November 2014 - City of Aspen [PDF]

To:

Aspen City Council

From: Don Taylor, Finance Director Date: January 6, 2015 Re:

November 2014 Consumption Tax Report

Attached is the City of Aspen’s monthly report for consumption based tax collections. This report includes analysis of the City’s sales tax and lodging tax collections for November, Aspen’s portion of Pitkin County’s 3.6% sales tax collections for October and real estate transfer tax (RETT) collections for December. November’s retail sales reflect a 2% increase from the same period in 2013, and are 10% above year to date collections relative to 2013. The industries posting the largest monthly gains were Accommodations, Liquor and Marijuana and Clothing, which posted 20%, 12% and 9% gains relative to 2013. The industries with the largest decreases were Construction and Utilities, which had 15% and 8% respective declines. November generally accounts for about 4% of the entire year’s sales and collections. Due to numerous late filings for 2013 sales, the increase in annual collections remains greater than the increase in annual retail sales (as the collections are posted in the current year while the actual sales are recorded when they occurred). Lodging Tax collections were up 22% from November 2013. For the year, lodging tax collections are up 13% from 2013. Aspen’s portion of Pitkin County’s sales tax collections for October (one month behind city collection statistics because they are collected at the State level) were down 1% from the same period in 2013. For the year, revenues are up 7% from 2013. Housing real estate transfer tax collections for December were up 150% from 2013, and Wheeler real estate transfer tax collections were up 126%. For the year, Housing collections are up 48% from 2013 and Wheeler collections are up 44%.

City of Aspen Retail Sales by Industry November 2014

Category

Year To Date Retail Sales % YTD Retail Sales Construction 27.3% 6.9% 18.5% General Retail 6.8% 3.6% 8.7%

YTD Retail Sales

% Change Prior Year

Accommodations

$145,190,519

12%

Restaurants & Bars

$98,536,947

11%

Sports Equip/Clothing

$36,267,862

11%

Clothing

$46,166,214

12%

Food & Drug

$44,318,865

5%

8.3%

Liquor & Marijuana

$11,410,178

24%

2.1%

General Retail

$19,169,831

(6%)

3.6%

Construction

$36,810,794

6%

6.9%

Luxury Goods

$24,442,652

19%

4.6%

Utilities

$36,797,322

1%

6.9%

Automobile Miscellaneous

$17,386,287 $15,690,322

22% 21%

3.3% 2.9%

Total

$532,187,793

10%

100.0%

Category

% Change Prior Year

Accommodations

$3,367,630

20%

14.6%

Restaurants & Bars

$3,459,855

8%

15.0%

Sports Equip/Clothing

$1,648,089

3%

7.1%

Clothing

$1,599,908

9%

6.9%

Food & Drug

$2,621,960

5%

11.4%

$614,397

12%

2.7%

General Retail

$1,171,754

(3%)

5.1%

Construction

$2,923,957

(15%)

12.7%

Luxury Goods

$649,732

(1%)

2.8%

Utilities

$2,958,469

(8%)

12.8%

Automobile

$1,390,794

6%

6.0%

$686,282

(3%)

3.0%

Miscellaneous Total

$23,092,826

2%

Luxury Goods 4.6%

100.0%

Miscellaneous 2.9% Automobile 3.3%

Accommodations 27.3%

Liquor & Marijuana 2.1%

Food & Drug 8.3% Clothing 8.7%

Luxury Goods 2.8%

Restaurants & Bars 18.5%

Sports Equip/Clothing 6.8%

November Monthly Retail Sales % Monthly Retail Sales

Monthly Retail Sales

Liquor & Marijuana

Utilities 6.9%

Utilities 12.8%

Automobile 6.0%

Miscellaneous 3.0%

Accommodations 14.6%

Construction 12.7%

General Retail 5.1% Liquor & Marijuana 2.7%

Restaurants & Bars 15.0%

Food & Drug 11.4%

Clothing 6.9%

Sports Equip/Clothing 7.1%

City of Aspen Sales and Lodging Tax November 2014

Tax Type 1.0% Sales Tax: Parks & Open Space 0.5% Sales Tax: Parks & Open Space 0.15% Sales Tax: Transportation 0.45% Sales Tax: Affordable Housing/ Childcare 2.0% Lodging Tax: Tourist Promotion/ Transportation Total

