208.23                                                 2,838.12                                                 13.04% Retail Jewelry 499,910.41                                            496,964.70                                            0.59% Retail Liquor 538,066.97                                            588,271.30                                             ‐8.53% Retail Other 3,153,404.41                                         3,317,474.32                                          ‐4.95% Retail Sport 2,580,972.85                                         2,468,956.07                                         4.54% Retail Online Retailer 731,984.61                                            677,022.28                                            8.12% Total 12,089,605.00                                      11,823,682.83                                      2.25% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January ‐ September 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change