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Home My Public Portal AboutLTC 164-2022 RT September Results 21 OctoberBAL HARBOUR - V 1 L LAG E - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO. 164-2022 To: Mayor Gabriel Groisman and Members of the Village Council From Jorge M.Gonzalez, Village Manager`s Date: October 21, 2022 Subject: Bal Harbour Tourism Department Monthly Resort Tax Revenue Report for September 2022 The purpose of this Letter to Council (LTC) is to transmit to you the Monthly Tourism Resort Tax Revenue Report from the Bal Harbour Tourism Department to provide you with an update on Resort Tax Collections in the Village. 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 September 2022 as well as full year FY 2021-2022 from a report generated directly from our financial management system. The report compares results to previous years and includes FY 2020-2022 monthly results and variances. The results for September FY 2022 and YTD with comparative to September FY 2021 and YTD, and September FY 2020 and YTD are as follows: REVENUE FY22 October 337,746 November 461,760 December 742,433 January 640,444 February 715,657 March 712,179 April 623,752 May 472,590 June 349,474 July 351,941 August 314,852 Se tember FY TOTAL hAW� FY21 nce ce 194,121 143,625 74% 233,174 228,586 98% 432,757 309,676 72% 454,324 186,120 41% 472,196 243,460 52% 671,474 40,705 6% 581,267 42,485 7% 474,867 (2,277) 0% 410,188 (60,715) -15% 371,382 (19,440) -5% 275,196 39,656 14% 247,0881 (5,737)] -2% 4,818,033 1,146,144 1 24% FY20 245,321 92,425 38% 330,479 131,280 40% 580,196 162,236 28% 508,538 131,906 26% 512,148 203,508 4 y% 175,008 537,170 307% 10,651 613,101 5756% 28,677 443,912 1548% 86,726 262,748 303% 90,509 261,432 289% 106,809 208,044 195% 131,055 110,295 84% 2,806,1191 3,158,058 1 11396 The September 2022 results of $241,350 is $5,737 or - 2% less than the September 2021 result, and compared with September 2020, the sixth full month effect of the COVID 19 Pandemic, the result is $110,295 or 84% higher. The Full Year October - September results of $5,964,177 surpassed the YTD budget of $4,183,700 by $1,780,477 or 43%, establishing FY 2022 as the all-time record for Resort Tax Collections in the Village's history, surpassing the previous record FY 2021 results by $1,146,144 or 24%, and the FY 2020 results by $3,158,058 or 113%. If you have any questions or need any additional information, please feel free to contact me. JMG/TB/RI/MH Page 2 of 3 Resort Tax Revenue Report September 2022 Revenues FY21 & FY22 Oct-22 oct-21 Change x Nov22 Mov-21 Change 94 Dec22 Dec-21 ChaW 91 Hotel Taxes 246A88 119,575 106% 364,093 256,976 232% 629557 322,035 95% Food and Beverage Taxes 90,650 73,464 23 97,025 75,406 29% 112,038 110,069 2% Interest 608 1,082 -44M 642 793 -19% 838 653 Grand Total All Revenues 337,7461 194,121 74% 461,760 233,174 98% 742,433 432,757 72% Revenues FY21 & FY22 ian 72 Pa, 21 C1ww % Feb-22 Fee-21 change % Mw-7) M4r111 change x 52 599,794 379,953 58% 590,745 565,109 5% Hotel Taxes S22,9SO 344,495 Food and Beverage Taxes 116,564 209,296 114,969 91,747 25% 119,541 105,877 13% Interest 930 633 4 9041 496 82% 1,893 487 288% Grand Total All Revenues 640,444 454,324 41 715,657 472,196 S2% 712,179 67JL474 6% Revenues FY21 & FY22 Apr-22 Apr-21 Change % h?a r22 filar 21 Change % Jun 22 Jun-21 Change x 464,036 6% 0% 257,665 323,022 -20% Hotel Taxes 490,565 368,179 368,826 Food and Beverage Taxes 130,349 116,738 22% 98,923 105,522 •6% 84,567 86,732 -2% Interest 2,838 493 475k: 5,488 519 1 957% 7,241 436 1562. Grand Total All Revenues 673,752 S81.2671 7% 472590 474,867 0% 349,474 41%188 -15% Revenues FY21 & FY22 jvw 1w-21 change x Aug-22 Aug-21 change x s.n J 2 3S6,023 sawn change x Hotel Taxes 235,900 270,927 -13 218,278 197,872 10% 177,025 -12% Food and Beverage Taxes 111,016 99,543 12% 90,257 76,848 17% 78,255 69,627 12% Interest 5,025 912 451 6,317 476 1227% 7,072.08 435-05 1526% Grand Total All Revenues 351,941 371,382 5% 314.852 275,196 14%L 241,3501 247,0891 .2% Monthly Resort Tax Revenues FY 2013 - 2022 S Chaog■ ±c Chanp REVENUE FY13 FY14 FY15 FYlfi FY17 FY 18 FY19 FY20 FY21 FY22 FY21 to FY21 FY21 to FY22 October 12Q587 163,681 116,877) 225,795 199,879 211,585 227,153 245,321 194,121 337,746 143,625 749E November 192,906 201,924 211,574 258,125 248,474 272,087 319,409 330,479 233,174 461,760 228,586 984E December 208,273 265,558 257,025 402,892 341,099 463,489 599,164 58Q196 432,757 742,433 309,676 72% January 389,421 362,730 375,933 33-0,431 358,485 416,841 473,030 508,538 454,324 640,444 186,12C 414E February 414,367 436,517 m3,081 305,648 382,720 404,879 446,150 512,148 472,196 715,657 243,460 521E March 316,796 335,209 371,304 419,267 390,941 497,795 49Q696 175,008 671,474 712,179 40,7GX5 E% April 395,040 429,504 455,026 318,566 350,838 376,923 387,588 10,651 581,267 623,752 42,485 7% May 281,161 332,350 349,446 291,259 245,037 286,612 291,033 28,677 474,867 472,590 (2,277) 0% Juee 26Q365 264.617 303,116 135,125 203,037 217,751 240,939 86,726 410,188 349,474 160,715) -15% July 190,751 164,635 187,268 322,154 294,593 308,414 359,088 9D,509 371,382 353,941 (19,440) -5% August 274,732 267,498 264,003 216,440 22LO16 231,341 281,542 106,809 275,196 314,852 39,656 14% September 257,954 314,369 479,756 187,633 108,943 164,639 173,252 13LO55 247,088 241,350 (5,737) -2% FY Total 3,302,2S3 3,558,592 3,620,6S6 3,422,336 3,345,062 3,852,356 4,289,043 2,806,119 4,818,033 5,964,177 1,146,244 24% Page 3 of 3 Resort Tax Revenue Report September 2022 6�50.000 b.00G,000 5.750.000 5,500,000 S,250AW S,O00.000 4,75C.00ri 4,500,000 4,250,000 4,OW.000 1.750.000 i.5w,000 3.250,000 3,000,0r7^ 2,750,000' 2,500,000 2,250,000 2,000,000 1,750,000 1.500,000 1.250,000 1,000,000 750,000 500,000 250,000 FYI FYI FYI FY16 FY17 FY18 FY19 FY20 FY21 FY22 ■SBp[nmi:tir ■August o Juiy ■.rune ■ May ■ Aprii ■ March ■ February d January V December It Novembei ■october