Year To Date Tax Collections YTD Taxes % YTD 2.0% Lodging Collected Taxes Tax: Tourist $5,322,241 39.2% Promotion/ Transportation $2,660,451 19.6% 17.7% $798,265 5.9% $2,394,789 17.6% $2,396,141 17.7% 0.45% Sales Tax: $13,571,887 100% Affordable

1.0% Sales Tax: Parks & Open Space 39.2%

Housing/ Childcare 17.6%

0.15% Sales Tax: Transportation 5.9%

1/0/1900 November Monthly Tax Collections

Tax Type 1.0% Sales Tax: Parks & Open Space 0.5% Sales Tax: Parks & Open Space 0.15% Sales Tax: Transportation 0.45% Sales Tax: Affordable Housing/ Childcare 2.0% Lodging Tax: Tourist Promotion/ Transportation Total

Monthly Taxes Collected $241,028 $120,485 $36,152 $108,454 $48,598 $554,715

% Monthly Taxes 43.5% 21.7% 6.5% 19.6% 8.8% 100%

2.0% Lodging Tax: Tourist Promotion/ Transportation 8.8% 0.45% Sales Tax: Affordable Housing/ Childcare 19.6%

0.15% Sales Tax: Transportation 6.5%

0.5% Sales Tax: Parks & Open Space 19.6% 1.0% Sales Tax: Parks & Open Space 43.5%

0.5% Sales Tax: Parks & Open Space 21.7%

City of Aspen Sales Tax 2.1% November 2014

Month Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec

Current Month Revenues are

9%

above last year's Monthly Revenues.

Year To Date Revenues are

7%

above Year To Date Budgeted Revenues.


11%

above last year's Actual Year To Date Revenues.

2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $1,391,800 $1,431,855 3% $1,300,900 $1,395,996 7% $1,492,600 $1,564,530 5% $541,600 $558,049 3% $426,900 $472,136 11% $933,000 $1,079,916 16% $1,245,900 $1,465,574 18% $1,146,800 $1,280,805 12% $859,900 $861,598 0% $539,300 $559,169 4% $529,600 $506,118 (4%) $1,759,400 $ 11,175,746

2014 YTD Budget vs. 2014 Actual Budget Actual Variance $1,391,800 $1,431,855 3% $2,692,700 $2,827,851 5% $4,185,300 $4,392,380 5% $4,726,900 $4,950,430 5% $5,153,800 $5,422,565 5% $6,086,800 $6,502,482 7% $7,332,700 $7,968,056 9% $8,479,500 $9,248,860 9% $9,339,400 $10,110,459 8% $9,878,700 $10,669,628 8% $10,408,300 $11,175,746 7% $12,167,700

2013 Monthly $1,396,492 $1,228,296 $1,402,830 $461,687 $420,466 $939,897 $1,262,747 $1,132,890 $801,769 $522,230 $464,884 $1,761,379

2014 vs. 2013 Variance 2013 YTD 3% $1,396,492 14% $2,624,788 12% $4,027,617 21% $4,489,305 12% $4,909,771 15% $5,849,668 16% $7,112,415 13% $8,245,306 7% $9,047,075 7% $9,569,305 9% $10,034,189 $11,795,568

Variance 3% 8% 9% 10% 10% 11% 12% 12% 12% 11% 11%

Actual Collections Year To Date Through November $12,000,000

$10,154,758

$10,000,000

$8,323,094

$8,000,000 $6,000,000 #REF!

$4,000,000

-1 -1 -1 $8,353,860 -1 -1 -1 -1 -1

-0.105801898 $9,478,066

$10,034,189

$11,175,746

$8,898,824

$2,000,000 $0 2008

2009

2010

2011

2012

2013

2014

City of Aspen Tourist Promotion 1.5% Lodging Tax 2012 & 2011, 0.5% Rate for 2010 and Prior November 2014



22%



11%



13%


2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $297,500 $306,226 3% $295,100 $288,840 (2%) $305,200 $338,562 11% $48,100 $42,055 (13%) $28,000 $31,072 11% $131,100 $169,961 30% $185,000 $228,099 23% $152,700 $190,960 25% $91,900 $112,608 23% $43,400 $52,273 20% $36,700 $36,448 (1%) $297,100 $ 1,797,107

2014 YTD Budget vs. 2014 Actual Budget Actual Variance $297,500 $306,226 3% $592,600 $595,067 0% $897,800 $933,629 4% $945,900 $975,684 3% $973,900 $1,006,756 3% $1,105,000 $1,176,717 6% $1,290,000 $1,404,817 9% $1,442,700 $1,595,777 11% $1,534,600 $1,708,385 11% $1,578,000 $1,760,659 12% $1,614,700 $1,797,107 11% $1,911,800

