HomeMy Public PortalAboutLTC 014-2023 Resort Tax December 2022 Results FinalBAL HARBOUR
- V I LLAG E -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 014-2023
To: Mayor Jeffrey Freimark and Members of the Village Council
From Jorge M.Gonzalez, Village Manager
Date: January 27, 2023
Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - December 2022
The purpose of this Letter to Council (LTC) is to transmit to you the Monthly Resort Tax Revenue
Report to provide you with an update on Resort Tax Collections in the Village for the month of
December 2022.
The attached report reflects all resort tax revenue collected from the Lodging (4%) and Food &
Beverage (2%) entities by the Village throughout the month of December 2022, marking the third
month of collections for the 2022-2023 fiscal year (FY). The report compares results to previous years
and includes results and variances for these years.
The results for the FY 2022-2023 and comparative to previous FY's are as follows:
REVENUE
FY22/23
October
386,738
November
463,835
December
657,807
FY TOTAL
1,508,380
FY71,22 FY20/21
337,746 48,991 15% 194,121 192,617 99%
461,760 2,076 0.4% 233,174 230,662 99%
742,433 (94,625) -11% 432,757 225,050 52%
1,541,939 (33,558) -2% 860,052 648,329 98%
The December 2022 result of $657,807 is 11% less than the December 2021 result of $742,433.
Although this is a decrease from December 2021, December 2022 is the second highest December
in Resort Tax collections for the Village, with the third highest being December 2018 with $599,164.
As you will see reflected on the charts below, the food and beverage taxes collected for the month
of December were 18% above those collected in December 2021. This increase is partly attributed
to the full month collections for Aba, the new restaurant in the Bal Harbour Shops. Hotel taxes
collected were down by 18%. The expanded Beach Haus Bal Harbour was operating during this
time period but not at their full capacity. January 2023 is expected to be the first month Beach Haus
operates with all new rooms available.
In addition, for the month of November 2022, the previous LTC sent on December 23, 2022 had
reported the resorttax collected for November 2022 was down .06%from November 2021 but after
all collections were finalized, the month of November 2022 was actually up .04% from November
2021, as is now reflected in the charts in this LTC.
If you have any questions or need any additional information, please feel free to contact me.
Attachment: Resort Tax Revenue Collections December 2022.
JMG/RI/MH
Page 2 of 2 Resort Tax Revenue Report December 2022
Revenue FY 2022- 2023
October
November
December
TOTAL Revenue %of all
FY 2022-2023 Revenue
Shops -Food
1 $
102,422
1 $
105,295
$ 131,064
1 S 338,780
22%
%of all Revenue
I 261Y.
1 23%1
209/6
Hotel - Bed
$
226,303
$
297,232
$ 457,842
$ 981,378
Hotel - Food
$ 41,268
$ 39,034
$ 43,773
$ 124,076
Total
$
267,571
$
336,267
$ 501,616
$ 2,105,454
73%
%of all Revenue
69%
72%
76%
Rentals, Condo Food, & Interestj
$
16,745
$
22,2741
$ 25,128
4%
$ 64,146
4%
%of all Revenue 1 4%
5%
TOTAL Revenue FY 2OZ2-2023 1
$
386,738
$
463,835
$ 657,807
$ 1,508,380
Monthly Resort Tax Revenues FY 2013 - 2023
REVENUE _
Fy13
FY14
FY15
"16
FY17
"IS
FY19
FY20
FYZ1
FY22
FY23
October
120,587
163,681
(16,877)
225,796
199,879
211,585
227,153
245,321
194,121
337,746
386,738
48,991
15%
November
192,906
201,924
211,574
258,125
248,474
272,087
319,409
330,479
233,174
461,760
463,835
2,076
0.4%
December
208,273
265,558
257,025
402,892
341,099
463,489
599,164
580,196
432,757
742,433
657,907
(84,625)
-11%
January
399,421
362,730
375,933
339,431
358,485
416,941
473,030
508,538
454,324
640,444
February
414,367
436,517
393,081
305,64E
382,720
404,879
446,150
512,148
472,196
715,657
March
316,796
335,209
371,304
419,267
393,941
497,795
49C,696
175,OD8
671,474
71Z179
April
395,040
429,504
455,026
318,566
350,838
376,923
387,598
10,651
581,267
623,752
May
281,161
332,350
349,446
291,259
245,037
286,612
291,033
28,677
474,867
47ZS90
June
260.365
264,617
303,116
135,125
203,037
217,751
240,939
86,726
410,188
349474
July
190,751
184,E35
187,268
322,154
294,593
308,414
359,088
9C,509
371,382
351,941
August
274,732
267,498
264,003
216,440
221,016
231,341
281,542
106,809
275,196
315,996
September
257,854
314,369
479,756
187,633
108,943
164,639
173,252
131,055
247,088
246,404
FYTOTAL
3,302,253
3,558,592
3,62%656
3A22,336
3,345,062
3,852,356
4,299,043
2,606,119
4,818,033
5,970,374
FY Subtotal
(Oct. -Dec.)
521,766
632,163
451,722
886,814
789,452
947,162
1,245,726
1,155,996
860,052
1,541,939
1,508,380
133,558)
29G
6,500,000
6,250,000
6,000,000
5,750,000
5,500,000
r September
5,250,000
5,000.000
■ August
4,750.000
4,500,000
■ July
4,250,000
4,000,000
F>RJune
3,750,000
May
3,500,0(*
3,250,000
■ Aprd
3,000,000
2,750,0D0
■ March
2,500.000
2,250,000
■ February
2,000,000
1,750,000
■ January
1,500,000
iu December
1,250,000
1,000,000
750,000�
250,D00
- `
`
■ November
*October
FYI FYI
FYI FYM 6
FYI
FYI
FYI
FY20
FY21 FY22 FY23