HomeMy WebLinkAbout04. 210202 Revenue UpdatesTOWN OF VAIL
REVENUE UPDATE
February 2, 2021
Sales Tax
Upon receipt of all sales tax returns, December collections are estimated to be
3,429,711 down (19.1)% from last year and up 34.9% compared to budget. Year
to date collections of $24,731,256 are down (15.5)% from prior year and up 9.9%
from amended budget. Inflation as measured by the consumer price index was up
1.4% for December. The 2020 annual budget totals $22.5 million.
Real Estate Transfer Tax (RETT)
2020 RETT collections through December 31st total $10,273,270, up 42.2% from
2019. The 2020 RETT amended budget totals $8,650,000.
During 2020 there were a total of 14 properties sold over $10 million, 31
properties sold between $5 and $10 million, and 59 properties sold between
2.5 and $5 million. These properties accounted for 66% of the total RETT
collections.
January RETT collections total $288,295. The 2021 RETT budget totals
7,000,000.
Construction Use Tax
Use Tax collections through December 31st total $2,078,827 compared to
2,468,068 from this time last year. The 2020 amended budget totals $1,930,000.
January collections total $53,189. The 2021 use tax budget totals $2,250,000.
Parking Revenue
Season to date:
Pass sales from November through January 26th total $1,030,034 down $(661,223)
or (39.1)% from prior winter season. The majority of the decrease in pass sales is
due to fewer purchases of blue passes and lower prepaid revenue on value
passes.
Daily sales from the parking structures from November through January 24th total
approximately $2,200,996, up $388,241, or 21.4% from this time last year.
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Summary
Across all funds, full year 2020 revenue of $65.6 million is up 4.5% from amended
budget and down (12.0)% from prior year attributed to the economic impacts of
COVID-19 on sales tax collections, parking pass sales and construction activity.
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Through December 31st
Town of Vail Revenue Update
February 2, 2021
YTD Sales Tax Collections by Year
December Sales Tax Collections by Year
25,763,244
25,591,483
27,886,112
29,250,698
24,731,256
0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000
2016
2017
2018
2019
2020
Year to date collections of $24,731,256 are down (15.5)% from prior year and up 9.9% from
amended budget.
Inflation as measured by the consumer price index was up 1.4% for December.
The 2020 Amended sales tax budget totals $22.5M, down (23.2)% compared to actual collections
of $29.3M in 2019
3,840,919
3,695,305
4,070,870
4,237,178
3,429,711
0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000 $4,000,000 $4,500,000
2016
2017
2018
2019
2020
Vail will collect an estimated $38,692 in additional December sales tax to bring collections up to
3,429,711. December will be down (19.1)% from last year.
December will be up 34.9% from amended budget.
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YTD Through January
Construction Use Tax by Year
YTD Through January
Town of Vail Revenue Update
February 2, 2021
Real Estate Transfer Tax by Year
0
100,000
200,000
300,000
400,000
500,000
600,000
2017 2018 2019 2020 2021
Sales Less Than $2.5 Million Sales $2.5 to $5.0 Million Sales $5 to $10 Million Sales Over $10 Million
550,724
157,677 $169,253
578,116
288,295
This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
2021 RETT collections through January 27 total $288,295 down (50.1)% from the prior year.
21,120
128,680
88,640
101,261
53,189
0
25,000
50,000
75,000
100,000
125,000
150,000
2017 2018 2019 2020 2021
Use Tax collections through January 27 total $53,189 compared to $101,261 from this time last
year. This is a decrease of (47.5)%
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Paid Parking Revenue - Ski Season through January 24th
Town of Vail Revenue Update
February 2, 2021
Daily sales from the parking structures from November 2020 through January 26, 2021 total $2,200,996, up
388,241, or 21.4% from the prior winter.
2,061,084
1,812,755
2,200,996
0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000
2018/19
2019/20
2020/21
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Vail Business Review
November 2020
February 2, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of November 2020.
Overall, November sales tax increased 10.0% with retail increasing 16.7%, lodging
increased 23.0%, food and beverage decreased (13.2)%, and utilities/other increased
by 0.1%. Excluding the out of town category; sales tax for the month of decreased
3.8)%.
