Vail revenues still dropping
April 4, 2009
Vail’s sales tax revenues have continued to drop, with February revenue down more than 16 percent compared to last year.
The biggest revenue drops came from lodging and retail businesses, especially in sports-related sales, jewelry, gifts and art.
Sales taxes from hotels were down more than 18 percent in both villages. Retail revenues were down almost 30 percent in Vail Village, while Lionshead fared better with a 13 percent decrease.
Other areas of town took hits in sales taxes, too. Cascade Village, East Vail and West Vail also took a hit, with lodging revenues down 31 percent and food and beverage revenues down 14 percent.
Other town revenues, mostly associated with real estate or construction, are showing drops so far for March. Use taxes declined 23 percent compared to last March. Construction permit fees, reflecting the slow down in major rebuilding projects in town, is down 56 percent.
Real estate transfer taxes, which are charged at any sale of a Vail property, are down 67 percent. Last year, the town collected more than $1.1 million from this tax from sales of projects such as Arrabelle, Forest Place, One Willow and the Vail Plaza.
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The only increase is parking revenue. The town has collected $3.1 million in 2009 from daily sales at its parking garages. That’s a 19 percent increase from the first three months of 2008.