HomeMy WebLinkAbout200303 Revenue Updates1
TOWN OF VAIL REVENUE UPDATE
March 3, 2020
Sales Tax
Upon receipt of all sales tax returns, January collections are estimated to be $4,061,971 down 0.4% from last year and up 2.5% compared to budget. Inflation as measured by the consumer price index was up 2.5% for January. The annual
budget totals $28.5 million.
Real Estate Transfer Tax (RETT) RETT collections through February 26 total $883,563 up 19.9% from this time
last year. The annual budget totals $6,300,000.
Construction Use Tax Use Tax collections through February 26 total $152,429 compared to $123,087
from this time last year. The annual budget totals $2,220,000.
Parking Revenue
Season to date:
Pass sales from November through February 25th total $1,742,841 up $114,730 or 7.0% 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 February 25th total approximately $2,869,121, down $177,290, or 5.8% from the prior winter season.
MEMORANDUM
March 3, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: January 2020 Sales Tax
Vail will collect an estimated $175,000 in additional January sales tax to bring
collections up to $4,061,971. January will be down (0.4)% or $(18,023) from
January 2019 and up 2.5% or $97,135 from budget.
2020 2020 YTD Budget % change % change
2015 2016 2017 2018 2019 Budget Collections Variance from 2019 from Budget
January 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 3,964,836$ 4,061,971$ 97,135$ -0.44% 2.45%
YTD Total 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 3,964,836$ 4,061,971$ 97,135$ -0.44% 2.45%
February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,050,408
March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 4,278,600
April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 1,397,676
May 584,454 654,462 659,475 830,193 763,756 770,148
June 1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 1,597,344
July 1,937,989 2,053,773 2,215,649 2,412,425 2,498,020 2,424,540
August 1,702,579 1,849,815 1,863,949 2,195,175 2,247,250 2,224,872
September 1,240,277 1,349,929 1,385,462 1,540,490 1,609,132 1,597,344
October 835,649 906,385 936,954 1,106,596 1,234,105 1,055,388
November 997,100 989,320 997,716 1,264,600 1,263,064 1,112,436
December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 4,050,408
Total 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 28,524,000$
Actual Collections
TOWN OF VAILSALES TAX
2020 Budget Comparison
$3,500,000
$3,600,000
$3,700,000
$3,800,000
$3,900,000
$4,000,000
$4,100,000
2015 2016 2017 2018 2019 2020
January Tax Collections by Year
Vail Business Review
December 2019
March 3, 2020
The Vail Business Review breaks down the four percent sales tax collected for the month of December and the year.
Overall December sales tax increased 5.1% with retail increasing 6.1%, lodging
increased 7.2%, food and beverage decreased 0.8%, and utilities/other increased by
5.9%. Excluding the out of town category; sales tax for the month of December was up 5.2% or $188,839.
The year resulted in a 5.3% increase overall with retail increasing 7.9%, lodging
increased 7.0%, food and beverage decreased less than <0.1%, and utilities/other increased by 3.4%. Excluding the out of town category; sales tax for 2019 was up 4.9%, or $1,167,455.
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
Retail 303,824.00 314,215.98 -3.31%
Lodging 225,939.86 228,534.08 -1.14%
F & B 66,045.11 71,072.99 -7.07%
Other 9,396.16 8,837.80 6.32%
Total 605,205.13 622,660.85 -2.80%
Retail 262,350.02 275,454.03 -4.76%
Lodging 559,882.52 485,569.01 15.30%
F & B 134,784.58 137,915.60 -2.27%
Other 2,271.80 3,842.43 -40.88%
Total 959,288.92 902,781.07 6.26%
Retail 268,233.30 253,482.05 5.82%
Lodging 5,665.58 12,807.27 -55.76%
F & B 1,759.72 1,421.61 23.78%
Other 177,057.40 165,955.23 6.69%
Total 452,716.01 433,666.16 4.39%
Retail 822,456.95 718,765.82 14.43%
Lodging 798,608.03 755,991.16 5.64%
F & B 609,023.52 607,961.17 0.17%
Other 36,368.95 33,952.00 7.12%
Total 2,266,457.45 2,116,670.16 7.08%
Retail 1,656,864.27 1,561,917.88 6.08%
Lodging 1,590,095.99 1,482,901.53 7.23%
F & B 811,612.93 818,371.37 -0.83%
Other 225,094.32 212,587.46 5.88%
Total 4,283,667.50 4,075,778.24 5.10%
Retail Apparel 273,695.57 250,927.49 9.07%
Retail Food 239,961.12 253,417.41 -5.31%
Retail Gallery 6,661.26 10,805.06 -38.35%
Retail Gift 7,406.10 10,138.84 -26.95%
Retail Home Occupation 100.74 196.55 -48.74%
Retail Jewelry 68,205.44 53,300.91 27.96%
Retail Liquor 79,360.06 82,695.81 -4.03%
Retail Other 355,759.03 323,842.98 9.86%
Retail Sport 625,714.95 576,592.83 8.52%
Total 1,656,864.27 1,561,917.88 6.08%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
December 2019 Sales Tax
December 2019
Collections
December 2018
Collections December % Change
Retail 2,028,942.62 2,012,401.22 0.82%
Lodging 1,826,250.89 1,483,450.09 23.11%
F & B 841,421.98 853,273.15 -1.39%
Other 105,277.71 86,303.23 21.99%
Total 4,801,893.20 4,435,427.69 8.26%
Retail 1,482,843.80 1,413,646.17 4.89%
Lodging 3,485,008.30 3,095,427.17 12.59%
F & B 1,194,010.80 1,211,664.60 -1.46%
Other 22,857.73 38,930.13 -41.29%
Total 6,184,720.63 5,759,668.07 7.38%
Retail 2,474,702.74 2,119,822.66 16.74%
Lodging 67,576.40 186,688.08 -63.80%
F & B 14,322.78 13,347.50 7.31%
Other 1,718,494.62 1,635,603.29 5.07%
Total 4,275,096.54 3,955,461.53 8.08%
Retail 4,308,504.59 3,996,669.72 7.80%
Lodging 4,824,300.35 4,767,460.09 1.19%
F & B 4,825,813.44 4,800,358.00 0.53%
Other 184,637.40 202,830.55 -8.97%
Total 14,143,255.78 13,767,318.36 2.73%
Retail 10,294,993.75 9,542,539.77 7.89%
Lodging 10,203,135.94 9,533,025.43 7.03%
F & B 6,875,569.00 6,878,643.25 -0.04%
Other 2,031,267.46 1,963,667.20 3.44%
Total 29,404,966.15 27,917,875.65 5.33%
Retail Apparel 1,717,443.30 1,639,467.06 4.76%
Retail Food 1,703,175.60 1,657,026.11 2.79%
Retail Gallery 55,772.56 41,400.61 34.71%
Retail Gift 58,781.98 56,494.25 4.05%
Retail Home Occupation 1,402.12 1,466.83 -4.41%
Retail Jewelry 291,994.26 256,147.64 13.99%
Retail Liquor 557,102.94 565,699.63 -1.52%
Retail Other 3,023,738.74 2,635,939.45 14.71%
Retail Sport 2,885,582.25 2,688,898.19 7.31%
Total 10,294,993.75 9,542,539.77 7.89%
Total - All Areas
Retail Summary
Town of Vail Business Review
2019 Sales Tax
Vail Village
2018 Collections 2019 % Change
Lionshead
Out of Town
2019 Collections
Cascade Village / East Vail / Sandstone / West Vail