HomeMy WebLinkAboutagenda.council.worksession.202203071
AGENDA
CITY COUNCIL WORK SESSION
March 7, 2022
4:00 PM, City Council Chambers
427 Rio Grande Place, Aspen
WEBEX MEETING INSTRUCTIONS
WEBEX MEETING INSTRUCTIONS
TO JOIN ONLINE:
Go to www.webex.com and click on "Join a Meeting"
Enter Meeting Number: 2553 393 2991
Enter Password: 81611
Click "Join Meeting"
-- OR --
JOIN BY PHONE
Call: 1-408-418-9388
Enter Meeting Number:2553 393 2991
Enter Password: 81611
I.WORK SESSION
I.A.Financial Update
I.B.Board & Commissions Interviews (4:30pm Start)
1
Financial
Update
March 7, 2022
2
2021 Wrap -Up
Economic Activity Soars
High As COVID Suppressed
Consumer Spending Freed
$16,046,928 $17,117,217 $17,417,451 $18,116,771 $19,648,370 $18,358,622
$24,509,175
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
2015 2016 2017 2018 2019 2020 2021
City of Aspen 2.4% Sales Tax
3
2021 Wrap -Up
Robust Activity Across Nearly Every Sector
Category Retail Sales % of Total Retail
% Change vs
2020
% Change vs
2019
Accommodations $256,865,311 25.2%45.1%8.4%
Restaurants/Bars $154,955,362 15.2%26.1%11.5%
Sports Equip/Clothing $65,735,189 6.4%22.7%24.0%
Fashion Clothing $121,272,550 11.9%93.0%89.6%
Construction $94,834,967 9.3%32.2%35.1%
Food & Drug $68,967,198 6.8%19.4%15.8%
Liquor $13,759,851 1.3%3.6%25.8%
Miscellaneous $94,221,354 9.2%10.1%28.8%
Jewelry/Gallery $46,883,805 4.6%21.4%21.3%
Utilities $49,592,868 4.9%10.4%8.7%
Automobile $31,400,315 3.1%30.1%61.6%
Marijuana $11,207,258 1.1%(1.0%)(6.2%)
Bank / Finance $4,463,553 0.4%270.5%N/A
Health / Beauty $6,593,635 0.6%372.7%N/A
Total $1,020,753,218 100.0%33.2%24.1%
4
2021 Wrap -Up
Everyone’s A
Winner!
12%20%
2021 Projection 2021 Actuals Increases
1.00% Sales Tax: Parks & Open Space $9,159,600 $10,207,461 $1,047,861
0.50% Sales Tax: Parks & Open Space $4,578,100 $5,106,740 $528,640
0.30% Sales Tax: Public Education $2,747,600 $3,066,868 $319,268
0.15% Sales Tax: Transportation $1,372,800 $1,532,037 $159,237
0.45% Sales Tax: Affordable Housing (45%)$1,854,800 $2,068,231 $213,431
0.45% Sales Tax: Childcare (55%)$2,266,000 $2,527,838 $261,838
Total 2.4% City of Aspen Sales Tax $21,978,900 $24,509,175 $2,530,275
5
2021 Wrap -Up
What Obstacles?
2021 Projection 2021 Actuals Increases
1.50% Lodging Tax: Tourism Promotion $2,707,500 $3,131,133 $423,633
0.50% Lodging Tax: Transportation $902,500 $1,043,711 $141,211
Total 2.0% City of Aspen Lodging Tax $3,610,000 $4,174,844 $564,844
2019 2020 2021
Occupancy 60%43%56%
Avg. Daily Rate $454 $419 $509
RevPAR $301 $214 $304
6
2021 Wrap -Up
$4,146,946
$1,892,259$132,788$2,533,475
$1,541,068 $110,668 $0$1,000,000$2,000,000$3,000,000$4,000,000$5,000,000$6,000,000$7,000,000$8,000,000Traditional Hotel / Lodge
Short-Term Rentals
Real Estate Groups
2021 Tax Collections
2.4% Sales Tax 2.0% Lodging Tax
Short-Term Rentals
Added $3.4M in
Total Tax
1,028
non-zero
STR filers
7
2021 Wrap -Up
Real Estate Activity
Eclipsed Previous
Record!
City of Aspen
1.0% Housing &
0.5% Arts RETTs
$5,392,273$3,342,440$5,184,461$4,633,568$4,420,027$9,482,264 $10,848,886$10,020,525$6,293,074$9,938,124$8,896,761$8,440,265$17,589,652$21,091,202$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
2015 2016 2017 2018 2019 2020 2021 8
2021 Wrap -Up
One Area Where Growth is
Limited … Property Tax
Inflation 1.95%
New Construction 0.97%
Allowable Increase 2.93%
Increase in
Total Value of
Real Property
13%
9
2022 Outlook
2021 Strength = 2022 Flexibility
… Right?
10
2022 Outlook
Staffing Challenges
•“Great Resignation”
•Inflationary Pressures
•Challenges to Work Plans
11
2022 Outlook
Construction Concerns
•Supply Chains
•Labor Shortage
•Project Competition
12
Next Steps
Spring Supplemental
2023 Planning
Next Update in June…
13
City Sales Tax Rate
Snowmass Village 10.40%
Aspen 9.30%
Carbondale 8.40%
Woody Creek 6.90%
Jurisdiction Sales Tax Rate
State of Colorado 2.90%
Pitkin County 3.60%
City of Aspen 2.40%
RFTA 0.40%
Total Tax 9.30%
County Name Max 2022 Local
Sales Tax Rate
Ranking
(out of 64)
Grand County 11.20%1
Clear Creek County 10.55%2
Pitkin County 10.40%3
San Juan County 10.40%3
Summit County 10.38%5
Eagle County 9.90%6
Gunnison County 9.90%6
Mineral County 9.50%8
Saguache County 9.50%8
Ouray County 9.45%10
Huerfano County 9.40%11
La Plata County 9.40%11
Adams County 9.25%13
Denver County 9.25%13
El Paso County 9.03%15
Boulder County 8.99%16
Conejos County 8.90%17
Gilpin County 8.90%17
Moffat County 8.90%17
Park County 8.90%17
Routt County 8.90%17
Arapahoe County 8.81%22
Jefferson County 8.81%22
Douglas County 8.75%24
Delta County 8.70%25
Larimer County 8.70%25
Chaffee County 8.65%27
Montrose County 8.65%27
San Miguel County 8.65%27
Broomfield County 8.64%30
Garfield County 8.60%31
Mesa County 8.52%32
Taxation
Pitkin County Has 3rd
Highest Sales Tax.
Lowest is 4.90%.
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51