HomeMy WebLinkAbout03. 210105 Revenue Update1
TOWN OF VAIL
REVENUE UPDATE
January 5, 2021
Sales Tax
Upon receipt of all sales tax returns, November collections are estimated to be
1,381,380 up 9.6% from last year and up 82.7% compared to budget. Year to
date collections of $21,159,765 are down (15.4)% from prior year and up 6.0%
from amended budget. Inflation as measured by the consumer price index was up
1.2% for November. The annual budget totals $22.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through December 28 total $9,839,995 up 36.2% from this time
last year. The 2020 amended annual RETT budget totals $8,650,000. The
previous record high for RETT collections was in 2018 with $7,649,014.
Construction Use Tax
Use Tax collections through December 28 total $2,068,169 compared to
2,468,068 from this time last year. The 2020 amended budget totals $1,930,000.
Parking Revenue
Season to date:
Pass sales from November through December 25 total $929,339 down $(595,606)
or (39.1)% from prior winter season. The majority of the decrease in pass sales
is due to fewer purchases of blue passes by Vail Health in 2020. Prepaid
revenue on value passes was also lower.
Daily sales from the parking structures from November through December 25 total
approximately $969,831, up $214,568, or 28.4% from this time last year.
Summary
Across all funds, year-to-date total revenue of $60.0 million is down 3.7% from
amended budget and down (11.6)% from prior year attributed to the economic
impacts of COVID-19 on sales tax collections, parking sales and construction
activity. The town’s “Crisis” level recession plan has projected a 21% decrease
across all revenue streams for the full year 2020.
2020 Amended Budget % change % change
2015 2016 2017 2018 2019 Budget Variance from 2019 from Budget
January 3,696,798$ 3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,061,971$ 4,073,023$ 11,052$ -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%
March 4,053,961 4,225,921 3,642,407 4,167,880 4,237,933 2,149,476 2,217,257 67,781 -47.68% 3.15%
April 1,370,929 1,089,749 1,386,780 1,233,474 1,445,071 400,000 425,791 25,791 -70.53% 6.45%
May 584,454 654,462 659,475 830,193 763,756 450,000 502,266 52,266 -34.24% 11.61%
June 1,242,400 1,318,092 1,389,982 1,648,443 1,606,748 950,000 1,032,848 82,848 -35.72% 8.72%
July 1,937,989 2,053,773 2,215,649 2,412,425 2,480,292 2,000,000 2,078,303 78,303 -16.21% 3.92%
August 1,702,579 1,849,815 1,863,949 2,195,175 2,237,050 2,100,000 2,134,944 34,944 -4.56% 1.66%
September 1,240,277 1,349,929 1,385,462 1,540,490 1,600,100 1,735,000 1,757,603 22,603 9.84% 1.30%
October 835,649 906,385 936,954 1,106,596 1,165,176 1,220,000 1,273,735 53,735 9.32% 4.40%
November 997,100 989,320 997,716 1,264,600 1,260,314 756,188 1,381,380 625,192 9.61% 82.68%
YTD Total 21,256,083$ 21,922,325$ 21,896,178$ 23,815,242$ 25,013,520$ 19,957,693$ 21,159,765$ 1,202,072$ -15.41% 6.02%
December 3,885,849 3,840,919 3,695,305 4,070,870 4,237,178 2,542,307
Total 25,141,932$ 25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 22,500,000$ 21,159,765$
Actual Collections Collected
Sales Tax
January 5, 2021
Town of Vail Revenue Update
SALES TAX
2020 Budget Comparison
2
Through November 30th
Town of Vail Revenue Update
January 5, 2021
YTD Sales Tax Collections by Year
November Sales Tax Collections by Year
21,922,325
21,896,178
23,815,242
25,013,520
21,159,765
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 $21,159,765 are down (15.4)% from prior year and up 6.0% from
amended budget.
Inflation as measured by the consumer price index was up 1.2% for November.
The 2020 Amended sales tax budget totals $22.5M, down (23.2)% compared to actual collections
of $29.3M in 2019
989,320
997,716
1,264,600
1,260,314
1,381,380
0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
2016
2017
2018
2019
2020
Vail will collect an estimated $53,200 in additional November sales tax to bring collections up to
1,381,380. November will be up 9.6% from last year.
November will be up 82.7% from amended budget.
3
YTD Through December
Construction Use Tax by Year
YTD Through December
Town of Vail Revenue Update
January 5, 2021
Real Estate Transfer Tax by Year
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
6,801,765
6,313,611
7,649,014
7,224,668
9,839,995
This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
2020 RETT collections through December 28 total $9,839,995 up 36.2% from the prior year.
1,791,542 $1,754,375
3,967,787
2,468,068
2,068,169
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 December 28 total $2,068,169 compared to $2,468,068 from this
time last year. This is a decrease of (16.2)%
4
Parking Pass Sales by Year
Town of Vail Revenue Update
January 5, 2021
Paid Parking Revenue - YTD Through December 25th
Revenue by Pass Type - Through December25thPassesSoldbyType
1,042 total parking passes have been sold for the 2020/21 ski season as of December 25th, down
23.7)% or (323) passes from the same period last year.
YTD, 2020/21 parking pass sales total $929,339, down (39.1)% or $(595,606) from last year. 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.
