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HomeMy WebLinkAbout01. 191203 Revenue Updates1 TOWN OF VAIL REVENUE UPDATE December 3, 2019 Sales Tax Upon receipt of all sales tax returns, October collections are estimated to be $1,109,909 up 0.3% from last year and up 17.1% compared to budget. Year to date collections of $23,702,135 are up 5.1% from prior year and up 7.2% from budget. Inflation as measured by the consumer price index was up 1.8% for October. The annual budget totals $27.1 million. Real Estate Transfer Tax (RETT) RETT collections through November 26 total $6,369,619 down 3.0% 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 November 26 total $2,453,940 compared to $3,686,978 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 $60.9 million is up 4.6% from amended budget and up 0.2% from prior year. MEMORANDUM December 3, 2019 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: October 2019 Sales Tax Vail will collect an estimated $77,500 in additional October sales tax to bring collections up to $1,109,909. October will be up 0.3% or $3,313 from October 2018 and up 17.1% or $162,109 from budget. Year to date will be up 5.1% or $1,151,493 from 2018 and up 7.2% or $1,591,315 from budget. 2019 2019 YTD Budget % change % change 2014 2015 2016 2017 2018 Budget Collections Variance from 2018 from Budget January 3,483,245$ 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 1,605,015 142,695 -2.63% 9.76% July 1,829,102 1,937,989 2,053,773 2,215,649 2,412,425 2,274,720 2,495,308 220,588 3.44% 9.70% August 1,674,813 1,702,579 1,849,815 1,863,949 2,195,175 2,003,920 2,244,101 240,181 2.23% 11.99% September 1,054,015 1,240,277 1,349,929 1,385,462 1,540,490 1,462,320 1,603,429 141,109 4.09% 9.65% October 752,295 835,649 906,385 936,954 1,106,596 947,800 1,109,909 162,109 0.30% 17.10% YTD Total 19,100,691$ 20,258,983$ 20,933,005$ 20,898,462$ 22,550,642$ 22,110,820$ 23,702,135$ 1,591,315$ 5.11% 7.20% 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 - - - - Total 23,881,131$ 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 27,080,000$ Actual Collections TOWN OF VAILSALES TAX 2019 Budget Comparison $650,000 $700,000 $750,000 $800,000 $850,000 $900,000 $950,000 $1,000,000 $1,050,000 $1,100,000 $1,150,000 2014 2015 2016 2017 2018 2019 October Sales Tax Collections by Year Vail Business Review September 2019 December 3, 2019 The Vail Business Review breaks down the four percent sales tax collected for the month of September 2019 and year to date collections through the third quarter of 2019. Overall September sales tax increased 3.9% with retail increasing 7.6%, lodging increased 9.5%, food and beverage decreased 2.7%, and utilities/other decreased by 4.8%. Excluding the out of town category; sales tax for the month of September was up 3.1%. Year to date sales tax through the third quarter of 2019 increased 5.3% with retail increasing 7.1%, lodging increased 7.9%, food and beverage increased 0.9%, and utilities/other increased by 0.4%. Excluding the out of town category; sales tax year to date is up 5.5%. Town of Vail sales tax forms, 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 Carlie Smith at (970) 479-2119. Sincerely, Alex Jakubiec Sales Tax Administrator F & B 75,598.53                                  80,676.18                                 ‐6.29% Other 11,062.78                                  6,680.59                                   65.60% Lodging 83,557.71                                  85,730.99                                 ‐2.54% Retail 127,217.39                                126,616.03                               0.47% Total 297,436.41                                299,703.80                              ‐0.76% Other 525.50                                       3,718.35                                   ‐85.87% F & B 74,155.03                                  84,029.24                                 ‐11.75% Lodging 156,516.80                                117,458.88                               33.25% Retail 47,565.94                                  46,803.82                                 1.63% Total 278,763.27                                252,010.30                               10.62% Other 97,338.34                                  105,300.82                               ‐7.56% F & B 1,095.78                                    773.79                                      41.61% Lodging 2,608.03                                    3,077.18                                   ‐15.25% Retail 198,130.34                                168,974.41                               17.25% Total 299,172.49                                278,126.21                               7.57% F & B 312,310.90                                310,496.81                               0.58% Other 12,295.41                                  11,603.21                                 5.97% Lodging 195,941.73                                194,148.88                               0.92% Retail 207,508.48                                196,937.32                               5.37% Total 728,056.52                                713,186.22                               2.09% F & B 463,160.24                                475,976.02                               ‐2.69% Other 121,222.04                                127,302.98                               ‐4.78% Lodging 438,624.26                                400,415.93                               9.54% Retail 580,422.15                                539,331.59                               7.62% Total 1,603,428.68                            1,543,026.52                           3.91% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review September 2019 Sales Tax September 2019  Collections  September 2018  Collections September % Change Total ‐ All Areas Lionshead Out of Town Vail Village Other 84,237.17                                   66,456.94                                  26.75% F & B 707,341.83                                 691,840.94                                2.24% Lodging 1,473,182.99                             1,119,822.13                            31.56% Retail 1,511,722.36                             1,488,739.90                            1.54% Total 3,776,484.35                             3,366,859.91                            12.17% Other 19,722.04                                   34,160.45                                  ‐42.27% F & B 970,872.93                                 984,677.91                                ‐1.40% Lodging 2,776,308.02                             2,461,957.06                            12.77% Retail 1,133,624.17                             1,046,756.99                            8.30% Total 4,900,527.16                             4,527,552.41                            8.24% Other 1,241,444.68                             1,221,218.78                            1.66% F & B 12,255.07                                   10,960.37                                  11.81% Lodging 58,751.07                                   172,317.52                                ‐65.91% Retail 1,657,509.56                             1,453,335.09                            14.05% Total 2,969,960.38                             2,857,831.76                            3.92% F & B 3,844,505.64                             3,798,837.43                            1.20% Other 140,212.95                                 157,862.86                                ‐11.18% Lodging 3,788,977.54                             3,752,917.97                            0.96% Retail 3,169,053.21                             2,988,681.28                            6.04% Total 10,942,749.34                           10,698,299.54                          2.28% F & B 5,534,975.47                             5,486,316.65                            0.89% Other 1,485,616.84                             1,479,699.03                            0.40% Lodging 8,097,219.62                             7,507,014.68                            7.86% Retail 7,471,909.30                             6,977,513.26                            7.09% Total 22,589,721.23                           21,450,543.62                          5.31% Retail Apparel 1,303,289.38                             1,247,559.27                            4.47% Retail Food 1,284,697.06                             1,234,523.87                            4.06% Retail Gallery 44,346.77                                   24,866.41                                  78.34% Retail Gift 44,686.44                                   40,471.84                                  10.41% Retail Home Occupation 1,099.89                                     877.19                                        25.39% Retail Jewelry 205,342.36                                 185,773.82                                10.53% Retail Liquor 421,829.58                                 426,948.17                                ‐1.20% Retail Other 2,078,187.58                             1,855,453.73                            12.00% Retail Sport 2,088,430.24                             1,961,038.96                            6.50% Total 7,471,909.30                             6,977,513.26                            7.09% Total ‐ All Areas Retail Summary Town of Vail Business Review September YTD 2019 Sales Tax Vail Village  September YTD 2018  Collections September % Change Lionshead Out of Town September YTD 2019  Collections Cascade Village / East Vail / Sandstone / West Vail