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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