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HomeMy WebLinkAbout03. 240102 Revenue Update1 TOWN OF VAIL REVENUE UPDATE January 2, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, November collections are estimated to be $1,799,067, down (6.5)% from last year and up 1.6% from the amended budget. YTD collections of $35,872,392 are up 2.0% from this time last year and up 2.7% from the amended budget. Inflation as measured by the consumer price index was up 3.1% for the 12-months ending November 2023. The annual amended budget totals $40.1 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, November collections of the 0.5% housing sales tax are estimated to be $213,846, down (7.2%) from last year and up 0.9% from the amended budget. YTD collections of $4,348,047 are up 1.5% from this time last year and up 2.5% 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 December 27 total $7,915,317, down (17.6)% from this time last year. The 2023 RETT amended budget totals $7,600,000. Construction Use Tax Use Tax collections through December 27 total $2,542,700 compared to $2,189,830 from this time last year. The 2023 amended budget totals $2,200,000. Lift Tax 2023 YTD lift tax collections through November total $5,295,602, down (2.4)% or $(128,817) from the same time last year. The 2023 amended budget totals $6,234,550. Parking Passes Early season parking pass sale revenue through December 27 totals $1,108,340, down (21.9)% or $(311,144) from this time last year. A total of 1,466 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 24 21 3 Vail Village Business Premier 61 65 (4) Lionshead Business Premier 3 11 (8) Employee 412 481 (69) Employee Plus 343 347 (4) Eagle County Local* 325 1,582 (1,257) Vail Local* 298 1,539 (1,241) Total 1,466 4,046 (2,580) 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 and these passes were auto-renewed for the 2023/2024 season for prior year pass holders. Of the 1,582 auto renewed Eagle County Locals passes 924 have been used during the 2023/2024 winter season. Of the 1,539 auto renewed Vail Local passes 956 have been used during the 2023/2024 winter season. Summary Across all funds, year-to-date total revenue of $83.0 million is up 0.9% from the amended budget and up 3.9% from prior year. The majority of the positive variance compared to the amended budget is due to higher-than-expected sales tax, construction use tax, and real estate transfer tax. 2023 Amended Budget % change % change 2018 2019 2020 Budget Variance from 2022 from Budget January 3,597,610$ 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 6,035,015 4,100 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 3,399,024 171,689 -3.11%5.32% August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,757,598 2,920,600 163,002 -2.56%5.91% September 1,540,490 1,600,100 1,767,393 2,359,528 2,441,331 2,246,025 2,495,143 249,118 2.20%11.09% October 1,106,596 1,165,176 1,371,727 1,734,964 1,729,558 1,591,193 1,652,467 61,274 -4.46%3.85% November 1,264,600 1,260,314 1,425,461 1,880,397 1,902,643 1,750,432 1,779,067 28,635 -6.49%1.64% Total 23,815,242$ 25,013,520$ 21,348,222$ 28,785,318$ 35,174,864$ 34,931,883$ 35,872,392$ 940,509$ 1.98%2.69% 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$ 35,872,392$ 940,509$ 1.98%2.69% 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 702,730 735,514 736,027 513 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 424,602 390,634 411,193 20,559 -3.16%5.26% August 361,165 332,272 351,449 19,177 -2.69%5.77% September 294,861 271,272 302,453 31,181 2.57%11.49% October 207,397 190,805 198,536 7,731 -4.27%4.05% November 230,383 211,952 213,846 1,894 -7.18%0.89% Total 4,282,477$ 4,240,187$ 4,348,047$ 107,860$ 1.53%2.54% December 671,982 618,223 Total 4,954,459$ 4,858,410$ 4,348,047$ 107,860$ 1.53%2.54% 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 January 2, 2024 4.0% GENERAL SALES TAX2023 Budget Comparison Town of Vail Revenue Update January 2, 2024 YTD 4% General Sales Tax Collections By Year Through November 30 November 4% General Sales Tax Collections By Year Through November 30 •November collections of $1,779,067 are down (6.5)% from prior year and are up 1.6% from the amended budget. $1,260,314 $1,425,461 $1,880,397 $1,902,643 $1,779,067 $0 $400,000 $800,000 $1,200,000 $1,600,000 $2,000,000 2019 2020 2021 2022 2023 $25,013,520 $21,348,222 $28,785,318 $35,174,864 $35,872,392 $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 •YTD collections of $35,872,392 are up 2.0% from prior year and are up 2.7%from the amended budget. •Inflation as measured by the consumer price index was up 3.1% in November. Town of Vail Revenue Update January 2, 2024 November 0.5% Housing Fund Sales Tax Collections By Year Real Estate Transfer Tax by Year YTD Through December 2023 November Collections YTD Collections •This chart shows YTD collections of 1% RETT, segmented by real property values. 