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TOWN OF VAIL
REVENUE UPDATE
June 2, 2020
Sales Tax
Upon receipt of all sales tax returns, April collections are estimated to be
$356,061 down 75.4% from last year. Year to date collections of $10,915,312 are
down 21.5% from prior year and up 13.6% from amended budget. Inflation as
measured by the consumer price index was up 0.3% for April.
The 2020 original budget of $28,524,000 was amended to $21,374,000 in April
and is proposed to be amended again to $16,800,000 during today’s budget
supplemental. This is a total decrease of 41% from the 2020 original budget and
a 40% decrease compared to 2019 collections of $29,250,698.
Real Estate Transfer Tax (RETT)
RETT collections through May 27 total $2,069,914 down 17% 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 May 27 total $557,755 compared to $846,684 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 $25.8 million is down 3.2% from
amended budget. Year-to-date revenue is down 17.5% from prior year attributed
to the economic impacts of COVID-19 on sales tax collections, parking sales, lift
tax, and construction activity.
MEMORANDUM
June 2, 2020 To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: April 2020 Sales Tax and COVID-19 Impact Reporting Vail will collect an estimated $21,670 in additional April sales tax to bring
collections up to $356,061. 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 April sales tax payments has been provided on page three of this memo.
April will be down (75.4)% or $(1,089,010) from April 2019 and up 1.7% or $6,061 from the amended budget.
2020 Amended2020 YTD Budget % change % change 20152016201720182019BudgetTotal Variance from 2019 from BudgetJanuary3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,023,457$ -$ 4,023,457$ (38,514)$ -1.39% -0.95%February3,593,947 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%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 1,484,139 784,721 2,268,861 1,209,858 -46.46% 114.24%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 334,391 21,670 356,061 6,061 -75.36%1.73%YTD Total12,715,635$ 12,800,549$ 12,446,991$ 12,817,320$ 13,900,085$ 9,606,032$ 8,918,019$ 1,997,293$ 10,915,312$ 1,309,280$ -21.47% 13.63%May584,454 654,462 659,475 830,193 763,756 425,000 June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 July1,937,989 2,053,773 2,215,649 2,412,425 2,498,020 874,209 August1,702,579 1,849,815 1,863,949 2,195,175 2,247,250 898,804 September 1,240,277 1,349,929 1,385,462 1,540,490 1,609,132 643,553 October835,649 906,385 936,954 1,106,596 1,234,105 490,116 November997,100 989,320 997,716 1,264,600 1,263,064 767,472 December 3,885,849 3,840,919 3,695,305 4,070,870 4,283,668 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,405,827$ 16,800,000$ Actual CollectionsTOWN OF VAILSALES TAX2020 Budget ComparisonCollected Sales TaxDeferred Sales Tax0.000.250.500.751.001.251.502015 2016 2017 2018 2019 2020April Sales Tax By Year(in Millions)
April Sales Tax Collected Vs. Deferred
1,050 Businesses filed and paid their April Town of Vail sales tax for a total of $334,391 collected revenue. 138
Businesses have not yet paid their April taxes for a total of $21,670.
Town of Vail COVID-19 Sales Tax Impact Reporting
In same period, prior year; Retail businesses comprised 42% of all sales tax collected; Accommodation Services were 24%;
Food and Beverage were 23%; and Other businesses were 11%.
Deferred Sales Tax by Business Type Paid Sales Tax by Business Type
Overall, 138 businesses filed returns for April without payment. Of these 138 outstanding returns; 93 businesses are
located in Vail Village, 16 in Outlying Neighborhoods, 21 in Lionshead, and 8 Out of Town.
Deferred Vs. Collected Sales Tax By Business Location
April Tax Payments Collected Vs. Deferred
Collected
$334,391
94%
Deferred
$21,670
6%
1,050 Collected
Payments
88%
138 Deferred
Payments
12%
Accommodation
Services
$11,746 - 3%
Other
$116,006
35%
Food and
Beverage
$14,438
4%
Retail
$192,201
57%
Accommodation
Services
$3,234 - 15%
Other
$30
0%
Food and
Beverage
$3,385
16%
Retail
$15,021
69%
106.4
21.8
11.7
195.0
9.8
9.8
1.8
0.2
OUTLYING NEIGHBORHOODS
VAIL VILLAGE
LIONSHEAD VILLAGE
OUT OF TOWN
Deferred Revenue Collected Revenue (in Thousands)
Vail Business Review
March 2020
June 2, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of March.
Overall March sales tax decreased (46.6)% with retail decreasing (40.2)%, lodging decreased (49.1)%, food and beverage decreased (58.0)%, and utilities/other decreased by (14.0)%. Excluding the out of town category; sales tax for the month of March was Down (51.0)%.
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 Town of Vail Revenue Manager
Retail 189,677.09 213,288.51 -11.07%
Lodging 178,218.20 308,864.99 -42.30%
F & B 49,628.38 85,423.90 -41.90%
Other 4,446.06 9,656.94 -53.96%
Total 421,969.73 617,234.34 -31.64%
Retail 108,911.50 267,441.42 -59.28%
Lodging 311,697.95 612,471.38 -49.11%
F & B 62,316.77 180,444.26 -65.46%
Other 2,233.72 4,543.21 -50.83%
Total 485,159.94 1,064,900.27 -54.44%
Retail 189,814.81 160,607.33 18.19%
Lodging 3,714.17 16,275.64 -77.18%
F & B 268.64 1,165.38 -76.95%
Other 170,198.63 182,414.32 -6.70%
Total 363,996.25 360,462.67 0.98%
Retail 268,117.01 624,066.61 -57.04%
Lodging 423,975.98 863,728.97 -50.91%
F & B 286,539.11 682,988.48 -58.05%
Other 19,102.97 31,334.46 -39.04%
Total 997,735.07 2,202,118.52 -54.69%
Retail 756,520.41 1,265,403.87 -40.22%
Lodging 917,606.30 1,801,340.98 -49.06%
F & B 398,752.90 950,022.02 -58.03%
Other 195,981.38 227,948.93 -14.02%
Total 2,268,860.99 4,244,715.80 -46.55%
Retail Apparel 103,609.05 216,465.79 -52.14%
Retail Food 158,071.64 175,211.21 -9.78%
Retail Gallery 1,520.40 5,786.58 -73.73%
Retail Gift 2,116.98 7,368.52 -71.27%
Retail Home Occupation - 184.83 -100.00%
Retail Jewelry 13,988.27 21,906.96 -36.15%
Retail Liquor 46,012.51 65,853.18 -30.13%
Retail Other 221,304.31 226,014.70 -2.08%
Retail Sport 209,897.25 546,612.10 -61.60%
Total 756,520.41 1,265,403.87 -40.22%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
March 2020 Sales Tax
March 2020 Collections March 2019
Collections March % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary