HomeMy WebLinkAbout03. 240206 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
February 6, 2024
4.0% General Sales Tax
Upon receipt of all sales tax returns, December 2023 collections are estimated to
be $5,670,649, up 1.2% from 2022 and up 10.4% from the amended budget. 2023
YTD collections of $41,826,064 are up 2.6% from 2022 and up 4.3% from the
amended budget. Inflation as measured by the consumer price index was up 3.4%
for the 12-months ending December 2023. The annual amended budget totals
$40.1 million.
0.5% Housing Fund Sales Tax
Upon receipt of all sales tax returns, December 2023 collections of the 0.5%
housing sales tax are estimated to be $685,388, up 2.0% from 2022 and up 10.9%
from the amended budget. 2023 YTD collections of $5,068,867 are up 2.3% from
2022 and up 4.3% from the amended budget. The 2023 amended budget for the
housing fund sales tax totals $4.9 million.
Real Estate Transfer Tax (RETT)
Unaudited 2023 RETT collections total $7,993,433, down (16.8)% from 2022. The
2023 RETT amended budget totals $7,600,000.
Construction Use Tax
Unaudited 2023 Use Tax collections total $2,548,274 compared to $2,189,830 in
2022. The 2023 amended budget totals $2,200,000.
Lift Tax
Unaudited 2023 lift tax collections total $6,536,433, up 1.0% or $62,815 from 2022.
The 2023 amended budget totals $6,234,550.
Daily Parking Sales
Daily sales from the parking structures from November through January 25 total
approximately $3,233,153, down $(131,494), or (3.9)% from this time last year.
This amount includes daily fees charged to parking passholders.
Parking Pass Sales
Parking pass sale revenue through January 26 for the 2023/2024 winter season
totals $1,126,290, down (24.5)% or $(365,236) from this time last year. A total of
1,566 passes have been sold this year. A detailed breakout of 2023/24 passes
sold by type is provided in the chart on the following page:
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 were waived. Prior year passes were auto-renewed for the
2023/2024 season for pass holders who purchased these passes for the
2022/2023 winter season. Of the 1,582 auto renewed Eagle County Locals passes
1,288 have been used during the 2023/2024 winter season. Of the 1,539 auto
renewed Vail Local passes 1,314 have been used during the 2023/2024 winter
season.
Summary
Across all funds, year-to-date total revenue of $94.2 million is up 5.2% from the
amended budget and up 7.2% from prior year. The majority of the positive variance
compared to the amended budget is due to higher-than-expected sales tax, daily
parking fees, earnings on investments, construction use tax, and real estate
transfer tax.
Pass Type
2023/24
Oct-Jan
Sales
2023/24 Auto-
Renewed
Passes
Utilized
Total
2023/24
Passes
2022/23
Oct-Jan
Sales
Change
from
prior
season
Premier 25 - 25 21 4
Vail Village Business Premier 60 - 60 65 (5)
Lionshead Business Premier 3 - 3 11 (8)
Employee 418 - 418 495 (77)
Employee Plus 351 - 351 359 (8)
Eagle County Local* 373 1,288 1,661 1,602 59
Vail Local* 336 1,314 1,650 1,578 72
Total 1,566 2,602 4,168 4,131 37
2023 Amended Budget % change % change
2018 2019 2020 Budget Variance from 2022 from Budget
January 3,597,610$ 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,904,670$ 5,911,505$ 6,835$ 13.31%0.12%
February 3,818,356 4,137,087 4,285,633 3,691,850 5,686,585 6,030,915 6,041,040 10,125 6.23%0.17%
March 4,167,880 4,237,933 2,243,518 4,364,797 5,912,059 6,034,154 6,055,800 21,646 2.43%0.36%
April 1,233,474 1,445,071 427,518 1,751,528 2,234,296 2,213,286 2,264,836 51,550 1.37%2.33%
May 830,193 763,756 503,828 1,061,516 1,227,974 1,043,778 1,117,956 74,178 -8.96%7.11%
June 1,648,443 1,606,748 1,023,517 2,149,312 2,317,931 2,132,497 2,272,392 139,895 -1.96%6.56%
July 2,412,425 2,480,292 2,084,644 3,491,668 3,507,973 3,227,335 3,405,034 177,699 -2.93%5.51%
August 2,195,175 2,237,050 2,138,838 2,877,550 2,997,389 2,757,598 2,928,324 170,726 -2.30%6.19%
September 1,540,490 1,600,100 1,767,393 2,359,528 2,441,331 2,246,025 2,504,886 258,861 2.60%11.53%
October 1,106,596 1,165,176 1,371,727 1,734,964 1,729,558 1,591,193 1,763,592 172,399 1.97%10.83%
November 1,264,600 1,260,314 1,425,461 1,880,397 1,902,643 1,750,432 1,890,050 139,618 -0.66%7.98%
