HomeMy WebLinkAbout200804 Revenue UpdatesTOWN OF VAIL
REVENUE UPDATE
August 4, 2020
Sales Tax
Upon receipt of all sales tax returns, June collections are estimated to be $1,020,412;
down (36.5)% from last year. Year to date collections of $12,502,199 are down (23.2)%
from prior year and up 18.0% from amended budget. The 2020 sales tax collections are
budgeted to be $16.8M, a decrease of 43% from prior year collections. Inflation as
measured by the consumer price index was up 0.6% for June.
Real Estate Transfer Tax (RETT)
RETT collections through July 29 total $3,133,715 down (3.5)% 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 July 28 total $834,666 compared to $1,855,190 from this
time last year. The 2020 amended budget totals $1,800,000, down (18.9)% from 2019
collections.
Summary
Across all funds, year-to-date revenue of $31.3 million is up 2.1% from amended
budget. Year-to-date revenue is down (20.8)% from prior year attributed to the
economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and
construction activity. The town’s “Crisis” level recession plan has projected a 21%
decrease across all revenue streams for the full year 2020.
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MEMORANDUM
August 4, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: June 2020 Sales Tax and COVID-19 Impact Reporting
Vail will collect an estimated $215,876 in additional June sales tax to bring
collections up to $1,020,412. 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 June sales tax
payments has been provided on page four of this update.
June will be down (36.5)% or $(586,335) from June 2019 and up 81.5% or
$458,148 from the amended budget.
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2020 Amended 2020 YTD Budget % change % change
2015 2016 2017 2018 2019 Budget Total Variance from 2019 from Budget
January 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,065,777$ -$ 4,065,777$ 3,806$ -0.35%0.09%
February 3,593,947 3,746,055 3,692,592 3,818,356 4,137,087 4,135,058 3,332,750 946,845 4,279,595 144,537$ 3.44%3.50%
March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 1,689,131 528,166 2,217,297 1,158,294 -47.68% 109.38%
April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 413,171 9,388 422,559 72,559 -70.76% 20.73%
May 584,454 654,462 659,475 830,193 763,756 425,000 464,958 31,602 496,559 71,559 -34.98% 16.84%
June 1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 804,536 215,876 1,020,412 458,148 -36.49% 81.48%
YTD Total 14,542,489$ 14,773,103$ 14,496,448$ 15,295,956$ 16,270,588$ 10,593,296$ 10,770,323$ 1,731,876$ 12,502,199$ 1,908,903$ -23.16% 18.02%
July 1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209
August 1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804
September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553
October 835,649 906,385 936,954 1,106,596 1,165,176 490,116
November 997,100 989,320 997,716 1,264,600 1,260,314 767,472
December 3,885,849 3,840,919 3,695,305 4,070,870 4,237,178 2,532,550
Total 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 16,800,000$
Actual Collections
TOWN OF VAILSALES TAX
2020 Budget Comparison
Collected
Sales Tax
Deferred
Sales Tax
0.000.100.200.300.400.500.600.700.800.901.001.101.201.301.401.501.601.701.80
2015 2016 2017 2018 2019 2020
June Sales Tax By Year
(in Millions)
0.001.002.003.004.005.006.007.008.009.0010.0011.0012.0013.0014.0015.0016.0017.00
2015 2016 2017 2018 2019 2020
YTD Sales Tax By Year
January 1st - June 30th (in Millions)
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June Sales Tax Collected Vs. Deferred
2,039 Businesses filed and paid their June Town of Vail sales tax for a total of $804,536 collected revenue. 168 Businesses
have not yet paid their June taxes for a total of $215,876.
Town of Vail COVID-19 Sales Tax Impact Reporting
In same period, prior year; Retail businesses comprised 36% of all sales tax collected; Accommodation Services were 26%;
Food and Beverage were 30%; and Other businesses were 8%.
Deferred Sales Tax by Business Type Paid Sales Tax by Business Type
Overall, 168 businesses filed returns for June without payment. Of these 168 outstanding returns; 63 businesses are located
in Vail Village, 41 in Outlying Neighborhoods, 26 in Lionshead, and 38 Out of Town.
Deferred Vs. Collected Sales Tax By Business Location
June Tax Payments Collected Vs. Deferred
Collected
$804,536
79%
Deferred
$215,876
21%
2,039 Collected
Payments
92%
168 Deferred
Payments
8%
Accommodation
Services
$109,076 - 14%
Other
$94,985
12%
Food and
Beverage
$172,031
21%
Retail
$428,445
53%
Accommodation
Services
$100,857 - 47%
Other
$0
0%
Food and
Beverage
$59,223
26%
Retail
$59,795
27%
207.7
281.3
62.4
253.1
0.5
128.6
86.1
0.6
OUTLYING NEIGHBORHOODS
VAIL VILLAGE
LIONSHEAD VILLAGE
OUT OF TOWN
Deferred Revenue Collected Revenue (in Thousands)
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Vail Business Review
May 2020
August 4, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of May.
Overall May sales tax decreased (35.0)% with retail decreasing (3.2)%, lodging decreased (82.4)%, food and beverage decreased (72.2)%, and utilities/other decreased by (12.5)%. Excluding the out of town category; sales tax for the month of May was Down (50.6)%.
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
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Retail 112,435.38 90,666.37 24.01%
Lodging 10,918.67 35,507.62 -69.25%
F & B 17,025.59 34,504.58 -50.66%
Other 2,448.27 6,688.13 -63.39%
Total 142,827.91 167,366.70 -14.66%
Retail 5,148.23 12,250.49 -57.98%
Lodging 1,373.76 42,299.93 -96.75%
F & B 5,763.82 28,153.26 -79.53%
Other - 624.16 -100.00%
Total 12,285.81 83,327.84 -85.26%
Retail 152,819.54 157,483.71 -2.96%
Lodging 429.12 2,204.03 -80.53%
F & B 7.84 247.23 -96.83%
Other 96,794.84 105,941.09 -8.63%
Total 250,051.34 265,876.06 -5.95%
Retail 52,313.94 72,890.51 -28.23%
Lodging 12,110.56 61,300.53 -80.24%
F & B 25,944.23 112,337.85 -76.91%
Other 1,025.47 1,303.10 -21.31%
Total 91,394.20 247,831.99 -63.12%
Retail 322,717.09 333,291.08 -3.17%
Lodging 24,832.11 141,312.11 -82.43%
F & B 48,741.48 175,242.92 -72.19%
Other 100,268.58 114,556.48 -12.47%
Total 496,559.26 764,402.59 -35.04%
Retail Apparel 18,643.85 36,049.24 -48.28%
Retail Food 85,308.94 72,588.66 17.52%
Retail Gallery 1,080.19 562.10 92.17%
Retail Gift 209.87 1,350.73 -84.46%
Retail Home Occupation 186.90 105.35 77.41%
Retail Jewelry 7,399.50 8,747.44 -15.41%
Retail Liquor 27,718.54 20,256.69 36.84%
Retail Other 165,111.76 175,136.66 -5.72%
Retail Sport 17,057.54 18,494.21 -7.77%
Total 322,717.09 333,291.08 -3.17%
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
May 2020 Sales Tax
May 2020 Collections May 2019 Collections May % Change
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
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