HomeMy WebLinkAbout200407 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