2023 collections are down (17.6)% from the prior year. $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 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 $7,224,668 $10,448,525 $13,371,555 $9,603,456 $7,915,317 •November collections of $213,846 are down (7.2)% from prior year and are up 0.9% from the amended budget.YTD collections of $4.3M are up 1.5% from this time last year and are up 2.5% from the amended budget. $230,383 $213,846 $0 $50,000 $100,000 $150,000 $200,000 $250,000 2022 2023 $4,282,477 $4,348,047 $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 2022 2023 Town of Vail Revenue Update January 2, 2024 Construction Use Tax by Year YTD Through December 2023 YTD Lift Tax Collections YTD Through November 2023 •Use Tax collections through December 27 total $2,542,700, compared to $2,189,830 from this time last year. This is an increase of 16.1%. $2,467,928 $2,078,577 $3,682,745 $2,189,830 $2,542,700 $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 $5,295,602 are down (2.4)% or $(128,817) from the same time last year. $4,445,969 $3,162,233 $4,587,835 $5,424,419 $5,295,602 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 2019 2020 2021 2022 2023 Vail Business Review October 2023 January 2, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the month of October and the Summer Season, May – October, 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. October 4.5% sales tax was down from the prior year (4.8%). Retail decreased (4.7%), lodging decreased (13.3%), food and beverage decreased (9.6%), and utilities/other increased 34.1%. Excluding the out-of-town category, sales tax for the month of October was down (4.4%) compared to prior year. Summer Season May - October 4.5% sales tax was down from the prior year (2.4%). Retail decreased (3.3%), lodging decreased (4.4%), food and beverage decreased (1.6%), and utilities/other increased 8.9%. Excluding the out-of-town category, sales tax for the Summer Season was down (2.7%) 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 request 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 October 2022 Sales Tax Collections by Business Type October 2023 Town of Vail Business Review October Sales Tax Collections by Year October 2023 Sales Tax 752,682 Lodging 453,697 Food & Beverage 415,787 Utilities & Other 228,771 $0 $200,000 $400,000 $600,000 $800,000 (4.7%)(9.6%)34.1% Retail 1,180,249 1,387,174 1,736,426 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 1,943,801 1,850,937 • October 2023 retail sales decreased (4.7%), lodging decreased (13.3%), food and beverage decreased (9.6%), and utilities and other increased 34.1%. • The figures above reflect 4.5% sales tax. Retail 789,916 Lodging 523,304 Food & Beverage 459,954 Utilities & Other 170,628 $0 $200,000 $400,000 $600,000 $800,000 (13.3%) • 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 October 2022 collections were $1,943,801; October 2023 collections were $1,850,937. • October 2023 4.5% sales tax collections were down from the prior year (4.8%). October 2023 Sales Tax Town of Vail Business Review October 2022October 2023 Geographic Area Trends by Year October Sales Tax Sales Tax by Location Other Areas 17% Lionshead 10% Out of Town 38% Vail Village 35% • Vail Village sales tax decreased (4.4%), Lionshead increased 15.1%, Other Areas decreased (16.4%), and Out of Town decreased (5.4%). Excluding Out of Town collections, all areas were down (4.4%). • The figures above reflect 4.5% sales tax. 241,832 227,671 252,855 150,010 124,279 166,198 401,391 497,581 705,024 387,017 537,643 612,349 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows October 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. 326,260 199,564 738,085679,893 650,018 229,675 698,448 272,796 Other Areas 15% Lionshead 12% Out of Town 38% Vail Village 35% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail October 2023 Sales Tax Town of Vail Business Review $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 Apparel $120,724 Grocery $117,909 Gallery $6,364 Gifts $4,626 Jewelry $30,681 Retail Liquor $29,649 Retail Other $307,187 Sporting Goods $60,992 Online Retailers $74,413 Retail Home Occupation $138 • Overall, October 2023 accommodations services decreased (13.3%) from prior year. Short-term rentals decreased (16.6%) compared to prior year and hotels and lodges decreased (11.0%). • 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. 276,651 216,950 Hotel and Lodges Short-Term Rentals 2023 2022 2021 213,596 275,605 309,709 178,091 Retail 137,421.51                                            139,319.27                                             ‐1.36% Lodging 60,132.96                                              79,381.18                                               ‐24.25% F & B 68,703.67                                              98,129.93                                               ‐29.99% Other 6,537.64                                                 9,429.56                                                  ‐30.67% Total 272,795.78                                            326,259.94                                             ‐16.39% Retail 29,823.27                                              38,989.36                                               ‐23.51% Lodging 52,836.71                                              82,822.45                                               ‐36.20% F & B 67,808.78                                              75,781.82                                               ‐10.52% Other 79,206.58                                              1,970.48                                                 3919.66% Total 229,675.34                                            