December 4,070,870 4,237,178 3,625,189 5,749,365 5,602,018 5,153,117 5,670,649 517,532 1.23%10.04%
Total 27,886,112$ 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 40,085,000$ 41,826,064$ 1,741,064$ 2.57%4.34%
2022 2023 Amended Budget % change % change
Collections Budget Variance from 2022 from Budget
January 645,487$ 720,043$ 720,897$ 854$ 11.68%0.12%
February 702,730 735,514 736,780 1,266 4.85%0.17%
March 719,717 735,514 738,220 2,706 2.57%0.37%
April 269,018 259,234 271,923 12,689 1.08%4.89%
May 146,657 134,924 132,326 (2,598) -9.77%-1.93%
June 280,460 258,023 275,104 17,081 -1.91%6.62%
July 424,602 390,634 411,944 21,310 -2.98%5.46%
August 361,165 332,272 352,414 20,142 -2.42%6.06%
September 294,861 271,272 303,671 32,399 2.99%11.94%
October 207,397 190,805 212,347 21,542 2.39%11.29%
November 230,383 211,952 227,854 15,902 -1.10%7.50%
December 671,982 618,223 685,388 67,165 1.99%10.86%
Total 4,954,459$ 4,858,410$ 5,068,867$ 210,457$ 2.31%4.33%
Town of Vail Revenue Update
February 6, 2024
4.0% GENERAL SALES TAX2023 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
February 6, 2024
YTD 4% General Sales Tax Collections By Year
Through December 31
December 4% General Sales Tax Collections By Year
Through December 31
•December collections of $5,670,649 are up 1.2% from prior year and are up 10.0% from the
amended budget.
$4,237,178
$3,625,189
$5,749,365
$5,602,018
$5,670,649
$0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
2019
2020
2021
2022
2023
$29,250,698
$24,973,411
$34,534,683
$40,776,882
$41,826,064
$0 $10,000,000 $20,000,000 $30,000,000 $40,000,000
2019
2020
2021
2022
2023
•YTD collections of $41,826,064 are up 2.6% from prior year and are up 4.3%from the amended
budget.
•Inflation as measured by the consumer price index was up 3.4% in December.
Town of Vail Revenue Update
February 6, 2024
December 0.5% Housing Fund Sales Tax Collections By Year
Real Estate Transfer Tax by Year
YTD Through December 2023
December Collections YTD Collections
•This chart shows YTD collections of 1% RETT, segmented by real property values. 2023
collections are down (16.8)% 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
$7,993,433
•December collections of $685,388 are up 2.0% from prior year and are up 10.9% from the
amended budget.YTD collections of $5.1M are up 2.3% from this time last year and are up
4.3% from the amended budget.
$671,982 $685,388
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
2022 2023
$4,954,459 $5,068,867
$0
$1,000,000
$2,000,000
$3,000,000
$4,000,000
$5,000,000
$6,000,000
2022 2023
Town of Vail Revenue Update
February 6, 2024
Construction Use Tax by Year
YTD Through December 2023
YTD Lift Tax Collections
YTD Through December 2023
•Use Tax collections through December 31 total $2,548,271, compared to $2,189,830 from this
time last year. This is an increase of 16.4%.
$2,467,928
$2,078,577
$3,682,745
$2,189,830
$2,548,274
$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 $6,536,433 are up 1.0% or $62,815 from the same time last year.
$5,341,369
$4,095,812
$5,518,890
$6,473,618
$6,536,433
$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 Business Review
November 2023
February 6, 2024
The Vail Business Review breaks down the 4.5% sales tax collected for the month of
November 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, November 4.5% sales tax was down from the prior year (0.6%). Retail
increased 4.2%, lodging decreased (1.6%), food and beverage decreased (3.2%), and
utilities/other decreased (13.9%). Excluding the out-of-town category, sales tax for the
month of November was down (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 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
Town of Vail Business Review
November Sales Tax Collections by Year
November 2023 Sales Tax
November 2022
Sales Tax Collections by Business Type
November 2023
992,797
Lodging
570,793
Food &
Beverage
363,973
Utilities &
Other
190,192
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
4.2%(3.2%)(13.9%)
Retail
1,267,783
1,389,683
1,884,730
$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
General Sales Tax
Housing Sales Tax
2,129,949
2,117,756
• November 2023 retail sales increased 4.2%, lodging decreased (1.6%), food and beverage
decreased (3.2%), and utilities and other decreased (13.9%).
