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Home My Public Portal AboutLTC 083-2023 - Resort Tax April 2023 ResultsBAL HARBOUR - VILL AGE - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO.083-2023 To: Mayor Jeffrey P. Freimark and Members of the Village Council From Jorge M.Gonzalez, Village Manager V Date: May 26, 2023 U Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - April 2023 The purpose of this Letter to Council (LTC) is to transmit to you the Monthly Resort Tax Revenue Reportto provide you with an update on Resort Tax Collections for the month of April 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 April 2023, marking the 7th 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 387,400 November 465,561 December 667,331 January 657,196 February 689,437 March 684,304 Apri I 584,625 FY TOTAL 4,135,855 FY21/22 Va 49,653 % 15% 337,746 461,760 3,802 1% 742,433 (75,101) -10% 640,444 16,752 3% 715,657 (26,219) -4% 712,179 (27,875) -4% 623,752 (39,127) -6% 4,233,970 1 (98,115) -2% FY20/21 Va_ 194,121 193,279 100% 233,174 232,387 100% 432,757 234,575 54% 454,324 202,873 45% 472,196 217,241 46% 671,474 12,830 2% 581,267 3,358 1% 3,039,313 1,096,542 36% The April 2023 result of $584,625 is 6% less than the April 2022 result of $623,752. Although this is a decrease from April 2022, April 2023 is the second -highest April in Resort Tax collections for the Village. As you will see reflected on the attached charts, the food and beverage taxes collected forthe month of April were 12% above those collected in April 2022. Hotel taxes collected were down by approximately 14%. The expanded Beach Haus Bal Harbour was operating during this time period and increased its collections by 114% over the previous April 2022. If you have any questions or need any additional information, please feel free to contact me. Attachment: Resort Tax Revenue Collections April 2023. JMG/RI/MH Page 2 of 3 Resort Tax Revenue Report April 2023 Revenues FY22 & FY23 Oct-23 Oct-22 Change % Nor-23 Nov-2j Change % Dec-23 Dec-22 Change % 11% 344,426 364,093 -5% 513,969 629,557 -18% Hotel Taxes 273,012 246,488 Food and Beverage Taxes 105,563 90,650 16% 110,437 97,025 14% 141,235 112,038 26% Interest 8,825 6081 1351%1 10,699 642 156696 12,128 838 1348% Grand Total All Revenues 387,400 337,746 15%j 465,561 461,760 1% 667,331 742,433 -10% Revenues FY22 & FY23 lan-23 Jan-22 Change % Feb-23 Feb-22 Change % A11r23 Mw-22 Change % Hotel Taxes 479,592 522,950 -8% 544,407 599,784 -9% 537,808 590,745 -9% Food and Beverage Taxes 164,723 116,564 41% 132,802 114,969 16% 132,706 119,541 11% Interest 12 8821 9301 1284%1 12,229 904 1253% 13,789 1,893 629% Grand Total All Revenues I 6S7,1961 640,444 3% 689,437 715,657 -4%1 684,304 712,179 -456 Revenues FY22 & FY23 - Apr-23 Apr-22 Change% Hotel Taxes Food and Beverage Taxes Interest 424,087 146,521 14,017 490,565 130,349 2,838 -145A 12% 394% Grand Total All Revenues 584,625 1 623,752 -6°A Monthly Resort Tax Revenues FY 2013 - 2023 I S Change % Change REVENUE FY23 FY14 I FY15 FY16 FY17 1 FY18 FY19 FY20 FY21 FY22 FY23 X2 $ Y •t FY 3; October 120,587 163,681 (16,877) 225,796 199,879 211,585 227,153 245,321 194,121 337,746 387,400 49,653 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 316,796 335,209 371,304 419,267 390,941 497,795 490,696 175,008 671,474 712,179 684,304 (27,875) -4% April 395,040 429,504 455,026 318,566 350,838 376,923 387,588 10,651 581,267 623,752 584,625 (39,127) -6% 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 90,509 371,382 351,941 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 FY TOTAL 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. -Apr.) 2,037,390 2,195,123 2,037,067 2,269,726 2,272,436 2,643,599 2,943,189 2,362,342 3,039,313 4,233,970 4,135,855 (98,115) -2% ►SW WG k:}0 C4'o 64M. Wo S]SO.000 S.SOC.DW S: SC.G6G SON DOG • 7s0.oaa .Saw 000 a,$C-aao a Op0.000 1]7 WO llsm 0 I:50.900 a uoc.0oo 7 SO ox sOC No 75G-wo 20K ow 0$0-= + So0 000 + ; M COC ow.w4 750000 360AOG Mc ow FYI Ma +rlS mb FYtJ FrI■ FYI* FYiO FYI FV72 ■Ury ■Arne ■ Mlndi ■ F4trusry ■ Jarwary r Ipsrctirr*�b** ■ No+vmbw 7j■_,7.-"-= Page 3 of 3 Resort Tax Revenue Report April 2023 Revenue FY 2022- 2D23 October November December January February March April TOTAL Revenue FY 20PZ-2023 % of all Revenue Shops -Food $ 102,422 $ 105 295 5 131,064 $ 157,616 $ 126,395 $ 129,480 5 141,122 $ 893,393 22% % of all Revenue 26% 23% 20% 24% 18% 19% 24% Hotel - Bed $ 226,303 $ 297,232 $ 457,842 $ 420,809 $ 484,518 $ 466,271 $ 367,437 $ 2,720,413 Hotel - Food $ 41,268 $ 39,034 $ 43,773 $ 46.439 $ 49,644 $ 56,996 $ 43,094 $ 320138 Total $ 267,571 $ 336,267 $ 501,616 $ 467,248 $ 534,162 5 523,157 $ 410,531 S 3,040,551 74% %of all Revenue I 69% 72% 75% 71% 77% 76% 70% Rentals, Cando Food, & Interest I $ 17,4061 S 24,0001 $ 34,652 1 $ 32,333 1 $ 28,880 1 $ 31,6671 $ 32,972 1 S 2OL911 % of all Revenue 1 4% 5% 5% 5% 4% 5% 6% 5% TOTAL Revenue FY 2D22-2023 $ 387,4001 $ 465,561 $ 667,331 $ 657,196 $ 689,437 $ 684,304 1 $ 584,625 S 4,135,855