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
1,300,000
1,400,000
1,500,000
1,600,000
2018 2019 2020
1,361,582
1,524,945
929,339
39 4038535240
506
595
313
71
167
512
447
484
129
160
0
100
200
300
400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
2018 2019 2020
1,042
1,365
1,239
Daily sales from the parking structures from November through December 25 total $969,831, up $214,568, or
28.4% from the prior winter.
0 $200,000 $400,000 $600,000 $800,000 $1,000,000
2018
2019
2020
5
Vail Business Review
October 2020
January 5, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of October 2020.
Overall, October sales tax increased 8.9% with retail increasing 1.2%, lodging increased
29.2%, food and beverage increased 14.2%, and utilities/other decreased by (7.8)%.
Excluding the out of town category; sales tax for the month of increased 12.5%.
Town of Vail sales tax forms, the Vail Business Review and sales tax worksheets are
available on the internet at www.vailgov.com/finance.
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
October 2020
Sales Tax Collections by Business Type
Town of Vail Business Review
October Tax Collections by Year
October 2020 Sales Tax
October 2019
Retail
554,571
Lodging
311,242
Food &
Beverage
296,440
Utilities &
Other
111,482
0
100,000
200,000
300,000
400,000
500,000
600,000
1.2%
14.2%
7.8)%
Retail
547,952
Lodging
240,953
Food &
Beverage
259,576
Utilities &
Other
120,863
0
100,000
200,000
300,000
400,000
500,000
600,000
1,273,735
1,169,345
1,110,970
942,395
912,307
0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000
2020
2019
2018
2017
2016
29.2%
This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
This report does not include an estimate of quarterly sales taxes, due on January 20th, 2021.
Overall, October 2020 sales tax collections were up 8.9% from prior year.
The sales tax budget for 2020 totals $16.8M, compared to $29.3M actual collections in 2019.
October retail sales increased 1.2%, lodging increased 29.2%, food and beverage increased 14.2%
and utilities and other decreased (7.8)%.
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Geographic Area Trends by Year
October Sales Tax
Sales Tax by Location
Town of Vail Business Review
October 2020 Sales Tax
October 2019October2020
Other
Areas
17%
Lionshead
10%
Out of
Town
32%
Vail Village
42%
Other
Areas
20%
Lionshead
13%
Out of
Town
34%
Vail Village
33%
Vail Village sales tax increased 36.7%, Lionshead decreased (14.6)%, Other Areas decreased
10.6)%, and Out of Town increased 2.0%. Excluding Out of Town collections, all areas were up
12.5%.
158,643 $
175,010
233,264 $239,531 $
214,166
151,030
126,265 $129,073 $143,234
122,280
223,071 $225,754
319,265
397,465 $405,418
379,563
415,366 $429,368
389,114
531,871
0
100,000
200,000
300,000
400,000
500,000
600,000
2016 2017 2018 2019 2020
Other Areas Lionshead Out of Town Vail Village
This chart shows October sales tax collections, by geographic area over time.
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October Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail - October 2020 Sales Tax
Town of Vail Business Review
October 2020 Sales Tax
Apparel
100,653
Grocery
113,762
Gallery
8,466
Gifts
4,645Jewelry
19,470
Retail Liquor
39,279
Retail Other
204,168
Sporting Goods
64,086
Retail Home
Occupation
42...
Overall, October accommodations services were up 22.3%, short-term rentals were up 49.5% and hotels
and lodges were up 11.5%.
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.
170,850
72,645
169,513
67,768
188,929
101,291
0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000
Hotels/Lodges
Short-Term Rentals
2020 2019 2018
9
Retail 135,344.80 111,724.63 21.14%
Lodging 31,624.93 61,563.58 -48.63%
F & B 41,620.95 58,754.90 -29.16%
Other 5,575.07 7,488.19 -25.55%
Total 214,165.75 239,531.30 -10.59%
Retail 33,007.32 28,792.41 14.64%
Lodging 53,153.82 77,295.70 -31.23%
F & B 36,117.16 36,799.87 -1.86%
Other 1.38 346.51 -99.60%
Total 122,279.68 143,234.49 -14.63%
Retail 184,983.13 283,077.11 -34.65%
Lodging 115,640.08 2,559.39 4418.26%
F & B 1,447.45 182.11 694.81%
Other 103,347.25 111,646.59 -7.43%
Total 405,417.91 397,465.21 2.00%
Retail 201,235.96 124,357.99 61.82%
Lodging 110,823.06 99,534.40 11.34%
F & B 217,254.00 163,839.50 32.60%
Other 2,558.21 1,381.76 85.14%
Total 531,871.23 389,113.65 36.69%
Retail 554,571.21 547,952.13 1.21%
Lodging 311,241.89 240,953.08 29.17%
F & B 296,439.56 259,576.38 14.20%
Other 111,481.91 120,863.06 -7.76%
Total 1,273,734.57 1,169,344.65 8.93%
Retail Apparel 100,652.60 65,611.39 53.41%
Retail Food 113,761.94 89,793.59 26.69%
Retail Gallery 8,466.29 1,595.61 430.60%
Retail Gift 4,645.03 2,693.93 72.43%
Retail Home Occupation 42.40 100.74 -57.91%
Retail Jewelry 19,470.10 10,511.30 85.23%
Retail Liquor 39,279.01 25,049.30 56.81%
Retail Other 204,168.32 305,854.06 -33.25%
Retail Sport 64,085.52 46,742.21 37.10%
Total 554,571.21 547,952.13 1.21%
Total - All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
October 2020 Sales Tax
October 2020
Collections
October 2019
Collections October % Change
10