199,564.11                                            15.09% Retail 352,515.38                                            371,361.45                                             ‐5.07% Lodging 208,574.14                                            211,757.18                                             ‐1.50% F & B 154.41                                                    2,050.24                                                  ‐92.47% Other 137,203.84                                            152,916.02                                             ‐10.28% Total 698,447.77                                            738,084.89                                             ‐5.37% Retail 232,921.87                                            240,245.46                                             ‐3.05% Lodging 132,153.04                                            149,343.33                                             ‐11.51% F & B 279,120.28                                            283,991.60                                             ‐1.72% Other 5,822.86                                                 6,312.14                                                  ‐7.75% Total 650,018.05                                            679,892.53                                             ‐4.39% Retail 752,682.03                                            789,915.53                                             ‐4.71% Lodging 453,696.85                                            523,304.14                                             ‐13.30% F & B 415,787.14                                            459,953.59                                             ‐9.60% Other 228,770.92                                            170,628.20                                            34.08% Total 1,850,936.94                                         1,943,801.47                                          ‐4.78% Retail Apparel 120,723.76                                            131,669.89                                             ‐8.31% Retail Food 117,908.89                                            118,296.51                                             ‐0.33% Retail Gallery 6,363.80                                                 12,778.91                                               ‐50.20% Retail Gift 4,625.80                                                 3,450.48                                                 34.06% Retail Home Occupation 138.28                                                    161.04                                                     ‐14.13% Retail Jewelry 30,681.07                                              27,610.13                                              11.12% Retail Liquor 29,649.05                                              33,327.77                                               ‐11.04% Retail Other 307,187.17                                            328,808.62                                             ‐6.58% Retail Sport 60,991.70                                              70,622.84                                               ‐13.64% Retail Online Retailer 74,412.51                                              63,189.35                                              17.76% Total 752,682.03                                            789,915.54                                             ‐4.71% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review October 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Summer Season 2022 Sales Tax Collections by Business Type Summer Season 2023 Town of Vail Business Review Summer Season Sales Tax Collections by Year May - October 2023 Sales Tax 5,934,800 Lodging 4,514,054 Food & Beverage 3,945,252 Utilities & Other 1,117,516 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 (3.3%)(1.6%)8.9% Retail 9,905,767 8,909,449 13,656,988 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 15,895,350 15,511,621 • May through October 2023 retail sales decreased (3.3%), lodging decreased (4.4%), food and beverage decreased (1.6%), and utilities and other increased 8.9%. • The figures above reflect 4.5% sales tax. Retail 6,134,765 Lodging 4,723,507 Food & Beverage 4,010,657 Utilities & Other 1,026,420 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 (4.4%) • 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 May through October 2023 4.5% sales tax collections were down from the prior year (2.4%). May - October 2023 Sales Tax Town of Vail Business Review Summer Season 2022Summer Season 2023 Geographic Area Trends by Year Summer Season Sales Tax Sales Tax by Location Other Areas 16% Lionshead 12% Out of Town 30% Vail Village 42% • Vail Village sales tax decreased (3.5%), Lionshead remained flat, Other Areas decreased (3.1%), and Out of Town decreased (1.7%). Excluding Out of Town collections, all areas were down (2.7%). • The figures above reflect 4.5% sales tax. 1,846,136 1,569,768 2,115,735 1,661,994 1,162,031 1,606,449 1,911,651 2,116,577 4,075,536 4,485,986 4,061,073 5,859,268 $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 Vail Village Out of Town Lionshead Other Areas • This chart shows May through October 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. 