HomeMy WebLinkAbout201103 Revenue UpdateTOWN OF VAIL
REVENUE UPDATE
November 3, 2020
Sales Tax
Upon receipt of all sales tax returns, September collections are estimated to be
$1,741,702 up 8.8% from last year. Year to date collections of $18,466,608 are down
(18.2)% from prior year and up 41.9% from amended budget. The town's amended
sales tax budget of $16.8M has already been exceeded. Staff has forecasted annual
collections of $22.3M for year-end. Inflation as measured by the consumer price index
was up 1.4% for September.
Real Estate Transfer Tax (RETT)
RETT collections through October 27 total $7,615,315 up 43.1 % 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 October 27 total $1,893,623 compared to $2,378,844 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 $48.7 million is up 13.8% from amended
budget. Year-to-date revenue is down (10.0)% 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.
MEMORANDUM
November 3, 2020
To: Vail Town Council
Kathleen Halloran
From: Alex Jakubiec
Re: September 2020 Sales Tax
Vail will collect an estimated $5,150 in additional September sales tax to bring
collections up to $1,741,702. September will be up 8.8% or $141,602 from
September 2019 and up 170.6% or $1,098,149 from the amended budget.
Year to date will be down (18.2)% or $(4,121,422) from 2019 and up 41.9% or
$5,456,746 from amended budget.
TOWN OF VAIL
SALES TAX
2020 Budget Comparison
2015
Actual Collections
2017
2018
2019 i
2020 Amended
Budget
Collected
Sales Tax
Budget
Variance
% change
from 2019
% chang
from Budgqjj
January
$ 3,696,798
$ 3,738,824
$ 3,725,212
$ 3,597,610
$ 4,079,994
$ 4,061,971
$ 4,072,996
$ 11,025
-0.17%
0.27%
February
3,593,947
3,746,055
3,692,592
3,818,356
4,137,087
4,135,058
4,282,611
$ 147,553
3.52%
3.57%
March
4,053,961
4,225,921
3,642,407
4,167,880
4,237,933
1,059,003
2,216,259
1,157,256
-47.70%
109.28%
April
1,370,929
1,089,749
1,386,780
1,233,474
1,445,071
350,000
425,340
75,340
-70.57%
21.53%
May
584,454
654,462
659,475
830,193
763,756
425,000
500,809
75,809
-34.43%
17.84%
June
1,242,400
1,318,092
1,389,982
1,648,443
1,606,748
562,264
1,030,003
467,739
-35.90%
83.19%
July
1,937,989
2,053,773
2,215,649
2,412,425
2,480,292
874,209
2,072,555
1,198,346
-16.44%
137.08%
August
1,702,579
1,849,815
1,863,949
2,195,175
2,237,050
898,804
2,124,333
1,225,529
-5.04%
136.35%
September
1,240,277
1,349,929
1,385,462
1,540,490
1,600,100
643,553
1,741,702
1,098,149
8.85%
170.64%
YTD Total
$19,423,334
$20,026,620
$19,961,508
$21,444,046
$22,588,030
$ 13,009,862
$18,466,608
$ 5,456,746
-18.25%
41.94%
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
$18,466,608
$1.80
$1.60
$1.40
$1.20
$1.00
$0.80
$0.60
$0.40
$0.20
$0.00
September Sales Tax By Year YTD Sales Tax By Year
(in Millions) Jan. 1 - Sept. 30 (in Millions)
2015 2016 2017 2018 2019 2020
$24.0
$22.0
$20.0
$18.0
$16.0
$14.0
$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
2015 2016 2017 2018 2019 2020
TOWN OF VA
75 South Frontage Road West
Vail, Colorado 81657
vailgov.com
Vail Business Review
August 2020
November 3, 2020
Finance Department
970.479.2100
970.479.2248 fax
The Vail Business Review breaks down the four percent sales tax collected for the
month of August.
Overall, August sales tax decreased (5.5)% with retail increasing 17.5%, lodging
decreased (19.9)%, food and beverage decreased (17.6)%, and utilities/other
decreased by (13.6)%. Excluding the out of town category; sales tax for the month of
August was down (12.3)%.
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
Town of Vail Business Review
August 2020 Sales Tax
TOWN OF VAI
August 2020 August 2019
August %Change
Collections Collections
Cascade Village / East Vail / Sandstone / West Vail
Retail
191,888.89 175,744.98
9.19%
Lodging
94,416.24 111,258.23
-15.14%
F & B
50,947.80 117,088.17
-56.49%
Other
4,788.85 11,260.51
-57.47%
Total
342,041.78 415,351.89
-17.65%
Lionshead
Retail
71,706.03
82,540.48
-13.13%
Lodging
147,943.32
235,105.91
-37.07%
F & B
79,506.38
96,878.15
-17.93%
Other
5.39
523.11
-98.97%
Total
299,161.12
415,047.65
-27.92%
Out of Town
Retail
348,737.65
223,780.10
55.84%
Lodging
3,517.83
2,792.00
26.00%
F & B
1,496.55
1,630.71
-8.23%
Other
96,153.72
109,328.86
-12.05%
Total
449,905.75
337,531.67
33.29%
Vail Village
Retail
330,661.45
320,155.71
3.28%
Lodging
286,576.64
315,367.23
-9.13%
F & B
403,405.30
433,798.35
-7.01%
Other
12,581.17
10,281.10
22.37%
Total
1,033,224.56
1,079,602.39
-4.30%
Total - All Areas
Retail
942,994.02
802,221.27
17.55%
Lodging
532,454.03
664,523.38
-19.87%
F & B
535,356.03
649,395.38
-17.56%
Other
113,529.13
131,393.58
-13.60%
Total
2,124,333.21
2,247,533.60
-5.48%
Retail Summary
Retail Apparel
163,639.68
156,756.17
4.39%
Retail Food
167,375.19
161,309.37
3.76%
Retail Gallery
163,816.45
6,492.45
2,423.19%
Retail Gift
5,368.00
7,397.14
-27.43%
Retail Home Occupation
92.15
76.45
20.54%
Retail Jewelry
34,212.73
33,003.15
3.67%
Retail Liquor
55,593.81
46,215.54
20.29%
Retail Other
242,559.08
270,427.45
-10.31%
Retail Sport
110,336.94
120,543.57
-8.47%
Total
942,994.02
802,221.27
17.55%