2013 Monthly $296,155 $254,507 $292,167 $32,277 $27,429 $143,137 $198,771 $176,177 $92,687 $51,833 $29,784 $321,576

2014 vs. 2013 Variance 2013 YTD 3% $296,155 13% $550,662 16% $842,829 30% $875,105 13% $902,534 19% $1,045,672 15% $1,244,443 8% $1,420,620 21% $1,513,307 1% $1,565,140 22% $1,594,924 $1,916,500

Variance 3% 8% 11% 11% 12% 13% 13% 12% 13% 12% 13%

Actual Collections Year To Date Through November $2,000,000

$1,797,107

$1,600,000

$1,490,716

$1,594,924

2012

2013

$1,304,564 $1,200,000 $800,000 $525,713

$383,841

2008

2009

#REF!

-1 -1 $421,348

$400,000 $0 2010

2011

2014

City of Aspen Transportation 0.5% Lodging Tax November 2014


2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $99,200 $102,075 3% $98,400 $96,280 (2%) $101,700 $112,854 11% $16,000 $14,018 (12%) $9,300 $10,357 11% $43,700 $56,654 30% $61,700 $76,033 23% $50,900 $63,653 25% $30,600 $37,536 23% $14,500 $17,424 20% $12,200 $12,149 (0%) $99,100 $ 599,034


22%



11%



13%


2014 YTD Budget vs. 2014 Actual Budget Actual Variance $99,200 $102,075 3% $197,600 $198,355 0% $299,300 $311,209 4% $315,300 $325,228 3% $324,600 $335,585 3% $368,300 $392,238 6% $430,000 $468,271 9% $480,900 $531,925 11% $511,500 $569,460 11% $526,000 $586,885 12% $538,200 $599,034 11% $637,300

2013 Monthly $98,718 $84,836 $97,389 $10,759 $9,143 $47,712 $66,257 $58,726 $30,895 $17,278 $9,928 $107,192

2014 vs. 2013 Variance 2013 YTD 3% $98,718 13% $183,554 16% $280,942 30% $291,701 13% $300,844 19% $348,556 15% $414,813 8% $473,539 21% $504,434 1% $521,712 22% $531,640 $638,832

Actual Collections Year To Date Through November

$700,000 $600,000

Variance 3% 8% 11% 11% 12% 13% 13% 12% 13% 12% 13%

$599,034 $525,713

$496,905

$500,000 $383,841

$400,000

$421,348

$531,640

$434,855

-1 -1 0%

$300,000 $200,000 $100,000 $0 2008

2009

2010

2011

2012

2013

2014

City of Aspen Portion of Pitkin County 3.6% Sales Tax October 2014 Current Month Revenues are


(1%)

below last year's Monthly Revenues.


5%



7%


2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $907,000 $1,040,086 15% $887,000 $899,653 1% $971,000 $1,024,767 6% $394,000 $345,126 (12%) $283,000 $262,193 (7%) $516,000 $562,107 9% $715,000 $802,611 12% $652,000 $710,682 9% $500,000 $519,101 4% $343,000 $304,329 (11%) $326,000 $975,000 $ 6,470,656

2014 YTD Budget vs. 2014 Actual Budget Actual Variance $907,000 $1,040,086 15% $1,794,000 $1,939,740 8% $2,765,000 $2,964,507 7% $3,159,000 $3,309,633 5% $3,442,000 $3,571,826 4% $3,958,000 $4,133,933 4% $4,673,000 $4,936,544 6% $5,325,000 $5,647,226 6% $5,825,000 $6,166,327 6% $6,168,000 $6,470,656 5% $6,494,000 $7,469,000

2013 Monthly $1,001,836 $886,723 $930,040 $315,198 $237,799 $524,060 $726,953 $631,932 $479,595 $307,209 $302,751 $953,398

2014 vs. 2013 Variance 2013 YTD Variance 4% $ 1,001,836 4% 1% $ 1,888,559 3% 10% $ 2,818,599 5% 9% $ 3,133,797 6% 10% $ 3,371,596 6% 7% $ 3,895,657 6% 10% $ 4,622,609 7% 12% $ 5,254,541 7% 8% $ 5,734,137 8% (1%) $ 6,041,346 7% $ 6,344,097 $ 7,297,494