2,487,4561,992,092 4,711,132 6,704,670 6,471,610 1,998,948 4,630,609 2,410,454 Other Areas 15% Lionshead 13% Out of Town 30% Vail Village 42% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail May - October 2023 Sales Tax Town of Vail Business Review $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 Apparel $1,188,176 Grocery $971,774 Gallery $105,025 Gifts $33,549 Jewelry $299,564Retail Liquor $257,374 Retail Other $2,058,953 Sporting Goods $543,978 Online Retailers $474,709 Retail Home Occupation $1,699 • May through October 2023 accommodations services decreased (4.4%) from prior year. Short-term rentals decreased (0.4%) compared to prior year and hotels and lodges decreased (6.1%). • 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. 2,819,564 1,351,136 Hotel and Lodges Short-Term Rentals 2023 2022 2021 1,396,145 3,123,007 3,327,362 1,391,047 Retail 1,085,604.37                                         1,073,039.45                                         1.17% Lodging 715,238.69                                            772,541.87                                             ‐7.42% F & B 550,333.82                                            585,394.20                                             ‐5.99% Other 59,277.13                                              56,480.23                                              4.95% Total 2,410,454.01                                         2,487,455.75                                          ‐3.10% Retail 342,811.29                                            368,688.34                                             ‐7.02% Lodging 811,971.96                                            863,196.89                                             ‐5.93% F & B 733,508.95                                            739,886.64                                             ‐0.86% Other 110,656.09                                            20,320.14                                              444.56% Total 1,998,948.28                                         1,992,092.02                                         0.34% Retail 2,301,460.23                                         2,426,388.92                                          ‐5.15% Lodging 1,412,610.31                                         1,393,779.65                                         1.35% F & B 12,493.63                                              9,350.38                                                 33.62% Other 904,044.79                                            881,613.32                                            2.54% Total 4,630,608.96                                         4,711,132.27                                          ‐1.71% Retail 2,204,923.94                                         2,266,648.53                                          ‐2.72% Lodging 1,574,233.24                                         1,693,989.03                                          ‐7.07% F & B 2,648,915.16                                         2,676,025.94                                          ‐1.01% Other 43,537.72                                              68,006.22                                               ‐35.98% Total 6,471,610.06                                         6,704,669.72                                          ‐3.48% Retail 5,934,799.83                                         6,134,765.24                                          ‐3.26% Lodging 4,514,054.20                                         4,723,507.44                                          ‐4.43% F & B 3,945,251.56                                         4,010,657.16                                          ‐1.63% Other 1,117,515.72                                         1,026,419.91                                         8.88% Total 15,511,621.30                                      15,895,349.76                                       ‐2.41% Retail Apparel 1,188,175.72                                         1,206,166.06                                          ‐1.49% Retail Food 971,774.33                                            933,813.35                                            4.07% Retail Gallery 105,024.66                                            74,366.96                                              41.22% Retail Gift 33,549.44                                              30,150.96                                              11.27% Retail Home Occupation 1,698.56                                                 1,979.28                                                  ‐14.18% Retail Jewelry 299,563.64                                            332,867.49                                             ‐10.01% Retail Liquor 257,374.34                                            285,839.38                                             ‐9.96% Retail Other 2,058,952.50                                         2,281,524.54                                          ‐9.76% Retail Sport 543,977.85                                            567,508.18                                             ‐4.15% Retail Online Retailer 474,708.79                                            420,549.03                                            12.88% Total 5,934,799.83                                         6,134,765.24                                          ‐3.26% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review May ‐ October 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary