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HomeMy WebLinkAbout13. 201201 Revenue UpdateTOWN OF VAIL REVENUE UPDATE December 1, 2020 Sales Tax Upon receipt of all sales tax returns, October collections are estimated to be $1,271,287 up 9.1% from last year, or $106,111. October will be up 159.4% or $781,171 from amended budget. Year to date collections of $19,755,632 are down (16.8)% or $(3,997,574) from prior year and up 46.3% or $6,255,654 from amended budget. Inflation as measured by the consumer price index was up 1.2% for October. Real Estate Transfer Tax (RETT) RETT collections through November 24 total $8,734,230 up 37.0% 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 November 24 total $1,936,697 compared to $2,453,281 from this time last year. The 2020 amended budget totals $1,800,000, down (18.9)% from 2019 collections. Parking Preseason parking pass sale revenue through November 20 totals $658,557 down (42.8)% or $(493,685) compared to the same period last year. As of November 20, a total of 694 parking passes had been sold, compared to 1,060 last year. Summary Across all funds, year-to-date revenue of $52.0 million is up 15.0% from amended budget. Year-to-date revenue is down (12.7)% from prior year attributed to the economic impacts of COVID-19 on sales tax collections, parking sales, lift tax, and construction activity. The town’s “Crisis” level recession plan has projected a 21% decrease across all revenue streams for the full year 2020. 1 2020 AmendedBudget % change % change 20152016201720182019 BudgetVariance from 2019 from BudgetJanuary3,696,798$ 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 4,282,616 147,558$ 3.52% 3.57%March4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 1,059,003 2,216,958 1,157,955 -47.69% 109.34%April1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 350,000 425,568 75,568 -70.55% 21.59%May584,454 654,462 659,475 830,193 763,756 425,000 502,068 77,068 -34.26% 18.13%June1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 562,264 1,032,653 470,389 -35.73% 83.66%July1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 874,209 2,077,684 1,203,475 -16.23% 137.66%August1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 898,804 2,132,143 1,233,339 -4.69% 137.22%September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 643,553 1,741,658 1,098,105 8.85% 170.63%October835,649 906,385 936,954 1,106,596 1,165,176 490,116 1,271,287 781,171 9.11% 159.38%YTD Total20,258,983$ 20,933,005$ 20,898,462$ 22,550,642$ 23,753,206$ 13,499,978$ 19,755,632$ 6,255,654$ -16.83% 46.34%November997,100 989,320 997,716 1,264,600 1,260,314 767,472 December3,885,849 3,840,919 3,695,305 4,070,870 4,237,178 2,532,550 Total25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 16,800,000$ 19,755,632$ Actual CollectionsCollected Sales TaxDecember 1, 2020Town of Vail Revenue UpdateSALES TAX2020 Budget Comparison2 Through October 31st Town of Vail Revenue Update December 1, 2020 YTD Sales Tax Collections by Year October Sales Tax Collections by Year $20,933,005 $20,898,462 $22,550,642 $23,753,206 $19,755,632 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2016 2017 2018 2019 2020 • Year to date collections of $19,755,632 are down (16.8)% from prior year and up 46.3% from amended budget. • Inflation as measured by the consumer price index was up 1.2% for October. $906,385 $936,954 $1,106,596 $1,165,176 $1,271,287 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 2016 2017 2018 2019 2020 • Vail will collect an estimated $26,300 in additional October sales tax to bring collections up to $1,271,287. October will be up 9.1% from last year. • October will be 159.4% higher than budget. Amended budget for 2020 sales tax totals $16.8M, compared to $29.3M actual collections in 2019. 3 YTD Through November Town of Vail Revenue Update December 1, 2020 Real Estate Transfer Tax by Year Construction Use Tax by Year YTD Through November $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 2016 2017 2018 2019 2020 Sales Less Than $2.5 Million Sales $2.5 to $5.0 Million Sales $5 to $10 Million Sales Over $10 Million $4,645,311 $5,729,548 $6,569,078 $6,376,609 $8,734,230 • This chart shows YTD collections of 1% RETT, segmented by individual home sale value. • 2020 RETT collections through November 23 total $8,734,230 up 37.0% from the prior year. $1,743,113 $1,753,782 $3,899,634 $2,453,281 $1,936,697 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 2016 2017 2018 2019 2020 • Use Tax collections through November 23 total $1,936,697 compared to $2,453,281 from this time last year. This is a decrease of (21.1)% 4 Town of Vail Revenue Update December 1, 2020 Pre-Season Parking Pass Sales by Year Revenue by Pass Type - Prior to Opening DayPasses Sold by Type • 694 total parking passes have been sold for the 2020/21 ski season as of November 20th, down (34.5)% or (366) passes from the same period last year. • YTD, 2020/21 parking pass sales total $658,557, down (42.8)% or $(493,685) from last year. This includes $57,607 from pre-paid value passes. Prior to the 2019/20 ski season, $129,487 had been loaded on to pre-paid value passes by opening day. • Red parking passes were offered for the first time in the 2019/20 ski season. Green parking passes were eliminated for the 2020/21 season. • Paid parking began on 11/20/2020. An update on daily parking revenue will be included in the next revenue update. $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 2018 2019 2020 $940,135 $1,152,242 $658,557 29 34 36353835 434 540 256 42 84 321 266 283 95 140 - 0 100 200 300 400 500 600 700 800 900 1,000 1,100 2018 2019 2020 694 914 1,060 5 Vail Business Review September 2020 December 1, 2020 The Vail Business Review breaks down the four percent sales tax collected for the month of September 2020 and year to date collections through the third quarter of 2019. Overall, September sales tax increased 8.2% with retail increasing 27.3%, lodging increased 1.5%, food and beverage decreased (4.9)%, and utilities/other decreased by (9.4)%. Excluding the out of town category; sales tax for the month of increased 8.7%. Year to date sales tax through the third quarter of 2020 decreased (18.3)% with retail decreasing (7.9)%, lodging decreased (24.1)%, food and beverage decreased (26.6)%, and utilities/other decreased by (7.8)%. Excluding the out of town category; sales tax year to date is down (21.4)%. 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 6 Town of Vail Business Review September Tax Collections by Year September 2020 Sales Tax Sales Tax Collections by Business Type September 2019September 2020 Retail $741,872 Lodging $447,070 Food & Beverage $442,937 Utilities & Other $109,779 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 27.3% (4.9)% (9.4)% Retail $582,747 Lodging $440,566 Food & Beverage $465,728 Utilities & Other $121,203 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $1,741,658 $1,600,100 $1,540,490 $1,385,462 $1,349,929 $0 $500,000 $1,000,000 $1,500,000 $2,000,000 2020 2019 2018 2017 2016 1.5% • This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales • Overall, September 2020 sales tax collections were up 8.2% from prior year. • COVID-19 impacts to sales tax collections for Summer 2020 were significantly lower than anticipated. The sales tax budget for 2020 totals $16.8M, compared to $29.3M actual collections in 2019. • September retail sales increased 27.3%, lodging increased 1.5%, food and beverage decreased (4.9)% and utilities and other decreased 9.4%. Retail sales increased significantly across all geographic areas and retailer types. 