HomeMy WebLinkAbout191001 Revenue and Sales Tax Update1
TOWN OF VAIL
REVENUE UPDATE
October 1, 2019
Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$2,205,026 up 0.5% from last year and up 10.0% compared to budget. Year to
date collections of $20,830,934 are up 4.7% from prior year and up 5.7% from
budget. Inflation as measured by the consumer price index was up 1.7% for July.
The annual budget totals $27.1 million.
Real Estate Transfer Tax (RETT)
RETT collections through September 26 total $4,662,728 down 13.9% from this
time last year. 2018 was a record year, with annual collections totaling $7.6M, up
21% from 2017. The annual 2019 RETT budget totals $6,300,000.
Construction Use Tax
Use Tax collections through September 26 total $2,149,360 compared to
$3,417,361 from this time last year. The large difference from prior year is due to
use tax collections from Vail Health remodel. The annual budget totals
$2,220,000.
Summary
Across all funds, year-to-date total revenue of $50.6 million is up 1.8% from
amended budget and down 3.7% from prior year. The year over year decrease is
related to use and real estate transfer tax collections.
MEMORANDUM
October 1, 2019
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: August 2019 Sales Tax
Vail will collect an estimated $130,600 in additional August sales tax to bring
collections up to $2,205,026. August will be up 0.5% or $9,851 from August
2018 and up 10.0% or $201,106 from budget.
Year to date will be up 4.7% or $927,378 from 2018 and up 5.7% or $1,130,234
from budget.
2019 2019 YTD Budget % change % change 2014 2015201620172018 BudgetCollectionsVariance from 2018 from BudgetJanuary3,483,245$ 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 3,858,900$ 4,068,523$ 209,623$ 13.09%5.43%February 3,477,419 3,593,947 3,746,055 3,692,592 3,818,356 3,872,440 4,123,729 251,289 8.00%6.49%March3,788,185 4,053,961 4,225,921 3,642,407 4,167,880 4,197,400 4,224,683 27,283 1.36%0.65%April1,280,641 1,370,929 1,089,749 1,386,780 1,233,474 1,313,380 1,442,345 128,965 16.93%9.82%May607,729 584,454 654,462 659,475 830,193 717,620 761,318 43,698 -8.30%6.09%June1,153,247 1,242,400 1,318,092 1,389,982 1,648,443 1,462,320 1,649,169 186,849 0.04% 12.78%July1,829,102 1,937,989 2,053,773 2,215,649 2,412,425 2,274,720 2,356,141 81,421 -2.33%3.58%August1,674,813 1,702,579 1,849,815 1,863,949 2,195,175 2,003,920 2,205,026 201,106 0.45% 10.04%YTD Total17,294,381$ 18,183,057$ 18,676,691$ 18,576,046$ 19,903,556$ 19,700,700$ 20,830,934$ 1,130,234$ 4.66%5.74%September 1,054,015 1,240,277 1,349,929 1,385,462 1,540,490 1,462,320 - - - - October752,295 835,649 906,385 936,954 1,106,596 947,800 - - - - November962,344 997,100 989,320 997,716 1,264,600 1,042,580 - - - - December 3,818,096 3,885,849 3,840,919 3,695,305 4,070,870 3,926,600 - - - - Total23,881,131$ 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 27,080,000$ Actual CollectionsTOWN OF VAILSALES TAX2019 Budget Comparison $1,600,000 $1,700,000 $1,800,000 $1,900,000 $2,000,000 $2,100,000 $2,200,000 $2,300,0002014 2015 2016 2017 2018 2019August Sales Tax Collections by Year
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TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
JulyJulyJulyJuly
Sales Tax Newsletter
July 2019 Sales TaxJuly 2019 Sales TaxJuly 2019 Sales TaxJuly 2019 Sales Tax
JulyJulyJuly
2018 2019 %
Collections Collections Change
VAIL VILLAGE
Retail 371,593 419,327 12.85 %
Lodging 392,293 361,784 -7.78 %
F & B 500,344 482,092 -3.65 %
Other 10,969 10,353 -5.61 %
Total 1,275,199 1,273,556 -0.13 %
LIONSHEAD
Retail 94,391 95,596 1.28 %
Lodging 198,189 223,553 12.80 %
F & B 135,012 110,332 -18.28 %
Other 4,071 1,924 -52.74 %
Total 431,662 431,405 -0.06 %
CASCADE VILLAGE/EAST VAIL/SANDSTONE/WEST VAIL
Retail 188,526 194,524 3.18 %
Lodging 121,084 112,416 -7.16 %
F & B 82,235 78,586 -4.44 %
Other 10,272 11,216 9.19 %
Total 402,117 396,741 -1.34 %
OUT OF TOWN
Retail 189,934 148,961 -21.57 %
Lodging 1,223 3,097 153.32 %
F & B 1,467 1,721 17.33 %
Utilities & Other 112,364 100,660 -10.42 %
Total 304,987 254,438 -16.57 %
9/24/2019 6:48:37 PM Page 1 of 2
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
JulyJulyJulyJuly
Sales Tax Newsletter
July 2019 Sales TaxJuly 2019 Sales TaxJuly 2019 Sales TaxJuly 2019 Sales Tax
TOTALTOTALTOTALTOTAL
JulyJulyJuly
2018 2019 %
Collections Collections Change
Retail 844,444 858,408 1.65 %
Lodging And Property Mgmt 712,789 700,849 -1.68 %
Food and Beverage 719,058 672,730 -6.44 %
Other 137,676 124,153 -9.82 %
Total 2,413,967 2,356,141 -2.40 %
RETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARY
JulyJulyJuly
2018 2019 %
Collections Collections Change
RETAIL-FOOD 172,007 178,257 3.63 %
RETAIL-LIQUOR 56,714 57,880 2.06 %
RETAIL-APPAREL 193,808 203,215 4.85 %
RETAIL-SPORT 122,759 137,926 12.35 %
RETAIL-JEWELRY 33,905 40,485 19.41 %
RETAIL-GIFT 7,425 6,622 -10.82 %
RETAIL-GALLERY 4,247 10,261 141.60 %
RETAIL-OTHER 253,488 222,848 -12.09 %
RETAIL-HOME OCCUPATION 90 914 913.28 %
Total 844,444 858,408 1.65 %
9/24/2019 6:48:37 PM Page 2 of 2