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TOWN OF VAIL
REVENUE UPDATE May 5, 2020 Sales Tax
Upon receipt of all sales tax returns, March collections are estimated to be $2,269,869 down 46.4% from last year. Year to date collections of $10,553,574 are down 15.3% from prior year and up 14.0% from amended budget. Inflation as measured by the consumer price index was up 1.5% for March.
The 2020 original budget of $28,524,000 was amended to $21,374,000 in April, a 25% drop in budget and a decrease of 27% compared to 2019 collections of $29,250,698. Town Council will consider a further decrease in budgeted revenues later this month.
Real Estate Transfer Tax (RETT) RETT collections through April 29 total $1,746,011 down 14% 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 April 29 total $354,784 compared to $578,581 from this time last year. The 2020 budget totals $2,220,000, down 11.2% from 2019
collections. Summary Across all funds, year-to-date revenue of $23.5 million is up 1.6% from amended
budget. Year-to-date revenue is down 16.9% from prior year attributed to the
economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and construction activity.
MEMORANDUM
May 5, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: March 2020 Sales Tax and COVID-19 Impact Reporting
Vail will collect an additional $870,329 in deferred March sales tax to bring
collections up to $2,269,869.
Due to the economic impacts of COVID 19 on the business community, the Vail
Town Council elected to defer sales tax payments until August 2020;
businesses are still required to file regular sales tax returns while deferring
payments. A further analysis of the deferred March sales tax payments has
been provided on page three of this memo.
March will be down (46.4)% or $(1,968,064) from March 2019 and up 114.3%
or $1,210,866 from the amended budget.
1
2020 Amended 2020 YTD Budget % change % change
2015 2016 2017 2018 2019 Budget Total Variance from 2019 from Budget
January 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,016,771$ -$ 4,016,771$ (45,200)$ -1.55% -1.11%
February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 3,076,032 1,190,902 4,266,933 131,875$ 3.14%3.19%
March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 1,399,540 870,329 2,269,869 1,210,866 -46.44% 114.34%
YTD Total 11,344,706$ 11,710,800$ 11,060,211$ 11,583,846$ 12,455,014$ 9,256,032$ 8,492,344$ 2,061,230$ 10,553,574$ 1,297,542$ -15.27% 14.02%
April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 288,906
May 584,454 654,462 659,475 830,193 763,756 190,877
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 2,000,026
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 1,131,800
December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 3,798,824
Total 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 21,374,000$
Actual Collections
TOWN OF VAILSALES TAX
2020 Budget Comparison
Collected
Sales Tax
Deferred
Sales Tax
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
March Sales Tax By Year
(in Millions)
2
March Sales Tax Collected Vs. Deferred
1,880 Businesses filed and paid their March Town of Vail sales tax for a total of $1,399,540 collected revenue. 512
Businesses have not yet paid their March taxes for a total of $870,329.
Town of Vail COVID-19 Sales Tax Impact Reporting
In same period, prior year; Retail businesses comprised 30% of all sales tax collected; Accommodation Services were 42%;
Food and Beverage were 22%; and Other businesses were 5%.
Deferred Sales Tax by Business Type Paid Sales Tax by Business Type
Overall, 238 businesses filed returns for March without payment; an additional 283 have yet to file. Of these 512 outstanding returns;
153 businesses are located in Vail Village, 205 in Outlying Neighborhoods, 47 in Lionshead, and 107 Out of Town.
Deferred Vs. Collected Sales Tax By Business Location
March Tax Payments Collected Vs. Deferred
Collected
$1,399,540
62%
Deferred
$870,329
38%
1,880 Collected
Payments
79%
512 Deferred
Payments
21%
Accommodation
Services
$533,852
38%
Other
$179,088
13%
Food and
Beverage
$138,190
10%
Retail
$548,411
39%
Accommodation
Services
$374,885
43%
Other
$16,063
2%
Food and
Beverage
$266,595
31%
Retail
$212,787
24%
275.1
439.5
334.8
350.2
144.4
559.6
152.1
14.2
OUTLYING NEIGHBORHOODS
VAIL VILLAGE
LIONSHEAD VILLAGE
OUT OF TOWN
Deferred Revenue Collected Revenue (in Thousands)
3
Vail Business Review
February 2020
May 5, 2020
The Vail Business Review breaks down the four percent sales tax collected for the month of February. Overall February sales tax increased 3.1% with retail increasing 7.1%, lodging
increased 1.2%, food and beverage increased 3.2%, and utilities/other decreased by 1.9%. Excluding the out of town category; sales tax for the month of February was up 2.5%. 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 232,613.59 221,600.64 4.97%
Lodging 302,678.56 339,403.91 -10.82%
F & B 77,864.86 98,030.58 -20.57%
Other 8,268.83 9,971.43 -17.07%
Total 621,425.85 669,006.55 -7.11%
Retail 260,979.29 254,425.25 2.58%
Lodging 648,877.24 631,426.78 2.76%
F & B 173,819.80 165,987.38 4.72%
Other 4,210.62 4,531.65 -7.08%
Total 1,087,886.95 1,056,371.05 2.98%
Retail 207,264.66 159,573.26 29.89%
Lodging 5,759.96 10,213.15 -43.60%
F & B 86.19 1,762.99 -95.11%
Other 180,472.99 185,398.79 -2.66%
Total 393,583.81 356,948.19 10.26%
Retail 562,198.49 543,880.68 3.37%
Lodging 881,975.99 836,201.36 5.47%
F & B 679,160.96 636,311.72 6.73%
Other 40,701.43 38,369.83 6.08%
Total 2,164,036.86 2,054,763.59 5.32%
Retail 1,263,056.03 1,179,479.83 7.09%
Lodging 1,839,291.75 1,817,245.19 1.21%
F & B 930,931.81 902,092.67 3.20%
Other 233,653.88 238,271.70 -1.94%
Total 4,266,933.47 4,137,089.39 3.14%
Retail Apparel 205,821.49 191,717.78 7.36%
Retail Food 183,832.52 177,830.02 3.38%
Retail Gallery 5,549.24 5,356.42 3.60%
Retail Gift 4,384.69 6,238.76 -29.72%
Retail Home Occupation 40.40 184.83 -78.14%
Retail Jewelry 25,105.54 26,207.12 -4.20%
Retail Liquor 68,307.55 66,650.58 2.49%
Retail Other 266,995.32 220,209.66 21.25%
Retail Sport 503,019.28 485,084.67 3.70%
Total 1,263,056.03 1,179,479.83 7.09%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
February 2020 Sales Tax
February 2020
Collections
February 2019
Collections February % Change