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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