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HomeMy WebLinkAbout03. 240305 Revenue Update1 TOWN OF VAIL REVENUE UPDATE March 5, 2024 4.0% General Sales Tax Upon receipt of all sales tax returns, January 2024 collections are estimated to be $5,845,399, down (1.1)% from 2023 and up 1.0% from the budget. Inflation as measured by the consumer price index was up 3.1% for the 12-months ending January 2024. The annual budget totals $45.85 million. 0.5% Housing Fund Sales Tax Upon receipt of all sales tax returns, January 2024 collections of the 0.5% housing sales tax are estimated to be $708,824, down (1.7)% from 2023 and up 1.1% from the amended budget. The annual budget for the housing fund sales tax totals $4.95 million. Real Estate Transfer Tax (RETT) RETT collections through February 26 total $1,255,509, up 52.8% from this time last year. The 2024 RETT budget totals $7.0 million. Construction Use Tax Use Tax collections through February 26 total $108,833 compared to $233,048 from this time last year. The 2024 budget totals $2,040,000. Lift Tax Lift tax collections through January 31 total $1,609,419, up 7.1% or $106,004 from 2023. The 2024 budget totals $6,675,000. Daily Parking Sales Daily sales from the parking structures from November through February 21 total approximately $4,763,337, down $(182,712), or (3.7)% from this time last year. This amount includes daily fees charged to parking pass holders. Parking Pass Sales Parking pass sale revenue through February 26 for the 2023/2024 winter season totals $1,141,256, down (9.7)% or $(122,205) from this time last year. A total of 1,612 passes have been sold this year. A detailed breakout of 2023/24 passes sold by type is provided in the chart on the following page: 2 *In order to provide a better customer service experience while staff explores an alternative pass sales system, the annual fees for the Eagle County Local and Vail Local passes were waived. Prior year passes were auto-renewed for the 2023/2024 season for pass holders who purchased these passes for the 2022/2023 winter season. Of the 1,582 auto renewed Eagle County Locals passes 1,437 have been used during the 2023/2024 winter season. Of the 1,539 auto renewed Vail Local passes 1,389 have been used during the 2023/2024 winter season. Pass Type 2023/24 Oct-Feb Sales 2023/24 Auto- Renewed Passes Utilized Total 2023/24 Passes 2022/23 Oct-Feb Sales Change from prior season Premier 25 - 25 21 4 Vail Village Business Premier 60 - 60 60 0 Lionshead Business Premier 5 - 5 13 (8) Employee 426 - 426 512 (86) Employee Plus 351 - 351 353 (2) Eagle County Local* 393 1,437 1,830 1,828 2 Vail Local* 352 1,389 1,741 1,791 (50) Total 1,612 2,826 4,438 4,578 (140) 2024 Budget % change % change 2019 2020 2021 Budget Variance from 2023 from Budget January 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,845,399$ 58,029$ -1.12%1.00% Total 4,079,994$ 4,076,145$ 3,422,209$ 5,217,125$ 5,911,572$ 5,787,370$ 5,845,399$ 58,029$ -1.12%1.00% February 4,137,087 4,285,633 3,691,850 5,686,585 6,041,107 5,914,315 - March 4,237,933 2,243,518 4,364,797 5,912,059 6,055,867 6,035,677 - April 1,445,071 427,518 1,751,528 2,234,296 2,264,891 2,258,798 - May 763,756 503,828 1,061,516 1,227,974 1,118,011 1,111,919 - June 1,606,748 1,023,517 2,149,312 2,317,931 2,272,457 2,265,104 - July 2,480,292 2,084,644 3,491,668 3,507,973 3,409,360 3,399,024 - August 2,237,050 2,138,838 2,877,550 2,997,389 2,931,054 2,920,600 - September 1,600,100 1,767,393 2,359,528 2,441,331 2,508,064 2,495,143 - October 1,165,176 1,371,727 1,734,964 1,729,558 1,771,300 1,652,467 - November 1,260,314 1,425,461 1,880,397 1,902,643 1,898,593 1,779,167 - December 4,237,178 3,625,189 5,749,365 5,602,018 5,687,435 5,230,416 - Total 29,250,698$ 24,973,411$ 34,534,683$ 40,776,882$ 41,869,711$ 40,850,000$ 5,845,399$ 58,029$ -1.12%1.00% 2022 2023 2024 Budget % change % change Collections Collections Budget Variance from 2023 from Budget January 645,487$ 720,906$ 700,920$ 708,824$ 7,904$ -1.68%1.13% Total 645,487$ 720,906$ 700,920$ 708,824$ 7,904$ -1.68%1.13% February 702,730 736,788 716,760 - March 719,717 738,228 731,610 - April 269,018 271,930 273,735 - May 146,657 132,333 134,640 - June 280,460 275,113 274,230 - July 424,602 412,485 411,840 - August 361,165 352,755 353,925 - September 294,861 304,068 302,445 - October 207,397 213,310 200,475 - November 230,383 228,774 215,820 - December 671,982 687,486 633,600 - Total 4,954,459$ 5,074,175$ 4,950,000$ 708,824$ 7,904$ -1.68%1.13% Town of Vail Revenue Update March 5, 2024 4.0% GENERAL SALES TAX2024 Budget Comparison 0.5% Collected Sales Tax 0.5% HOUSING SALES TAX 2024 Budget Comparison Actual 4.0% Collections 4.0% Collected Sales Tax20222023 Town of Vail Revenue Update March 5, 2024 4% General Sales Tax Collections By Year Through January 31 0.5% Housing Sales Tax Collections By Year Through January 31 •January collections of $708,824 are down (1.7)% from prior year and are up 1.1% from the amended budget. $645,487 $720,906 $708,824 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 2022 2023 2024 $4,076,145 $3,422,209 $5,217,125 $5,911,572 $5,845,399 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2020 2021 2022 2023 2024 •January collections of $5,845,399 are down (1.1)% from prior year and are up 1.0%from the budget. •Inflation as measured by the consumer price index was up 3.1% in January. Town of Vail Revenue Update March 5, 2024 Real Estate Transfer Tax by Year YTD Through February 2024 Construction Use Tax by Year YTD Through February 2024 •This chart shows YTD collections of 1% RETT, segmented by real property values. 2023 collections are up 52.8% from the prior year. $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 2020 2021 2022 2023 2024 Sales Less Than $2.5 Million Sales $2.5 to $5 Million Sales $5 to $10 Million Sales Over $10 Million $935,640 $691,317 $813,834 $821,806 $1,255,509 •Use Tax collections through February 26 total $108,833 compared to $233,048 from this time last year. This is an decrease of (53.3)%. $178,354 $292,969 $134,088 $233,048 $108,833 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2020 2021 2022 2023 2024 Town of Vail Revenue Update March 5, 2024 YTD Lift Tax Collections YTD Through January 2024 •2024 YTD lift tax collections of $1,609,419 are up 7.1% or $106,004 from the same time last year. $1,147,447 $1,550,169 $1,452,347 $1,503,415 $1,609,419 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000 $1,600,000 2020 2021 2022 2023 2024 Vail Business Review December 2023 March 5, 2024 The Vail Business Review breaks down the 4.5% sales tax collected for the month of December and the year. 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. December 4.5% sales tax was up 0.6% from the prior year. Retail decreased (2.1%), lodging increased 3.1%, food and beverage increased 7.1%, and utilities/other decreased (19.4%). Excluding the out-of-town category, sales tax for the month of December was up 2.6% compared to prior year. The year’s 4.5% sales tax was up from the prior year 2.4%. All categories increased: retail 2.1%, lodging 1.0%, food and beverage 3.6%, and utilities/other 8.5%. Excluding the out-of-town category, sales tax for the year was up 2.4% compared to 2022. 