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Home My Public Portal AboutLTC 044-2023 - Resort Tax Feb 2023 Results- V I L LAG E - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO.044-2023 To: Mayor Jeffrey P. Freimark and Members of the Village Council From Jorge M.Gonzalez, Village Manag M , l 4- Date: March 24, 2023 Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - February 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 February 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 February 2023, marking the 5th 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 465,561 December 660,135 January 652,514 February 679,947 FY TOTAL 2.844.896 FY21/22 Variance $ Varian 337,746 48,991 15% 461,760 3,802 1% 742,433 (82,298) -11% 640,444 12,070 2% 715,657 (35,709) -5% 2,898,039 (53,144) -2% FY20/21 194,121 192,617 99% 233,174 232,387 100% 432,757 227,378 53% 454,324 198,190 44% 472,196 1 207,751 44% 1,786,572 1,058,37-4 19896 The February 2023 result of $679,947 is 5% less than the February 2022 result of $715,657. Although this is a decrease from February 2022, February 2023 is the second highest February in Resort Tax collections for the Village and the highest month of collections for FY2023. As you will see reflected on the charts below, the food and beverage taxes collected for the month of February were 11 % above those collected in February 2022. This increase is partly attributed to collections for Aba. Hotel taxes collected were down by 10%. The expanded Beach Haus Bal Harbour was operating during this time period and increased their collections by 78% over the previous February. If you have any questions or need any additional information, please feel free to contact me. Attachment: Resort Tax Revenue Collections February 2023. J MG/RI/M H Page 2 of 2 Resort Tax Revenue Report February 2023 Revenue FY2022-2023 October November December January February TOTAL $ Revenue %of all FY 2022-2023 Revenue 622,791 22% Shops - Food $ 102,422 $ 105,295 $ 131,064 $ 157,616 _ $ 126,395 % of all Revenue 26% 23% 20% 24% 19% Hotel - Bed $ 226,303 $ 297,232 $ 457,842 $ 420,809 $ 484,518 $ 1,886,705 Hotel - Food $ 41,268 $ 39,034 $ 43,773 $ 46,439 $ 49,644 $ 220,159 Total $ 267,571 $ 336,267 $ 501,616 $ 467,248 $ 534,162 $ 2,106,864 74% %of all Revenue 69% 72% 76% 72% 79% Rentals, Condo Food, & Interest 1 $ 16,745 1$ 24,000 $ 27,456 1 $ 27,650 $ 19,390 $ 115,241 4% % of all Revenue 4% 5% 4% 4% 3% TOTAL Revenue FY 2022-2023 $ 386,738 $ 465,561 $ 660,135 i $ 652,514 $ 679,947 1 $ 2,844,896 Monthly Resort Tax Revenues FY 2013 - 2023 $ [l1,tnFe -%Ctrara� REVENUE FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Amin 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 192,906 201,924 211,574 258,125 248,474 272,087 319,409 330,479 233,174 461,760 465,561 3,902 1% December 208,273 265,558 257,025 402,892 341,099 463,489 S99,164 S80,196 432,757 742,433 660j135 (92,298) -11% January 389,421 362,730 375,933 339,431 358.485 416,841 473,030 508,538 454,324 64Q444 652,514 12,070 2% February 414,367 436,S17 383,081 305.648 382,72C 404,879 446,150 512,148 472,196 715,657 679,947 (35,7091 -5% March 316,796 335,209 371,304 419,257 390,941 497,795 490,696 175,008 671,474 712,179 April 395,040 429,504 455,026 3I8,566 35Q838 376,923 397,595 10,651 581,267 623,752 May 281,161 332,350 349,446 291,259 245,037 286,612 291,033 28,677 474,867 472,590 June 260,365 264,617 303,116 135,125 201037 217,751 240,939 86,726 410,188 349,474 July 190,7S1 184,635 187,268 322,IS4 294,593 308,414 359,088 90,509 371,382 351,941 August 274,732 267,498 264,3D3 216,440 221,016 231,341 281,542 I06,809 275,196 315,996 September 257,854 314,369 479,756 187,633 108,943 164,639 173,252 131,055 247,088 246,404 FY TOTAL 3,302,2S3 3,558,592 3,620,656 3,422,336 3,345,D62 3,852,356 4,289,043 2,806,119 4,818,033 5,970,374 FY Subtotal (Oct. - Feb.) 1,325,554 1,430,410 1,210,736 1,531,893 1,530,657 1,768,881 2,064,906 2,176,683 1,786,572 2,898,039 2,844,896 (53,144) 2% 6,500,000 6,250,000 6,0D0,00D 5,750,00D 5.500,000 September 5250,000 5:000,000 ■August 4,750,000 4,500.000 ■July 4,250,000 - ■June 4.000,000 3750.000 ■ May 3:500.000 3.250,000 I ■ April 3,000,000 2,750.000 ■ March 2,500,000 ■ February 2,250,000 ;.000.000 January 1,750,000 1,5DD.ODD i Decembe, 1,250,000 t 000000 November October 500.000 250,000 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Revenues FY22 & FY23 act-23 Oct-22 Change % N" 23 Nov-22 Charge % Dec-23 Dec-22 Change% 246,488 11%I 344,426 364,093 Hotel Taxes 273,012 -5% 513,969 629,557 -18% Food and Beverage Taxes 104,901 90,650 16% 110,437 97,025 14% 134,038 112,038 20% Interest 8,8251 6081 1351% 10,6991 6421 1566%1 12,128 8381 1348% Grand Total All Revenues 386,7381 337,746 15% 465,5611 461,760 j 1%1 660,135 1 742,433 1 -11% Revenues FY22 & FY23 Jan -a Jarr22 Charge % Feb-23 Feb-22 Change % HotelTaxes 478,028 522,950 -9% 539,639 599,784 -10% Food and Beverage Taxes 161,605 116,564 39% 128,079 114,969 11% Interest 12,882 9301 1284,Yol 12,2291 9041 1253% Grand Total All Revenues 652,514 640,444 2%1 679,9471 715,657 -5%