• The figures above reflect 4.5% sales tax.
Retail
953,138
Lodging
580,140
Food &
Beverage
375,821
Utilities &
Other
220,851
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
(1.6%)
• 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 November 2022 collections were $2,129,949; November 2023 collections were $2,117,756, down
from the prior year (0.6%).
Town of Vail Business Review
November 2022November 2023
Geographic Area Trends by Year
November Sales Tax
Sales Tax by Location
November 2023 Sales Tax
Other Areas
13%
Lionshead
11%
Out of
Town
43%
Vail Village
33%
• Vail Village sales tax increased 5.6%, Lionshead decreased (10.2%), Other Areas decreased (7.3%), and
Out of Town decreased (0.7%). Excluding Out of Town collections, all areas were down (0.5%).
• The figures above reflect 4.5% sales tax.
215,620
241,663
236,093
185,306
164,197
218,068
365,625
526,845
766,998
501,233
456,978
663,571
$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000
2019
2020
2021
2022
2023
Vail Village
Out of Town
Lionshead
Other Areas
• This chart shows November 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.
283,656238,497
917,357690,439
729,107
214,287
911,362
263,000
Other Areas
12%
Lionshead
10%
Out of
Town
43%
Vail Village
35%
Retail Business 4.5% Sales Tax Detail
November 2023 Sales Tax
Town of Vail Business Review
Accommodation Services Sales Tax by Year
$0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Apparel
$150,481
Grocery
$126,356
Gallery
$9,941
Gifts
$4,447
Jewelry
$30,203
Retail Liquor
$33,437
Retail Other
$392,975
Sporting Goods
$151,040
Online Retailers
$93,712
Retail Home
Occupation
$206
• Overall, November 2023 accommodations services decreased (1.6%) from prior year. Short-term rentals
decreased (1.2%) and hotels and lodges decreased (1.9%).
• 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.
324,721
252,773
Hotel and Lodges
Short-Term Rentals
2023 2022 2021
254,661
319,267
325,478
251,526
Retail 146,449.31 126,739.21 15.55%
Lodging 71,977.71 72,403.86 ‐0.59%
F & B 41,786.94 57,067.82 ‐26.78%
Other 2,786.10 27,445.40 ‐89.85%
Total 263,000.06 283,656.29 ‐7.28%
Retail 73,509.38 82,202.34 ‐10.58%
Lodging 81,980.74 87,467.01 ‐6.27%
F & B 55,780.76 66,100.62 ‐15.61%
Other 3,015.72 2,727.40 10.57%
Total 214,286.60 238,497.37 ‐10.15%
Retail 464,782.16 468,809.14 ‐0.86%
Lodging 264,549.51 260,407.19 1.59%
F & B 608.64 739.12 ‐17.65%
Other 181,421.47 187,401.23 ‐3.19%
Total 911,361.78 917,356.68 ‐0.65%
Retail 308,056.13 275,387.43 11.86%
Lodging 152,285.04 159,861.47 ‐4.74%
F & B 265,797.02 251,913.50 5.51%
Other 2,969.14 3,276.57 ‐9.38%
Total 729,107.33 690,438.97 5.60%
Retail 992,796.97 953,138.11 4.16%
Lodging 570,793.00 580,139.53 ‐1.61%
F & B 363,973.36 375,821.06 ‐3.15%
Other 190,192.44 220,850.60 ‐13.88%
Total 2,117,755.77 2,129,949.31 ‐0.57%
Retail Apparel 150,481.05 139,108.72 8.18%
Retail Food 126,355.63 106,370.34 18.79%
Retail Gallery 9,940.69 8,488.56 17.11%
Retail Gift 4,447.04 3,648.23 21.90%
Retail Home Occupation 205.73 234.16 ‐12.14%
Retail Jewelry 30,203.11 26,438.21 14.24%
Retail Liquor 33,436.80 37,658.05 ‐11.21%
Retail Other 392,974.80 395,775.07 ‐0.71%
Retail Sport 151,039.98 147,862.81 2.15%
Retail Online Retailer 93,712.13 87,553.97 7.03%
Total 992,796.97 953,138.12 4.16%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
November 4.5% Sales Tax
2023 Collections 2022 Collections YoY % Change