The URL can be used to link to this page

Home My Public Portal AboutLTC 065-2023 - Resort Tax March 2023 ResultsBAL HARBOUR - V I L LAG E - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO. 065-2023 To: Mayor Jeffrey P. Freimark and Members of the Village Council From Jorge M. Gonzalez, Village Manager / Date: April 28, 2023 Subject: Bal Harbour Village Monthly Resort x Revenue Report - March 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 for the month of March 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 March 2023, marking the 6th 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 667,331 January 657,196 February 689,437 March 678,947 FY TOTAL J 3,545,211 FY21/22 337,746 48,991 15% 461,760 3,802 1% 742,433 (75,101) -10% 640,444 16,752 3% 715,657 (26,219) -4% 712,179 (33,231) -5% 3,610,218 (65,006) -2% FY20/21 194,121 192,617 99% 233,174 232,387 100% 432,757 234,575 54% 454,324 202,873 4 %% 472,196 217,241 46% 671,474 7,474 1% 2,458,046 1,087,166 44% The March 2023 result of $678,947 is 5% less than the March 2022 result of $712,179. Although this is a decrease from March 2022, March 2023 is the second highest March in Resort Tax collections for the Village and the second highest month of collections for FY 22-23. As you will see reflected on the attached charts, the food and beverage taxes collected for the month of March were 10% above those collected in March 2022. Hotel taxes collected were down by approximately 10%. The expanded Beach Haus Bal Harbour was operating during this time period and increased its collections by 115% over the previous March 2022. If you have any questions or need any additional information, please feel free to contact me. Attachment: Resort Tax Revenue Collections March 2023. J MG/RI/M H Page 2 of 2 Resort Tax Revenue Report March 2023 Monthly Resort Tax Revenues FY 2013 - 2023 REVENUE FY33 FY14 I FY15 FY36 FY17 FY28 I FY19 I FY20 I FY21 FY22 FY23 October 120,587 163,681 (16,877) 225,796 199,879 211,595 227,153 245,321 194,121 337,746 386,738 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 3,802 1% December 208,273 265,558 257,025 402,892 341,099 463,489 599,164 580,196 432,757 742,433 667,331 (75,101) -10% January 389,421 362,730 375,933 339,431 358,485 416,841 473,030 508,538 454,324 640,444 657,196 16,752 3% February 414,367 436,517 383,081 305,648 382,720 404,879 446,150 512,148 472,196 715,657 689,437 (26,219) -4% March 316,796 335,209 371,304 419,267 390,941 497,795 490,696 175,008 671,474 712,179 678,947 (33,231) -5% April 395,040 429,504 455,026 318,566 350,838 376,923 387,588 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 260,365 264,617 303,116 135,125 203,037 217,751 240,939 86,726 410,188 349,474 July 190,751 184,635 187,268 322,154 294,593 308,414 359,088 90,SO9 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 3,620,656 3,422,336 3,345,062 3,852,356 4,289,043 2,806,119 4,818,033 5,970,374 FY Subtotal (Oct. - Mar-) 1,642,350 1,765,619 1,582,041 1,951,160 1,921,598 2,266,676 2,555,601 2,351,691 2,458,046 3,610,218 3,545,211 (65,006) -2% 6500.000 6250.000 6000,000 5,750,000 5500.00L ■ Se �embar 5250.000 5A00.000 a August 4,750.000 4500.000 ■ July 4230.000 ■Juno 4.00c,ox 3730,000 ■Mry 3500.000 3250,000 ■ Apni 3 Goo,000 2750.000 ■ March 2500 000 ■ February 2250 ON 2 000.000 a January 1.750.000 1300 oac a Decembe• 1250,000 1 000,000 a Nowmber r ■ October 500M 250DW FYI FYI FYI FYI FYI FYIS Frio FY20 FY21 FY22 FY23 Revenues FY22 & FY23 Ott-23 Ott-22 Change % Now 23 Nm 22 Charge % Dec-23 Dec-22 Change 96 Hotel Taxes 273,012 246,488 11% 344,426 364,093 -5 513,969 629,557 -18% Food and Beverage Taxes 104,901 90,650 16% 110,437 97,025 14% 141,235 112,038 26% Interest 8,825 608 13511 10,699 642 1566y; 12,128 838 1348% Grand Total All Revenues 386.738 337.746 15%1 465,561 462.760 1%1 667.331 741433 -30% Revenues FY22 & FM Jae-23 Jan-22 Change % Feb-23 Feb-22 Change % Ma-23 Mar•22 Change % Hotel Taxes 478,029 522,950 -9 544,407 599,784 -9% _ 533,991 590,745 -10% Food and Beverage Taxes 166,297 116,564 43% 132,802 114,969 16% 131,167 119,541 10% Interest 1 12,8821 9301 1284%1 12,229 904 1253% 13,789 1,893 62,�: Grand Total All Revenues 657,196 640,444 3 689,437 715,657 -4%1 678,9471 71ZI79 I -5% Revenue FY2D22-2D23 October November December January February March TOTALRevenue FY 2022 2023 %of all Revenue Shops -Food $ 102,422 $ 105,295 $ 131,064 $ 157,616 $ 126,395 $ 129,480 $ 752,271 2196 % of all Revenue 26% 23% 20% 24% 18.3% 19% Hotel - Bed $ 226,3031 $ 297,2321 $ 457,8421 $ 420,809 1 $ 494,5181 $ 466,2711 $ 2,352,976 Hotel - Food $ 41,2681 $ 39,034 $ 43,773 $ 46,439 $ 49,644 $ 56,8861 $ 277,044 Total $ 267,5711 $ 336,2671 $ 501,6161 $ 467,2481 $ 534,162 $ 523,157 $ 2,630,020 74% % of all Revenue 69% 72%1 75% 71%1 77-5% 779b Rentals, Condo Food, & Interest $ 16,745 $ 24,000 $ 34,652 $ 32,333 $ 28,8801 $ 26,311 $ 162,92D 1 5% % of all Revenue 491. 5% 51Y. I 5% 1 4.2% 4`Yo TOTAL Revenue FY 2022-2023 $ 386,738 $ 465,561 $ 667,331 $ 657,196 $ 689,437 $ 678,947 j $ 3,545,211