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TOWN OF VAIL
REVENUE UPDATE January 7, 2020
Sales Tax Upon receipt of all sales tax returns, November collections are estimated to be $1,228,212 down 2.9% from last year and up 17.2% compared to budget. Year to date collections of $24,943,799 are up 4.7% from prior year and up 7.7% from budget. Inflation as measured by the consumer price index was up 2.1% for
November. The annual budget totals $27.1 million.
Real Estate Transfer Tax (RETT) RETT collections through December 31 total $7,030,773 down 3.0% from this
time last year. 2018 was a record year, with annual collections totaling $7.6M,
up 21% from 2017. The 2019 amended RETT budget totals $6,500,000.
Construction Use Tax
Use Tax collections through December 31 total $2,468,832 compared to $3,689,130 from this time last year. The majority of the variance from prior year is due to use tax collections from Vail Health remodel. The annual budget totals $2,220,000.
Parking Revenue
Season to date:
Pass sales from November through December 31 total $1,601,590 up $125,658 or 8.5% 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 December 30 total approximately $1,601,590, down $239,307, or 17.7% from the prior winter season.
Summary Across all funds, year-to-date total revenue of $71.0 million is up 8.7% from amended budget and down 1.9% from prior year. The majority of the decrease from prior year is related to construction use tax collections and construction related fees. 2018 was a record year for construction activity with construction
fee collections totaling $3.0M compared to $2.0M in 2019.
MEMORANDUM
January 7, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: November 2019 Sales Tax
Vail will collect an estimated $94,700 in additional November sales tax to bring
collections up to $1,228,212. November will be down 2.88% or $36,388 from
November 2018 and up 17.81% or $185,632 from budget.
Year to date will be up 4.7% or $1,128,557 from 2018 and up 7.7% or $1,790,399 from budget.
2019 2019 YTD Budget % change % change
2014 2015 2016 2017 2018 Budget Collections Variance from 2018 from Budget
January 3,483,245$ 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 3,858,900$ 4,078,416$ 219,516$ 13.36%5.69%
February 3,477,419 3,593,947 3,746,055 3,692,592 3,818,356 3,872,440 4,133,730 261,290 8.26%6.75%
March 3,788,185 4,053,961 4,225,921 3,642,407 4,167,880 4,197,400 4,234,684 37,284 1.60%0.89%
April 1,280,641 1,370,929 1,089,749 1,386,780 1,233,474 1,313,380 1,443,201 129,821 17.00%9.88%
May 607,729 584,454 654,462 659,475 830,193 717,620 762,178 44,558 -8.19%6.21%
June 1,153,247 1,242,400 1,318,092 1,389,982 1,648,443 1,462,320 1,605,142 142,822 -2.63%9.77%
July 1,829,102 1,937,989 2,053,773 2,215,649 2,412,425 2,274,720 2,496,045 221,325 3.47%9.73%
August 1,674,813 1,702,579 1,849,815 1,863,949 2,195,175 2,003,920 2,245,316 241,396 2.28% 12.05%
September 1,054,015 1,240,277 1,349,929 1,385,462 1,540,490 1,462,320 1,607,187 144,867 4.33%9.91%
October 752,295 835,649 906,385 936,954 1,106,596 947,800 1,109,688 161,888 0.28% 17.08%
November 962,344 997,100 989,320 997,716 1,264,600 1,042,580 1,228,212 185,632 -2.88% 17.81%
YTD Total 20,063,035$ 21,256,083$ 21,922,325$ 21,896,178$ 23,815,242$ 23,153,400$ 24,943,799$ 1,790,399$ 4.74%7.73%
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
$900,000
$950,000
$1,000,000
$1,050,000
$1,100,000
$1,150,000
$1,200,000
$1,250,000
$1,300,000
2014 2015 2016 2017 2018 2019
November Sales Tax Collections by Year
Vail Business Review
October 2019
January 7, 2020
The Vail Business Review breaks down the four percent sales tax collected for the month of October 2019 and the summer collections of May through October.
Overall October sales tax decreased 0.1% with retail increasing 9.5%, lodging decreased 20.2%, food and beverage decreased 8.9%, and utilities/other increased by 23.8%. Excluding the out of town category; sales tax for the month of October was down 7.9%.
Summer sales tax collections increased 0.8% with retail increasing 5.7%, lodging increased 1.6%, food and beverage decreased 5.4%, and utilities/other decreased by 0.4%. Excluding the out of town category; summer sales tax collections is down 0.3%.