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 December 2023 Town of Vail Business Review December Sales Tax Collections by Year December 2023 Sales Tax December 2022 Sales Tax Collections by Business Type 2,323,237 Lodging 2,594,683 Food & Beverage 1,173,279 Utilities & Other 282,769 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 (2.1%)7.1%(19.4%) Retail 4,298,037 3,661,185 5,818,556 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 6,334,404 6,373,968 • December 2023 retail sales decreased (2.1%), lodging increased 3.1%, food and beverage increased 7.1%, and utilities and other decreased (19.4%). • The figures above reflect 4.5% sales tax. Retail 2,372,687 Lodging 2,515,806 Food & Beverage 1,095,151 Utilities & Other 350,760 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 3.1% • 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. Fiscal years 2022 and 2023 include the 0.5% increase to sales tax, depicted in light blue. Prior years show 4.0% sales tax collections. •Total December 2022 collections were $6,334,404; December 2023 collections were $6,373,968, up from the prior year 0.6%. December 2023 Sales Tax Town of Vail Business Review December 2022December 2023 Geographic Area Trends by Year December Sales Tax Sales Tax by Location Other Areas 14% Lionshead 17% Out of Town 25% Vail Village 44% • Vail Village sales tax increased 4.3%, Lionshead decreased (3.1%), Other Areas increased 4.5%, and Out of Town decreased (5.4%). Excluding Out of Town collections, all areas were up 2.6%. • The figures above reflect 4.5% sales tax. 612,043 584,078 827,095 963,048 606,143 1,038,739 502,942 935,660 1,464,878 2,220,005 1,535,304 2,487,843 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows December 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. 865,059 1,082,859 1,575,489 2,810,997 2,931,140 1,049,098 1,490,057 903,674 Other Areas 14% Lionshead 17% Out of Town 23% Vail Village 46% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail December 2023 Sales Tax Town of Vail Business Review $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 Apparel $508,273 Grocery $325,110 Gallery $9,918 Gifts $11,488 Jewelry $121,365Retail Liquor $91,555 Retail Other $431,590 Sporting Goods $685,927 Online Retailers $137,850 Retail Home Occupation $160 • December 2023 accommodations services increased 3.1% from prior year. Short-term rentals increased 2.6% and hotels and lodges increased 3.4%. • 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. 1,810,080 686,414 Hotel and Lodges Short-Term Rentals 2023 2022 2021 705,074 1,871,490 1,810,732 723,193 Retail 366,351.66 409,257.11 ‐10.48% Lodging 431,723.92 350,527.38 23.16% F & B 96,251.98 96,963.13 ‐0.73% Other 9,346.08 8,311.82 12.44% Total 903,673.64 865,059.44 4.46% Retail 325,008.72 318,840.51 1.93% Lodging 519,834.96 563,124.98 ‐7.69% F & B 197,530.83 194,711.76 1.45% Other 6,723.48 6,181.42 8.77% Total 1,049,097.99 1,082,858.67 ‐3.12% Retail 506,275.66 569,600.44 ‐11.12% Lodging 748,517.41 711,879.77 5.15% F & B 2,424.59 2,287.58 5.99% Other 232,839.19 291,720.81 ‐20.18% Total 1,490,056.85 1,575,488.61 ‐5.42% Retail 1,125,601.06 1,074,989.24 4.71% Lodging 894,606.81 890,273.46 0.49% F & B 877,071.43 801,188.33 9.47% Other 33,860.25 44,546.43 ‐23.99% Total 2,931,139.55 2,810,997.46 4.27% Retail 2,323,237.10 2,372,687.29 ‐2.08% Lodging 2,594,683.10 2,515,805.59 3.14% F & B 1,173,278.83 1,095,150.80 7.13% Other 282,769.00 350,760.48 ‐19.38% Total 6,373,968.03 6,334,404.17 0.62% Retail Apparel 508,273.34 487,095.42 4.35% Retail Food 325,110.28 360,441.13 ‐9.80% Retail Gallery 9,917.64 12,929.50 ‐23.29% Retail Gift 11,488.45 10,815.81 6.22% Retail Home Occupation 159.60 349.07 ‐54.28% Retail Jewelry 121,365.20 131,649.17 ‐7.81% Retail Liquor 91,555.28 101,202.12 ‐9.53% Retail Other 431,589.71 461,077.78 ‐6.40% Retail Sport 685,927.49 644,749.48 6.39% Retail Online Retailer 137,850.11 162,377.82 ‐15.11% Total 2,323,237.10 2,372,687.30 ‐2.08% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review December 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change 2023 Town of Vail Business Review Annual Sales Tax Collections by Year 2023 Sales Tax 2022 Sales Tax Collections by Business Type 16,270,236 Lodging 17,559,141 Food & Beverage 10,068,863 Utilities & Other 2,947,721 $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 $18,000,000 2.1%3.6%8.5% Retail 29,375,583 25,003,521 34,619,535 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 2019 2020 2021 2022 2023 General Sales Tax Housing Sales Tax 45,756,786 46,845,962 • 2023 retail sales increased 2.1%, lodging increased 1.0%, food and beverage increased 3.6%, and utilities and other increased 8.5%. • The figures above reflect 4.5% sales tax. Retail 15,933,368 Lodging 17,383,543 Food & Beverage 9,724,136 Utilities & Other 2,715,738 $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 $18,000,000 1.0% • 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 2022 collections were $45,756,786; total 2023 collections were $46,845,962, up from the prior year 2.4%. 2023 Sales Tax Town of Vail Business Review 20222023 Geographic Area Trends by Year Annual Sales Tax Sales Tax by Location Other Areas 15% Lionshead 16% Out of Town 26% Vail Village 43% • Vail Village sales tax increased 3.2%, Lionshead increased 2.8%, Other Areas decreased (0.3%), and Out of Town increased 2.3%. Excluding Out of Town collections, all areas were up 2.4%. • The figures above reflect 4.5% sales tax. 4,804,819 4,188,175 5,076,849 6,195,709 4,465,541 5,193,091 4,247,821 5,017,358 9,625,321 14,127,234 11,332,447 14,724,275 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 2019 2020 2021 2022 2023 Vail Village Out of Town Lionshead Other Areas • This chart shows annual 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. 6,752,905 7,239,104 12,027,844 19,736,934 20,366,712 7,441,100 12,308,602 6,729,547 Other Areas 14% Lionshead 16% Out of Town 26% Vail Village 44% Accommodation Services Sales Tax by Year Retail Business 4.5% Sales Tax Detail 2023 Sales Tax Town of Vail Business Review $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 Apparel $3,349,198 Grocery $2,322,782 Gallery $235,683 Gifts $77,333 Jewelry $686,323Retail Liquor $692,743 Retail Other $4,383,547 Sporting Goods $3,480,302 Online Retailers $1,038,473 Retail Home Occupation $3,853 • 2023 accommodations services increased 1.0% from prior year. Short-term rentals increased 3.7% and hotels and lodges decreased (0.2%). • 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. 8,420,753 3,884,800 Hotel and Lodges Short-Term Rentals 2023 2022 2021 5,233,139 12,130,682 12,150,405 5,428,459 Retail 2,608,743.72 2,629,527.59 ‐0.79% Lodging 2,928,185.45 2,905,418.16 0.78% F & B 1,076,546.97 1,102,883.71 ‐2.39% Other 116,071.30 115,075.14 0.87% Total 6,729,547.44 6,752,904.60 ‐0.35% Retail 1,830,860.95 1,815,996.76 0.82% Lodging 3,609,310.07 3,589,130.21 0.56% F & B 1,856,318.57 1,784,906.61 4.00% Other 144,610.38 49,070.16 194.70% Total 7,441,099.97 7,239,103.74 2.79% Retail 4,942,951.88 4,917,346.82 0.52% Lodging 4,870,658.22 4,793,266.78 1.61% F & B 25,951.18 24,562.27 5.65% Other 2,469,041.07 2,292,667.74 7.69% Total 12,308,602.35 12,027,843.61 2.33% Retail 6,887,679.93 6,570,496.86 4.83% Lodging 6,150,987.04 6,095,728.21 0.91% F & B 7,110,046.22 6,811,783.16 4.38% Other 217,998.61 258,925.45 ‐15.81% Total 20,366,711.80 19,736,933.68 3.19% Retail 16,270,236.48 15,933,368.03 2.11% Lodging 17,559,140.78 17,383,543.36 1.01% F & B 10,068,862.94 9,724,135.75 3.55% Other 2,947,721.36 2,715,738.49 8.54% Total 46,845,961.56 45,756,785.63 2.38% Retail Apparel 3,349,197.93 3,169,573.02 5.67% Retail Food 2,322,781.72 2,263,143.12 2.64% Retail Gallery 235,683.29 158,913.53 48.31% Retail Gift 77,332.54 75,323.45 2.67% Retail Home Occupation 3,853.44 3,582.38 7.57% Retail Jewelry 686,322.99 682,662.20 0.54% Retail Liquor 692,742.78 760,459.25 ‐8.90% Retail Other 4,383,546.70 4,497,342.64 ‐2.53% Retail Sport 3,480,302.13 3,332,194.10 4.44% Retail Online Retailer 1,038,472.97 990,174.33 4.88% Total 16,270,236.48 15,933,368.03 2.11% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review Annual 4.5% Sales Tax 2023 Collections   2022 Collections YoY % Change