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HomeMy WebLinkAbout03. 200407 Revenue Updates1 TOWN OF VAIL REVENUE UPDATE April 7, 2020 Sales Tax Upon receipt of all sales tax returns, February collections are estimated to be $4,127,713 down 0.7% from last year and up 1.9% compared to the 2020 amended budget. Year to date collections of $7,994,079 are down 2.7% from prior year and down 0.3% from amended budget. Inflation as measured by the consumer price index was up 2.3% for February. During today’s budget supplemental discussion, staff is recommending to reduce budgeted sales tax collections by $7.15M, or 25.1%. The 2020 amended budget will total $21,374,000 compared to 2019 collections of $29,250,698. Real Estate Transfer Tax (RETT) RETT collections through March 31 total $1,531,069 down 2.1% from the prior year. The 2020 annual RETT budget totals $6,300,000, down 12.8% from 2019 collections. Construction Use Tax Use Tax collections through March 31 total $252,129 compared to $230,943 from this time last year. The 2020 budget totals $2,220,000, down 11.2% from 2019 collections. Parking Revenue Season to date: Pass sales from November through March 14th (date of closing) total $1,764,343 up $84,442 or 7.8% from prior winter season. The majority of the increase in pass sales was largely due to purchases by local businesses and increased interest in value passes. Daily sales from the parking structures from November through March 14th total approximately $2,496,489 down $909,457 or 20.6% from the prior winter season through the end of March. Using the assumption that the parking structures will remain closed for remainder of the season, daily parking sales will be down $1,304,824 or 27.1% from the prior winter season. Combined pass and daily sales for the 2019/2020 season total $5,276,605, down $1,220,381 or 18.8% from prior year. MEMORANDUM April 7, 2020 To: Vail Town Council Kathleen Halloran From: Alex Jakubiec Re: February 2020 Sales Tax and COVID-19 Impact Reporting Vail will collect an estimated $1,313,809 in additional February sales tax to bring collections up to $4,127,713. Of the additional sales tax to be collected, $1,219,674 has been filed without payment, while the remaining $94,135 is an estimate of non-filed businesses. A further analysis of the deferred February sales tax payments has been provided on page three of this memo. February will be down (0.2)% or $(9,374) from February 2019 and up 1.9% or $77,305 from amended budget. Page 1 2020 Amended 2020 YTD Budget % change % change 2015 2016 2017 2018 2019 Budget Collections Variance from 2019 from Budget January 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 3,964,836$ 3,866,366$ (98,470)$ -5.24% -2.48% February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,050,408 4,127,713 77,305$ -0.23%1.91% YTD Total 7,290,745$ 7,484,879$ 3,725,212$ 7,415,966$ 8,217,081$ 8,015,244$ 7,994,079$ (21,165)$ -2.71% -0.26% March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,270,804 April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 433,359 May 584,454 654,462 659,475 830,193 763,756 114,526 June 1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 642,588 July 1,937,989 2,053,773 2,215,649 2,412,425 2,498,020 1,873,305 August 1,702,579 1,849,815 1,863,949 2,195,175 2,247,250 1,797,608 September 1,240,277 1,349,929 1,385,462 1,540,490 1,609,132 1,287,106 October 835,649 906,385 936,954 1,106,596 1,234,105 980,233 November 997,100 989,320 997,716 1,264,600 1,263,064 1,006,045 December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 3,376,733 Total 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 20,797,551$ Actual Collections TOWN OF VAILSALES TAX 2020 Budget Comparison 0.000.250.500.751.001.251.501.752.002.252.502.753.003.253.503.754.004.254.50 2015 2016 2017 2018 2019 2020 February Sales Tax By Year (in Millions) Page 2 February Sales Tax Collected Vs. Deferred 1,018 Businesses filed and paid their February Town of Vail sales tax for a total of $2,813,904 collected revenue. 