7 Town of Vail Business Review September 2020 Sales Tax September 2019 September 2020 Geographic Area Trends by Year September Sales Tax Sales Tax by Location Other Areas 18% Lionshead 16% Out of Town 18% Vail Village 48% Other Areas 18% Lionshead 17% Out of Town 19% Vail Village 46% • Vail Village sales tax increased 15.0%, Lionshead decreased (3.4)%, Other Areas increased 4.7%, and Out of Town increased 5.7%. Excluding Out of Town collections, all areas were up 8.7%. $180,126 $202,794 $296,825 $309,118 $219,101 $252,226 $252,251 $280,388 $270,980 $278,080 $299,899 $316,983 $664,471 $707,990 $716,336 $734,658 $844,577 $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2016 2017 2018 2019 2020 Other Areas Lionshead Out of Town Vail Village • This chart shows September sales tax collections, by geographic area over time. 8 Retail Business Sales Tax Detail - September 2020 Sales Tax Town of Vail Business Review September 2020 Sales Tax September Sales Tax Accommodation Services Sales Tax by Year Apparel $141,312 Grocery $151,019 Gallery $9,876 Gifts $4,542Jewelry $26,672 Retail Liquor $47,608 Retail Other $247,016 Sporting Goods $113,734 Retail Home Occupation $92... • Overall, September accommodations services were up 1.5%, short-term rentals were up 26.3% and hotels and lodges were down (3.5)%. • The Town of Vail adopted marketplace facilitator tax rules on October 1st, 2020. This change in remittance requirements is anticipated to have a positive impact on short-term rental sales tax collections going forward. $338,183 $61,890 $366,984 $73,582 $354,173 $92,897 $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Hotels/Lodges Short-Term Rentals 2020 2019 2018 9 Retail 170,482.27 125,767.38 35.55% Lodging 86,726.13 84,357.98 2.81% F & B 45,863.78 74,236.96 ‐38.22% Other 6,045.93 10,937.93 ‐44.73% Total 309,118.11 295,300.25 4.68% Retail 53,778.82 47,565.94 13.06% Lodging 150,907.72 156,819.04 ‐3.77% F & B 66,288.91 75,544.03 ‐12.25% Other 4.65 458.62 ‐98.99% Total 270,980.10 280,387.63 ‐3.36% Retail 215,313.42 198,933.34 8.23% Lodging 3,574.57 2,358.72 51.55% F & B 787.02 1,095.78 ‐28.18% Other 97,308.33 97,511.49 ‐0.21% Total 316,983.35 299,899.33 5.70% Retail 302,297.52 210,480.61 43.62% Lodging 205,861.36 197,030.26 4.48% F & B 329,997.47 314,851.63 4.81% Other 6,420.36 12,295.41 ‐47.78% Total 844,576.71 734,657.91 14.96% Retail 741,872.04 582,747.27 27.31% Lodging 447,069.78 440,566.01 1.48% F & B 442,937.18 465,728.40 ‐4.89% Other 109,779.27 121,203.45 ‐9.43% Total 1,741,658.27 1,610,245.12 8.16% Retail Apparel 141,312.49 105,490.81 33.96% Retail Food 151,018.63 109,654.45 37.72% Retail Gallery 9,876.45 6,004.40 64.49% Retail Gift 4,541.97 3,400.56 33.57% Retail Home Occupation 92.15 76.45 20.54% Retail Jewelry 26,672.32 24,630.09 8.29% Retail Liquor 47,607.72 34,051.94 39.81% Retail Other 247,016.11 224,368.15 10.09% Retail Sport 113,734.21 75,070.44 51.50% Total 741,872.04 582,747.27 27.31% Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review September 2020 Sales Tax September 2020  Collections  September 2019  Collections September % Change 10 Town of Vail Business Review September YTD Tax Collections by Year September YTD 2020 Sales Tax Sales Tax Collections by Business Type September YTD 2019September YTD 2020 Retail $6,887,570 Lodging $6,154,249 Food & Beverage $4,070,188 Utilities & Other $1,368,065 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 (7.9)% (26.6)% (7.8)% Retail $7,481,146 Lodging $8,113,666 Food & Beverage $5,541,351 Utilities & Other $1,482,921 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $18,480,073 $22,619,084 $21,454,560 $19,972,747 $20,032,057 $0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 2020 2019 2018 2017 2016 (24.1)% • This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales • Overall, YTD 2020 through September 30th sales tax collections were down (18.3)% from prior year. • YTD September 2020 retail sales decreased (7.9)%, lodging decreased (24.1)%, food and beverage decreased (26.6)% and utilities and other decreased (7.8)%. 