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
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Town of Vail Business Review
November Tax Collections by Year
November 2020 Sales Tax
November2019November2020
Sales Tax Collections by Business Type
Retail
669,542
Lodging
345,127
Food &
Beverage
225,423 Utilities &
Other
146,232
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
16.7%(13.2)%0.1%
Retail
573,965
Lodging
280,660
Food &
Beverage
259,780
Utilities &
Other
146,062
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
995,231
1,002,793
1,268,974
1,260,467
1,386,324
0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 $1,400,000
2016
2017
2018
2019
2020
23.0%
This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales
Overall, November 2020 sales tax collections were up 10.0% from prior year.
The sales tax budget for 2020 totals $22.5M, compared to $29.3M actual collections in 2019.
November retail sales increased 16.7%, lodging increased 23.0%, food and beverage decreased
13.2)% and utilities and other increased 0.1%.
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Town of Vail Business Review
November 2020 Sales Tax
November 2019November2020
Geographic Area Trends by Year
November Sales Tax
Sales Tax by Location
Other
Areas
18%
Lionshead
12%
Out of
Town
38%
Vail Village
32%
Other
Areas
17%
Lionshead
15%
Out of
Town
29%
Vail Village
39%
Vail Village sales tax decreased (9.2)%, Lionshead decreased (9.8)%, Other Areas increased
13.6%, and Out of Town increased 43.9%. Excluding Out of Town collections, all areas were down
3.8)%.
Effective October 1st, 2020, the town of Vail enacted new regulations which shifted collections of
some sales tax from local vendors to their marketplace facilitators who file under the out-of-town
category.
171,010
155,183
236,012 $216,799
246,372
150,542
165,120 $200,468 $182,880 $
164,877
225,786 $
243,815
339,645
364,911
525,041
447,893 $438,675
492,850 $495,877
450,035
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 November sales tax collections, by geographic area over time.
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Retail Business Sales Tax Detail - November 2020 Sales Tax
November 2020 Sales Tax
Town of Vail Business Review
November Sales Tax
Accommodation Services Sales Tax by Year
Apparel
90,024
Grocery
114,335
Gallery
6,892
Gifts
3,365
Jewelry
14,286
Retail Liquor
38,354
Retail Other
289,272
Sporting Goods
112,870
Retail Home
Occupation
144
Overall, November accommodations services were up 23.0%, short-term rentals were up 85.6% and
hotels and lodges were down (0.7)%.
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.
213,788
82,052
203,606
77,054
202,141
142,986
0 $50,000 $100,000 $150,000 $200,000 $250,000
Hotels/Lodges
Short-Term Rentals
2020 2019 2018
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Retail 148,364.28 115,486.28 28.47%
Lodging 58,671.52 69,565.04 15.66%
F B 34,494.04 26,638.54 29.49%
Other 4,842.03 5,108.82 5.22%
Total 246,371.87 216,798.68 13.64%
Retail 62,182.94 54,215.38 14.70%
Lodging 64,583.68 83,428.28 22.59%
F B 38,108.87 44,272.86 13.92%
Other 1.40 963.32 99.85%
Total 164,876.89 182,879.84 9.84%
Retail 267,744.34 229,970.26 16.43%
Lodging 120,215.55 1,498.66 7921.52%
F B 41.81 125.87 66.78%
Other 137,039.01 133,316.58 2.79%
Total 525,040.71 364,911.38 43.88%
Retail 191,249.98 174,292.75 9.73%
Lodging 101,656.19 126,167.89 19.43%
F B 152,778.77 188,742.93 19.05%
Other 4,349.71 6,673.73 34.82%
Total 450,034.64 495,877.30 9.24%
Retail 669,541.53 573,964.66 16.65%
Lodging 345,126.94 280,659.87 22.97%
F B 225,423.49 259,780.20 13.23%
Other 146,232.15 146,062.46 0.12%
Total 1,386,324.11 1,260,467.19 9.98%
Retail Apparel 90,024.07 74,615.88 20.65%
Retail Food 114,335.12 89,211.60 28.16%
Retail Gallery 6,891.96 2,817.32 144.63%
Retail Gift 3,365.21 2,921.09 15.20%
Retail Home Occupation 143.81 100.74 42.75%
Retail Jewelry 14,286.15 9,238.47 54.64%
Retail Liquor 38,353.63 30,864.00 24.27%
Retail Other 289,271.99 245,316.43 17.92%
Retail Sport 112,869.59 118,879.13 5.06%
Total 669,541.53 573,964.66 16.65%
Cascade Village East Vail Sandstone West Vail
Town of Vail Business Review
November 2020 Sales Tax
November 2020
Collections
November 2019
Collections
November Change
Total All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
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