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