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Home My Public Portal AboutLTC 099-2023 - Resort Tax May 2023 ResultsBAL HARBOUR - V I L L A G E - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO. 099-2023 To: Mayor Jeffrey P. Frei mark and Members of the Village Council From Jorge M.Gonzalez, Village Manager Date: June 23, 2023 Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - May 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 May 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 May 2023, marking the 8th 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 687,425 April 585,863 may 463,139 FY TOTAL 4,603,353 FY21/22 337,746 49,653 15% 461,760 3,802 1% 742,433 (75,101) -10% 640,444 16,752 3% 715,657 (26,219) -4% 712,179 (24,753) -3% 623,752 (37,889) -6% 472,590 (9,451) -2% 4,706,559 (103,206) -2% FY20/21 ee Variance % 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 15,952 2% 581,267 4,596 1% 474,867 11,728 -2% 3,514,180 1,089,174 31% The May 2023 result of $463,139 is 2% less than the May 2022 result of $472,590. May 2023 is the third -highest May in Resort Tax collections forthe Village. As you will see reflected on the attached charts, the food and beverage taxes collected for the month of May were 6% above those collected in May 2023. Hotel taxes collected were down by approximately 7%. The expanded Beach Haus Bal Harbour was operating during this time period and increased its collections by 229% over the previous May 2022. If you have any questions or need any additional information, please feel free to contact me. Attachment: Resort Tax Revenue Collections May 2023. JMG/RI/MH Page 2 of 3 Resort Tax Revenue Report May 2023 Revenues FY22 & FY23 Oct-23 Oct-22 Change % Change % Dec-23 Dec22 Charge % Hotel Taxes 273,012 246,488 11% 344,426 364,093 -5% 513,969 629,SS7 -18% Food and Beverage Taxes 105,563 90,650 16% 130,437 97,025 14% 141,235 112,038 26% Interest 8,825 608 1351% 10,699 642 1566% 12,1281 8391 1348% Grand Total All Revenues 397,4001 337,746 15%1 465,5611 461,760 1%1 667,3311 742,433 1 -10% Revenues FY22 & FY23 _ Lae-27 Amlz Change% Feb-23 Feb-22 Charge% FAA-23 Mar-2I Charge% 522,950 -8% 544,407 599,784 -9% 537,808 590,745 -9% Hotel Taxes 479,592 Food and Beverage Taxes 164,723 116,S64 41% 132,802 114,969 16% 135,82.8 119,541 14% Interest 12,8821 9301 1284%1 12,229 9041 1253%1 13,789 L893 1 629% Grand Total All Revenues 657,1961 640,444 3%1 689,4371 715,657 -4%1 687,425 712,179 ACA Revenues FY22 & FY23 Apr-23 Apr-22 Change %_ MaY-23 j M y-22 T Change % 425,325 490,565 Hotel Taxes -13% 343,178 368,179 -7% Food and Beverage Taxes 146,521 130,349 12% 104,934 99,923 6% Interest 14,0171 2,839 394%1 15,027 5,488 174% Grand Total All Revenues I S8S,8631 623,7S2 -6961 463,139 472,590 -2% Monthly Resort Tax Revenues FY 2013 - 2023 S change ti Change REVENUE FY13 FY14 FYIS FY16 FY37 HIS H19 H2O FY21 H22 FY73 FY22 to FY23 FY22 to FY23 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 208,273 265,558 257,025 402,892 341,099 463,489 599,164 580,196 432,7S7 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 414,367 436,517 383,081 305,648 382,720 404,879 446,150 512,148 472,196 715,657 699,437 (26,219) -4% March 316,796 335,209 371,304 419,267 390,941 497,795 490,696 175,008 671,474 712,179 687,425 (24,753) -3% April 395,040 429,504 455,026 318,566 350,838 376,923 387,588 10,651 S81,267 623,752 585,863 (37,889) -6% May 281,161 332,350 349,446 291,259 245,037 286,612 291,033 28,677 474,867 472,590 463,139 (9,451) -2% June 260,365 264,617 303,116 135,125 203,037 217,7S1 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 31-5,996 September 257.854 314,369 479.756 187.633 108.943 164,639 173.252 131,05S 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 FYSubtotal 2,318,551 2,527,473 2,386,513 2,560,985 2,517,473 2,930,211 3,234,223 2,391,019 3,514,180 4,706,559 4,603,353 (103,206) 2% (Oct, - Maya 6.500.000 6,250,000 6,000,000 5,750,000 5,500,000 ■September 5,250,000 5,000,000 ■August 4,750,000 4,500,000 ■ July 4.250,000 - ■June 4.000,000 3,750,0 . Y May 3,500.000 3,250,000 ■ April ■ March 2,500,000 February 2,250,000 2,OOQ000 ■ January 1,750,000 1,500,OD0 t3 December 1250,000 1000,000 ■ November 750,000 500,000 ■ Ottober 250,000 FYI FYI FY15 FYI FYI FY18 FYI FY20 FY21 FY22 FY23 Page 3 of 3 Resort Tax Revenue Report May 2023 Revenue FY2022-2023 October November December January February March April May TOTALRevenue FY 2022-2023 %ofall Revenue Shops -Food $ 102,422 $ 105,295 $ 131,064 $ 157,616 $ 126,395 $ 129,480 $ 141,122 $ 103,612 1 $ 997,006 22% %of all Revenue 26% 23% 20% 2431u 18% 19% 24% 22% Hotel - Bed $ 226,303 $ 297,232 $ 457,942 $ 420,809 1 $ 484,5181 $ 466,2711 $ 367,437 1 $ 296,502 1 $ 3,016,914 Hotel - Food $ 41,268 $ 39,034 $ 43,773 $ 46,439 1 $ 49,6441 $ 56,8861 $ 43,094 $ 41,499 $ 361,637 Total $ 267,571 $ 336,267 $ 501,616 $ 467,248 $ 534,162 $ 523,157 $ 410,531 $ 338,001 $ 3,378,551 73% %of all Revenue 69% 72%1 759/6 71%1 779/6 76% 70% 73% Rentals, Condo Food, & Interest $ 17,406 1 $ 24,0001 $ 34,652 1 $ 32,333 1 $ 28,8801 $ 34,789 1 $ 34,210 $ 21,526 1 $ 227,796 5% %of all Revenue 1 4% 5% 5% 5% 4% 5% 69/6 5% TOTAL Revenue FY 2022-2023 $ 387,399.66 $ 465,561.29 1 $ 667,331.41 1 $ 657,196.46 1 $ 689,437.26 1 $ 687,42.5.35 $ 585,863.00 1 $ 463,138.95 1 $ 4,603,353