11 Town of Vail Business Review September YTD 2020 Sales Tax September YTD 2019 September YTD 2020 Geographic Area Trends by Year September YTD Sales Tax Sales Tax by Location Other Areas 17% Lionshead 19% Out of Town 16% Vail Village 47% Other Areas 17% Lionshead 22% Out of Town 13% Vail Village 49% • Vail Village sales tax decreased (20.4)%, Lionshead decreased (27.2)%, Other Areas decreased (16.6)%, and Out of Town increased 2.1%. Excluding Out of Town collections, all areas were down (21.4)%. $3,062,287 $2,503,224 $3,360,265 $3,750,953 $3,126,809 $4,389,264 $4,527,267 $4,527,186 $4,903,966 $3,570,934 $2,582,100 $2,405,249 $2,841,746 $2,970,403 $3,033,790 $9,998,406 $10,537,007 $10,725,363 $10,993,762 $8,748,539 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 $8,000,000 $9,000,000 $10,000,000 $11,000,000 $12,000,000 2016 2017 2018 2019 2020 Other Areas Lionshead Out of Town Vail Village • This chart shows September YTD sales tax collections, by geographic area over time. 12 Retail Business Sales Tax Detail - YTD September 30th 2020 Town of Vail Business Review September YTD 2020 Sales Tax September YTD Sales Tax Accommodation Services Sales Tax by Year Apparel $1,116,071 Grocery $1,309,341 Gallery $207,948 Gifts $30,520 Jewelry $193,146 Retail Liquor $429,194 Retail Other $1,973,280 Sporting Goods $1,627,041 Retail Home Occupation $1,029... • Overall, YTD September accommodations services were down (24.1)%, short-term rentals were down (9.7)% and hotels and lodges were down (27.4)%. • The Town of Vail adopted marketplace facilitator tax rules on October 1st, 2020. This change in remittance requirements is anticipated to have a positive impact on short-term rental sales tax collections going forward. $6,234,253 $1,275,394 $6,610,046 $1,503,620 $4,797,080 $1,357,169 $0 $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000 $7,000,000 Hotels/Lodges Short-Term Rentals 2020 2019 2018 13 Retail 1,579,855.24 1,497,907.72 5.47% Lodging 1,075,646.68 1,478,297.79 ‐27.24% F & B 425,310.42 691,462.75 ‐38.49% Other 45,996.95 83,284.54 ‐44.77% Total 3,126,809.29 3,750,952.80 ‐16.64% Retail 841,811.85 1,137,367.25 ‐25.99% Lodging 2,051,882.02 2,776,201.36 ‐26.09% F & B 664,670.40 972,259.80 ‐31.64% Other 12,569.95 18,137.80 ‐30.70% Total 3,570,934.22 4,903,966.21 ‐27.18% Retail 1,810,834.29 1,660,969.51 9.02% Lodging 37,031.24 55,583.26 ‐33.38% F & B 9,056.48 12,255.07 ‐26.10% Other 1,176,868.18 1,241,595.41 ‐5.21% Total 3,033,790.19 2,970,403.24 2.13% Retail 2,655,069.08 3,184,901.61 ‐16.64% Lodging 2,989,689.00 3,803,583.12 ‐21.40% F & B 2,971,150.59 3,865,373.44 ‐23.13% Other 132,630.14 139,903.51 ‐5.20% Total 8,748,538.81 10,993,761.68 ‐20.42% Retail 6,887,570.46 7,481,146.09 ‐7.93% Lodging 6,154,248.94 8,113,665.53 ‐24.15% F & B 4,070,187.89 5,541,351.06 ‐26.55% Other 1,368,065.22 1,482,921.26 ‐7.75% Total 18,480,072.51 22,619,083.93 ‐18.30% Retail Apparel 1,116,070.90 1,302,729.75 ‐14.33% Retail Food 1,309,341.11 1,287,106.41 1.73% Retail Gallery 207,948.31 44,698.37 365.23% Retail Gift 30,520.35 45,760.86 ‐33.30% Retail Home Occupation 1,028.60 1,099.89 ‐6.48% Retail Jewelry 193,145.99 203,267.89 ‐4.98% Retail Liquor 429,194.45 421,829.58 1.75% Retail Other 1,973,279.93 2,080,407.36 ‐5.15% Retail Sport 1,627,040.82 2,094,245.97 ‐22.31% Total 6,887,570.46 7,481,146.09 ‐7.93% Cascade Village / East Vail / Sandstone / West Vail Town of Vail Business Review September YTD 2020 Sales Tax September YTD 2020  Collections  September YTD 2019  Collections September YTD % Change Total ‐ All Areas Lionshead Out of Town Vail Village Retail Summary 14