167 Businesses have not yet paid their taxes including $1,219,674 in filed revenue and $94,135 in estimated revenue. Collected Payments Vs. Deferred Town of Vail COVID-19 Sales Tax Impact Reporting In February 2019, Retail businesses comprised 29% of all sales tax collected; Accommodation Services were 44%; Food and Beverage were 22%; and Other businesses were 6%. Deferred Sales Tax by Business Type Paid Sales Tax by Business Type Overall, 90 businesses filed returns for February without payment; an additional 77 have yet to file. Of the 90 filed returns; 61 were in Vail Village, 13 in Outlying Neighborhoods, 10 in Lionshead, and 6 Out of Town. Deferred Vs. Collected Sales Tax By Business Location Collected $2,813,904 68% Deferred $1,313,809 32% 1,018 Collected Payments 86% 167 Deferred Payments 14% Accommodation Services $1,113,523 40% Other $225,472 8% Food and Beverage $560,873 20% Retail $914,035 32%Accommodation Services $626,160 48% Other $1,114 0% Food and Beverage $372,355 28% Retail $314,182 24% 340.6 1237.1 913.3 323.0 248.0 932.4 131.3 2.1 CASCADE VILLAGE/EAST VAIL/WEST VAIL/SANDSTONE VAIL VILLAGE LIONSHEAD VILLAGE OUT OF TOWN Deferred Revenue Collected Revenue (in Thousands) Page 3 Vail Business Review January 2020 April 7, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of January. Please note, these figures do not include an estimate of quarterly sales taxes due to be collected in April. Overall January sales tax decreased 5.2% with retail decreasing 4.9%, lodging decreased 10.3%, food and beverage increased 1.9%, and utilities/other increased by 2.9%. Excluding the out of town category; sales tax for the month of January was down 3.7%. Town of Vail sales tax collections have moved online. Please visit vail.munirevs.com to file your return. 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 Page 1 Retail 227,224.14 220,022.69 3.27% Lodging 210,000.90 317,945.90 -33.95% F & B 78,456.11 76,129.00 3.06% Other 9,563.82 8,872.19 7.80% Total 525,244.97 622,969.77 -15.69% Retail 236,312.84 256,549.01 -7.89% Lodging 560,266.88 600,926.14 -6.77% F & B 163,283.84 168,371.78 -3.02% Other 5,847.63 4,822.38 21.26% Total 965,711.19 1,030,669.30 -6.30% Retail 143,172.27 213,773.83 -33.03% Lodging 8,695.88 11,042.69 -21.25% F & B 2,922.65 2,703.51 8.11% Other 190,886.67 196,165.22 -2.69% Total 345,677.47 423,685.25 -18.41% Retail 567,024.75 544,388.22 14.43% Lodging 766,381.56 791,879.76 5.64% F & B 659,349.71 639,891.82 0.17% Other 36,975.93 26,510.07 7.12% Total 2,029,731.95 2,002,669.87 7.08% Retail 1,173,734.00 1,234,733.74 -4.94% Lodging 1,545,345.22 1,721,794.48 -10.25% F & B 904,012.31 887,096.11 1.91% Other 243,274.05 236,369.86 2.92% Total 3,866,365.58 4,079,994.20 -5.24% Retail Apparel 203,208.59 189,808.87 7.06% Retail Food 185,585.02 180,227.70 2.97% Retail Gallery 8,823.19 5,833.75 51.24% Retail Gift 3,240.97 7,276.32 -55.46% Retail Home Occupation - 184.83 -100.00% Retail Jewelry 19,635.79 19,248.61 2.01% Retail Liquor 62,592.34 63,211.22 -0.98% Retail Other 192,295.92 273,252.44 -29.63% Retail Sport 498,352.18 495,690.01 0.54% Total 1,173,734.00 1,234,733.74 -4.94% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review January 2020 Sales Tax January 2020 Collections January 2020 Collections December % Change Total - All Areas Lionshead Out of Town Vail Village Retail Summary Page 2