HomeMy WebLinkAbout04. 211005 Revenue Updates TOWN OF VAIL
REVENUE UPDATE
October 5, 2021
Sales Tax
Upon receipt of all sales tax returns, August collections are estimated to be
$2,771,985 up 29.6% from last year and up 32.0% compared to amended budget.
August collections were the highest total August collections on record and
exceeded 2019 collections by 23.9% and 2018 collections by 26.3%. Year to date
collections of $22,548,966 are up 34.4% from 2020 and up 7.4% from 2019.
Compared to amended budget, year to date collections are up 17.1%. Inflation as
measured by the consumer price index was up 5.3% for August. The annual
amended budget totals $27.5 million.
Real Estate Transfer Tax (RETT)
RETT collections through September 28 total $8,339,347 up 37.5% from this time
last year and up 74.5% from this time in 2019. The 2021 amended RETT budget
totals $8,000,000, down 23.4% from 2020 actual collections. 2020 collections of
$10.4 million were an all time high compared to a previous five year average of
$7.0 million.
Construction Use Tax
Use Tax collections through September 28 total $3,217,457 compared to
$1,696,299 from this time last year. The 2021 amended budget totals $3,250,000.
Construction use tax is higher due to several large residential projects and
construction of the new Marriott Residence Inn.
Summary
Across all funds, year-to-date total revenue of $61.5 million is up 13.1% from
amended budget and up 32.3% from prior year. 2021 revenue is up 21.2% from
2019 due to an increase in grant funding, real estate transfer tax, property tax
collections, sales tax, daily parking sales during January through April, and
construction activities.
2021Budget % change % change 20162017201820192020Amended BudgetVariance from 2020from BudgetJanuary3,738,824$ 3,725,212$ 3,597,610$ 4,079,994$ 4,076,145$ 3,400,000 3,415,647$ 15,647$ -16.20% 0.46%February3,746,055 3,692,592 3,818,356 4,137,087 4,285,633 3,680,000 3,685,577 5,577$ -14.00% 0.15%March4,225,921 3,642,407 4,167,880 4,237,933 2,243,518 4,370,000 4,358,410 (11,590) 94.27% -0.27%April1,089,749 1,386,780 1,233,474 1,445,071 427,518 1,650,000 1,741,488 91,488 307.35% 5.54%May654,462 659,475 830,193 763,756 503,828 965,000 1,048,697 83,697 108.15% 8.67%June1,318,092 1,389,982 1,648,443 1,606,748 1,023,517 1,000,000 2,137,047 1,137,047 108.79% 113.70%July2,053,773 2,215,649 2,412,425 2,480,292 2,084,644 2,100,000 3,390,115 1,290,115 62.62% 61.43%August1,849,815 1,863,949 2,195,175 2,237,050 2,138,838 2,100,000 2,771,985 671,985 29.60% 32.00%YTD Total18,676,691$ 18,576,046$ 19,903,556$ 20,987,931$ 16,783,641$ 19,265,000$ 22,548,966$ 3,283,966$ 34.35% 17.05%September 1,349,929 1,385,462 1,540,490 1,600,100 1,767,393 1,770,000 October906,385 936,954 1,106,596 1,165,176 1,371,727 1,370,000 November989,320 997,716 1,264,600 1,260,314 1,425,461 1,425,000 December 3,840,919 3,695,305 4,070,870 4,237,178 3,625,189 3,670,000 Total25,763,244$ 25,591,483$ 27,886,112$ 29,250,698$ 24,973,411$ 27,500,000$ 22,548,966$ Actual CollectionsCollected Sales TaxOctober 5, 2021Town of Vail Revenue UpdateSALES TAX2021 Budget Comparison2
Town of Vail Revenue Update
October 5, 2021
YTD Sales Tax Collections by Year
Through August 31
August Sales Tax Collections by Year
Through August 31
$18,576,046
$19,903,556
$20,987,931
$16,783,641
$22,548,966
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000
2017
2018
2019
2020
2021
• YTD collections of $22.5M are up 34.4% from prior year and up 17.1% from amended budget.
YTD collections are up 7.4% from this time in 2019.
• Inflation as measured by the consumer price index was up 5.3% in August.
• The 2021 amended sales tax budget totals $27.5M.
$1,863,949
$2,195,175
$2,237,050
$2,138,838
$2,771,985
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000
2017
2018
2019
2020
2021
• August collections of $2.8M are up 29.6% from prior year and up 32.0% from amended budget.
August collections are up 23.9% from 2019.
•Collections for the month set the record for the single highest August collections.
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Town of Vail Revenue Update
October 5, 2021
Real Estate Transfer Tax by Year
Construction Use Tax by Year
YTD Through September
YTD Through September
$1,364,917
$3,696,017
$2,273,467
$1,696,299
$3,217,457
$0
$500,000
$1,000,000
$1,500,000
$2,000,000
$2,500,000
$3,000,000
$3,500,000
$4,000,000
2017 2018 2019 2020 2021
• This chart shows YTD collections of 1% RETT, segmented by individual home sale value.
• 2021 RETT collections through September 28 total $8,339,347 up 37.5% from the prior 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
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
$4,784,403
$5,418,248
$4,778,873
$6,064,301
$8,339,347
• Use Tax collections through September 28 total $3,217,457 compared to $1,696,299 from this time
last year. This is an increase of 89.7%.
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Vail Business Review
July 2021
October 5, 2021
The Vail Business Review breaks down the four percent sales tax collected for the
month of July.