Electronic filing and payment of Vail sales tax is now mandatory. Please file online at https://vail.munirevs.com
Town of Vail sales tax filing, the Vail Business Review and sales tax worksheets are availableon the internet at www.vailgov.com/finance. 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. The review does not include an estimate of quarterly nor annual sales tax returns due by January 20, 2020.
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
Retail 110,231.08 102,699.96 7.33%
Lodging 34,977.23 65,669.81 -46.74%
F & B 57,538.85 58,651.72 -1.90%
Other 7,300.13 7,289.67 0.14%
Total 210,047.29 234,311.16 -10.36%
Retail 28,957.70 27,814.60 4.11%
Lodging 65,188.12 62,723.91 3.93%
F & B 41,851.45 38,218.36 9.51%
Other 335.23 159.05 110.77%
Total 136,332.50 128,915.92 5.75%
Retail 223,960.05 196,380.43 14.04%
Lodging 1,591.24 1,948.34 -18.33%
F & B 134.44 448.79 -70.04%
Other 156,030.54 121,048.66 28.90%
Total 381,716.27 319,826.23 19.35%
Retail 125,151.65 118,903.94 5.25%
Lodging 92,553.73 113,246.49 -18.27%
F & B 164,137.17 192,133.90 -14.57%
Other 1,127.47 4,623.33 -75.61%
Total 382,970.02 428,907.66 -10.71%
Retail 488,300.48 445,798.93 9.53%
Lodging 194,310.32 243,588.55 -20.23%
F & B 263,661.91 289,452.77 -8.91%
Other 164,793.37 133,120.72 23.79%
Total 1,111,066.08 1,111,960.97 -0.08%
Retail Apparel 65,697.04 64,500.43 1.86%
Retail Food 87,603.07 83,354.71 5.10%
Retail Gallery 1,514.19 2,045.52 -25.98%
Retail Gift 2,812.45 2,569.02 9.48%
Retail Home Occupation - 211.63 -100.00%
Retail Jewelry 11,228.33 10,358.09 8.40%
Retail Liquor 25,049.30 25,226.58 -0.70%
Retail Other 248,001.33 215,848.70 14.90%
Retail Sport 46,394.77 41,684.25 11.30%
Total 488,300.48 445,798.93 9.53%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
October 2019 Sales Tax
October 2019
Collections
October 2018
Collections October % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Retail 836,387.27 822,476.57 1.69%
Lodging 484,674.92 509,595.35 -4.89%
F & B 440,655.55 447,016.49 -1.42%
Other 58,777.25 45,677.83 28.68%
Total 1,820,494.99 1,824,766.24 -0.23%
Retail 314,618.45 301,666.68 4.29%
Lodging 890,962.71 735,445.72 21.15%
F & B 444,457.85 517,733.93 -14.15%
Other 4,803.43 19,978.57 -75.96%
Total 1,654,842.44 1,574,824.90 5.08%
Retail 1,172,936.10 1,080,324.34 8.57%
Lodging 16,824.60 13,647.19 23.28%
F & B 6,011.94 5,179.97 16.06%
Other 689,727.31 680,140.87 1.41%
Total 1,885,499.96 1,779,292.38 5.97%
Retail 1,365,232.31 1,284,907.35 6.25%
Lodging 1,231,598.51 1,324,117.42 -6.99%
F & B 1,844,209.07 1,922,291.66 -4.06%
Other 38,820.49 49,703.24 -21.90%
Total 4,479,860.39 4,581,019.67 -2.21%
Retail 3,689,174.13 3,489,374.95 5.73%
Lodging 2,624,060.75 2,582,805.68 1.60%
F & B 2,735,334.41 2,892,222.05 -5.42%
Other 792,128.49 795,500.50 -0.42%
Total 9,840,697.78 9,759,903.19 0.83%
Retail Apparel 686,524.11 665,447.97 3.17%
Retail Food 728,787.94 704,229.95 3.49%
Retail Gallery 28,705.35 17,353.48 65.42%
Retail Gift 25,483.22 24,573.96 3.70%
Retail Home Occupation 440.04 570.13 -22.82%
Retail Jewelry 134,784.53 119,404.47 12.88%
Retail Liquor 219,273.93 225,059.78 -2.57%
Retail Other 1,397,653.62 1,295,602.27 7.88%
Retail Sport 467,521.40 437,132.93 6.95%
Total 3,689,174.13 3,489,374.95 5.73%
Total - All Areas
Retail Summary
Town of Vail Business Review
Summer 2019 Sales Tax May-October
Vail Village
Summer YTD 2018
Collections
2019 Summer %
Change
Lionshead
Out of Town
Summer YTD 2019
Collections
Cascade Village / East Vail / Sandstone / West Vail