HomeMy WebLinkAbout01. 191105 Revenue Updates1
TOWN OF VAIL
REVENUE UPDATE November 5, 2019
Sales Tax Upon receipt of all sales tax returns, September collections are estimated to be $1,601,801 up 4.0% from last year and up 9.5% compared to budget. Year to date collections of $22,543,467 are up 5.1% from prior year and up 6.5% from budget. Inflation as measured by the consumer price index was up 1.7% for
September. The annual budget totals $27.1 million. Real Estate Transfer Tax (RETT) RETT collections through October 29 total $5,315,603 down 11.5% 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 October 29 total $2,361,508 compared to $3,565,275 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 $55.7 million is up 3.6% from amended budget and down 2.5% from prior year. The year over year decrease is related to use and real estate transfer tax collections.
MEMORANDUM
November 5, 2019 To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: September 2019 Sales Tax Vail will collect an estimated $33,200 in additional September sales tax to bring
collections up to $1,601,801. September will be up 4.0% or $61,311 from
September 2018 and up 9.5% or $139,481 from budget. Year to date will be up 5.1% or $1,099,421 from 2018 and up 6.5% or $1,380,447 from budget.
2019 2019 YTD Budget % change % change 2014 20152016 2017 2018 Budget Collections Variance from 2018 from BudgetJanuary 3,483,245$ 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 3,858,900$ 4,075,961$ 217,061$ 13.30% 5.62%February 3,477,419 3,593,947 3,746,055 3,692,592 3,818,356 3,872,440 4,131,167 258,727 8.19% 6.68%March 3,788,185 4,053,961 4,225,921 3,642,407 4,167,880 4,197,400 4,232,121 34,721 1.54% 0.83%April 1,280,641 1,370,929 1,089,749 1,386,780 1,233,474 1,313,380 1,443,075 129,695 16.99% 9.87%May 607,729 584,454 654,462 659,475 830,193 717,620 762,048 44,428 -8.21% 6.19%June 1,153,247 1,242,400 1,318,092 1,389,982 1,648,443 1,462,320 1,593,000 130,680 -3.36% 8.94%July 1,829,102 1,937,989 2,053,773 2,215,649 2,412,425 2,274,720 2,467,954 193,234 2.30% 8.49%August 1,674,813 1,702,579 1,849,815 1,863,949 2,195,175 2,003,920 2,236,340 232,420 1.88% 11.60%September 1,054,015 1,240,277 1,349,929 1,385,462 1,540,490 1,462,320 1,601,801 139,481 3.98% 9.54%YTD Total18,348,396$ 19,423,334$ 20,026,620$ 19,961,508$ 21,444,046$ 21,163,020$ 22,543,467$ 1,380,447$ 5.13% 6.52%October 752,295 835,649 906,385 936,954 1,106,596 947,800 - - - - November 962,344 997,100 989,320 997,716 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 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,600,000 $1,700,0002014 2015 2016 2017 2018 2019September Sales Tax Collections by Year
Vail Business Review
August 2019
November 5, 2019
The Vail Business Review breaks down the four percent sales tax collected for the month of August 2019. Overall August sales tax increased 1.8% with retail increasing 6.0%, lodging increased 5.1%, food and beverage decreased 3.7%, and utilities/other decreased by 10.2%. Excluding the out of town category; sales tax for the month of August was up 1.0%. Town of Vail sales tax filing, the Vail Business Review and sales tax worksheets are available on the internet at www.vailgov.com. You can subscribe to have the Vail Business Review and
the sales tax worksheet e-mailed to you automatically from www.vailgov.com. 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
Kathleen Halloran at (970) 479-2116. Sincerely, Alex Jakubiec Sales Tax Administrator
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
AugustAugustAugustAugust
Sales Tax Newsletter
August 2019 Sales TaxAugust 2019 Sales TaxAugust 2019 Sales TaxAugust 2019 Sales Tax
AugustAugustAugust
2018 2019 %
Collections Collections Change
VAIL VILLAGE
Retail 315,688 318,301 0.83 %
Lodging 333,651 315,168 -5.54 %
F & B 446,589 422,625 -5.37 %
Other 12,832 10,281 -19.88 %
Total 1,108,760 1,066,375 -3.82 %
LIONSHEAD
Retail 76,135 83,987 10.31 %
Lodging 185,194 234,891 26.83 %
F & B 130,897 95,432 -27.09 %
Other 6,253 652 -89.57 %
Total 398,479 414,961 4.14 %
CASCADE VILLAGE/EAST VAIL/SANDSTONE/WEST VAIL
Retail 172,235 177,440 3.02 %
Lodging 109,566 110,433 0.79 %
F & B 84,377 118,801 40.80 %
Other 7,950 11,382 43.18 %
Total 374,127 418,055 11.74 %
OUT OF TOWN
Retail 192,894 222,886 15.55 %
Lodging 2,862 3,041 6.25 %
F & B 1,194 1,631 36.55 %
Utilities & Other 119,582 109,390 -8.52 %
Total 316,532 336,948 6.45 %
10/28/2019 12:27:31 PM Page 1 of 2
TOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEWTOWN OF VAIL BUSINESS REVIEW
AugustAugustAugustAugust
Sales Tax Newsletter
August 2019 Sales TaxAugust 2019 Sales TaxAugust 2019 Sales TaxAugust 2019 Sales Tax
TOTALTOTALTOTALTOTAL
AugustAugustAugust
2018 2019 %
Collections Collections Change
Retail 756,952 802,613 6.03 %
Lodging And Property Mgmt 631,274 663,533 5.11 %
Food and Beverage 663,057 638,488 -3.71 %
Other 146,616 131,706 -10.17 %
Total 2,197,899 2,236,340 1.75 %
RETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARYRETAIL SUMMARY
AugustAugustAugust
2018 2019 %
Collections Collections Change
RETAIL-FOOD 149,799 160,653 7.25 %
RETAIL-LIQUOR 47,535 47,662 0.27 %
RETAIL-APPAREL 157,190 156,887 -0.19 %
RETAIL-SPORT 114,977 120,544 4.84 %
RETAIL-JEWELRY 28,550 34,068 19.33 %
RETAIL-GIFT 5,686 6,294 10.71 %
RETAIL-GALLERY 4,872 6,492 33.26 %
RETAIL-OTHER 248,254 267,514 7.76 %
RETAIL-HOME OCCUPATION 90 2,500 2,670.45 %
Total 756,952 802,613 6.03 %
10/28/2019 12:27:31 PM Page 2 of 2