Overall, July sales tax increased 62.7% with retail increasing 31.5%, lodging increased
113.4%, food and beverage increased 67.8%, and utilities/other increased by 41.2%.
Excluding the out of town category; sales tax for the month of increased 50.8%.
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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July 2021
Sales Tax Collections by Business Type
Town of Vail Business Review
July Tax Collections By Year
July 2021 Sales Tax
July 2020
Retail
$1,154,750 Lodging
$1,143,779
Food &
Beverage
$921,961
Utilities &
Other
$169,625
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
31.5%67.8%
41.2%
RLFU
-$8,000,000
$12,000,000
$2,218,089
$2,415,190
$2,499,114
$2,083,563
$3,390,115
$0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 $3,500,000
2017
2018
2019
2020
2021
113.4%
• This report represents collections of Town of Vail 4% sales tax, as opposed to actual gross sales.
•Overall, 2021 July sales tax collections were up 62.7% from the prior year and up 35.7% from July.
• July 2021 retail sales increased 31.5%, lodging increased 113.4%, food and beverage increased
67.8% and utilities and other increased 41.2%.
Retail
$878,203
Lodging
$535,886
Food &
Beverage
$549,364
Utilities &
Other
$120,110
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
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Geographic Area Trends by Year
July Sales Tax
Sales Tax by Location
Town of Vail Business Review
July 2021 Sales Tax
July 2020July 2021
Other
Areas
16%
Lionshead
14%
Out of
Town
22%
Vail Village
48%
Other
Areas
17%
Lionshead
15%
Out of
Town
15%
Vail Village
53%
• Vail Village sales tax increased 49.1%, Lionshead increased 56.6%, Other Areas increased
51.4%, and Out of Town increased 127.1%. Excluding Out of Town collections, all areas were up
50.8%.
• 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.
$299,124 $397,487 $410,869
$351,269
$531,675
$430,751
$431,079 $460,715
$304,522
$476,792
$235,047 $306,414 $319,678
$324,862
$737,746
$1,253,167
$1,280,210 $1,307,852
$1,102,909
$1,643,903
$0
$200,000
$400,000
$600,000
$800,000
$1,000,000
$1,200,000
$1,400,000
$1,600,000
$1,800,000
2017 2018 2019 2020 2021
Other Areas Lionshead Out of Town Vail Village
• This chart shows July sales tax collections, by geographic area over time.
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July Sales Tax
Accommodation Services Sales Tax by Year
Retail Business Sales Tax Detail
July 2021 Sales Tax
Town of Vail Business Review
Apparel
$283,797
Grocery
$206,342
Gallery
$17,539
Gifts
$8,717Jewelry
$70,068
Retail Liquor
$66,217
Retail Other
$277,496
Sporting Goods
$154,712
Online Retailers
$69,591
Retail Home
Occupation
$272
• Overall, July 2021 accommodations services were up 113.4%, short-term rentals were up 156.1% and
hotels and lodges were up 99.2%.
$620,679
$137,477
$401,694
$134,193
$800,106
$343,673
$0 $300,000 $600,000 $900,000
Hotel and Lodges
Short-Term Rentals 2021 2020 2019
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Retail 217,237.52 216,076.62 0.54%
Lodging 204,767.90 74,365.26 175.35%
F & B 99,041.38 55,737.89 77.69%
Other 10,628.25 5,089.52 108.83%
Total 531,675.05 351,269.29 51.36%
Retail 109,436.91 74,532.27 46.83%
Lodging 212,175.66 147,658.46 43.69%
F & B 154,725.59 82,117.09 88.42%
Other 453.91 214.54 111.57%
Total 476,792.07 304,522.36 56.57%
Retail 274,325.00 211,209.80 29.88%
Lodging 320,309.32 4,986.53 6323.49%
F & B 1,161.64 716.41 62.15%
Other 141,949.75 107,949.40 31.50%
Total 737,745.71 324,862.14 127.10%
Retail 553,750.94 376,384.68 47.12%
Lodging 406,526.10 308,876.11 31.61%
F & B 667,032.15 410,792.18 62.38%
Other 16,593.43 6,856.08 142.03%
Total 1,643,902.62 1,102,909.05 49.05%
Retail 1,154,750.37 878,203.37 31.49%
Lodging 1,143,778.98 535,886.36 113.44%
F & B 921,960.76 549,363.57 67.82%
Other 169,625.34 120,109.54 41.23%
Total 3,390,115.45 2,083,562.84 62.71%
Retail Apparel 283,796.91 185,891.92 52.67%
Retail Food 206,341.90 185,906.28 10.99%
Retail Gallery 17,538.55 11,686.56 50.07%
Retail Gift 8,717.30 5,713.18 52.58%
Retail Home Occupation 271.87 92.15 195.03%
Retail Jewelry 70,067.62 41,040.87 70.73%
Retail Liquor 66,216.72 62,167.04 6.51%
Retail Other 277,496.20 244,372.31 13.55%
Retail Sport 154,712.36 118,140.49 30.96%
Retail Online Retailer 69,590.94 23,192.57 200.06%
Total 1,154,750.37 878,203.37 31.49%
Total ‐ All Areas
Lionshead
Out of Town
Vail Village
Retail Summary
Cascade Village / East Vail / Sandstone / West Vail
Town of Vail Business Review
July Sales Tax
2021 Collections 2020 Collections YoY % Change
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