HomeMy Public PortalAboutLTC 027-2023 - Resort Tax Jan 2023 ResultsBAL HARBOUR
- V I L L A G E -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 027-2023
To: Mayor Jeffrey Frei mark and Members of the Village Council
From Jorge M.Gonzalez, Village Manager4�
Date: February 24, 2023
Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - January 2023
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
January 2023.
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 January 2023, marking the 4th 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
464,781
December
658,961
January
644,418
FY TOTAL
2,154,897
FY21/22
Variance $
variance %
337,746
48,991
15%
461,760
3,021
0.7%
742,433
(83,472)
-11%
640,4441
3,974
1%
2,182,383
1 (27,485)
FY20/21
Variance $
Variance %
194,121
192,617
99%
233,174
231,607
99%
432,757
226,204
52%
454,324
190,094
42%
1,314,376
840,522
98;
The January 2023 result of $644,418 is slightly more than 1% above the January 2022 result of
$640,444. January 2023 marks the highest January in Resort Tax collections for the Village.
As you will see reflected on the charts below, the food and beverage taxes collected for the month
of January were 19% above those collected in January 2022. This increase is partly attributed to the
full month collections for Aba as well as the expanded Makoto. Hotel taxes collected were down by
18%. The expanded Beach Haus Bal Harbour was operating during this time period and increased
their collections by 56% over the previous January.
If you have any questions or need any additional information, please feel free to contact me.
Attachment: Resort Tax Revenue Collections January 2023.
JMG/RI/MH
Page 2 of 2 Resort Tax Revenue Report January 2023
Revenue FY 2022 - 2023
October
November
December
January
TOTAL Revenue
FY 2022-2D23
% of all
Revenue
Shops -Food
$
102,422
$
105,295
$
131,064
$
156,221
$
495,001
23%
% of al I Revenue
26%
23%
20%
24%
Hotel - Bed
$
226,303 $
297,232
$
457,942
$
420,809
$
$
1,402,186
170,515
Hotel - Food
$ 41,268 1 $ 39,034
$ 43,773
$ 46,439
Total
$
267,571 $
336,267
$
501,616
$
467,248
$
1,572,702
73%
%of all Revenue
69% 72%
76%
73%
Rentals, Condo Food, & Interest
$
16,745
$
23,219
$
26,281
$
20,949
3%
$
87,194
4%
% of all Revenue
4%
5%
4%
TOTAL Revenue FY 2022-2023 1
$
386,738 $
464,781
1 $
658,961
$
644,418
$
2,154,897
Monthly Resort Tax Revenues FY 2013 - 2023
S Change
% CranYe
REVENUE
FY13
FY14
FY15
FY16
FY17
FY19
FY19
FY20
FY21
FY22
FY23
FY22 to FM
FM to FM
(October
120,587
163,691
(16,877)
225,796
199,879
211,585
227,153
245,321
194,121
337,746
386,738
48,991
SS%
November
192,906
201,924
211,574
25B,125
24SA74
27ZO87
319,409
330,479
233,174
461,760
464,781
3,021
0.7%
December
208,273
265,558
257,025
4OZ892
341,099
463,489
599,164
580,196
432,757
742,433
658,961
(83,472)
-11%
January
369,421
362,730
375,933
339,431
358p85
416,941
473,030
SOKS38
454,324
640,444
644,418
3,974
1%
February
414,367
436,517
383,081
305,648
382,720
404,879
446,150
51Z148
472,196
715,657
March
316,796
335,209
371,304
419,267
390,941
497,795
490,696
175,008
671,474
712,179
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
21%677
474,867
472,590
June
260,365
264,617
303,116
135,125
203,037
217,751
240,939
866726
410,189
349,474
July
190,751
184,635
197,268
32Z154
294,593
3M414
359,088
90,509
371,382
351,941
August
274,732
267,499
264,003
216,440
221,016
231,341
281,542
106,809
275,196
315,995
September
257,854
314,369
479,756
187,633
108,943
164,639
173,252
131,OS5
247,089
245,404
FY TOTAL
3,302,253
3,558,592
3,620,656
3,42Z335
3,345.062
3,85Z356
4,289,043
2,806,119
4,818,033
5,970,374
FY Subtotal
(Oct. • Jan.)
921,197
993,893
827,655
1,224245
1,147,937
1,364,002
1,618,755
1,664,535
1,314,376
2,182,383
2,15097
(27,485)
-1%
6.250.00r'
c cOn,O
5250000 s56ptembe•
5 400,000
•:,ugust
i July
rJ
7,500.00 i May
3,250,00 _ f AprA
f>E h±,ir.h
2,500,QQ
250,000
"000,Q
7anuaro
,500.00! _ December
000,00(
540 QUC
FYI FYI FYI FYI FYI FY18 FYI FY20 FY21 FY22 FY23