Actual Collections Year To Date Through October $8,000,000 $6,007,146 $6,000,000 $4,709,032 $4,000,000

-1 -1 -1 -1 -1 -1 -1 0%

$5,626,840 $4,977,470

$5,313,364

2010

2011

$6,041,346

$6,470,656

$2,000,000

$0 2008

2009

2012

2013

2014

Housing Real Estate Transfer Tax December 2014

2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $411,800 $172,670 (58%) $429,100 $623,282 45% $369,900 $507,400 37% $511,500 $1,107,620 117% $509,600 $886,225 74% $529,400 $734,376 39% $385,200 $494,850 28% $427,900 $536,153 25% $539,600 $1,040,337 93% $567,500 $712,188 25% $363,100 $740,083 104% $455,400 $832,450 83% $ 330,606



150%



53%



48%


2014 YTD Budget vs. 2014 Actual Budget Actual Variance $411,800 $172,670 (58%) $840,900 $795,952 (5%) $1,210,800 $1,303,352 8% $1,722,300 $2,410,973 40% $2,231,900 $3,297,197 48% $2,761,300 $4,031,574 46% $3,146,500 $4,526,424 44% $3,574,400 $5,062,576 42% $4,114,000 $6,102,913 48% $4,681,500 $6,815,101 46% $5,044,600 $7,555,183 50% $5,500,000 $8,387,633 53%

2013 Monthly $323,460 $175,650 $345,754 $449,666 $581,337 $184,775 $366,731 $764,058 $1,089,816 $576,841 $480,759 $332,720

2014 vs. 2013 Variance 2013 YTD (47%) $323,460 255% $499,110 47% $844,864 146% $1,294,530 52% $1,875,867 297% $2,060,642 35% $2,427,372 (30%) $3,191,431 (5%) $4,281,246 23% $4,858,087 54% $5,338,846 150% $5,671,566

Variance (47%) 59% 54% 86% 76% 96% 86% 59% 43% 40% 42% 48%

Actual Collections Year To Date Through December $10,000,000 $8,000,000 $6,000,000

$5,733,377

$5,881,378

$4,000,000

-1 -1 -1 -1 $6,370,311 -1 -1 -1 -1 -1 0%

$8,387,633 $6,592,914

$5,671,566

$5,233,329

$2,000,000 $0 2008

2009

2010

2011

2012

2013

2014

Wheeler Opera House Real Estate Transfer Tax December 2014



126%



51%



44%


2014 Monthly Budget vs. 2014 Actual Budget Actual Variance $222,400 $99,340 (55%) $231,700 $326,724 41% $199,700 $271,542 36% $276,200 $585,753 112% $275,200 $469,440 71% $285,900 $385,120 35% $208,000 $257,354 24% $231,100 $288,942 25% $291,400 $580,261 99% $306,500 $389,751 27% $196,100 $384,171 96% $245,800 $457,842 86% $ 190,459

2014 YTD Budget vs. 2014 Actual Budget Actual Variance $222,400 $99,340 (55%) $454,100 $426,064 (6%) $653,800 $697,606 7% $930,000 $1,283,359 38% $1,205,200 $1,752,798 45% $1,491,100 $2,137,918 43% $1,699,100 $2,395,272 41% $1,930,200 $2,684,215 39% $2,221,600 $3,264,475 47% $2,528,100 $3,654,226 45% $2,724,200 $4,038,397 48% $2,970,000 $4,496,239 51%

2013 Monthly $177,058 $98,363 $185,502 $243,398 $305,156 $102,587 $197,798 $407,870 $632,537 $307,939 $258,740 $202,226

2014 vs. 2013 Variance 2013 YTD (44%) $177,058 232% $275,420 46% $460,922 141% $704,320 54% $1,009,476 275% $1,112,064 30% $1,309,861 (29%) $1,717,732 (8%) $2,350,269 27% $2,658,207 48% $2,916,948 126% $3,119,174

Variance (44%) 55% 51% 82% 74% 92% 83% 56% 39% 37% 38% 44%

Actual Collections Year To Date Through December $5,000,000

$4,496,239

$4,000,000 $3,077,447

$3,185,757

$3,465,397

$3,351,364 $2,801,692

$3,000,000

$3,119,174

$2,000,000 0

$1,000,000 $0 2008

2009

2010

2011

2012

2013

2014