HomeMy Public PortalAboutLTC 201-2022 - RT November ResultsBAL HARBOUR
V I L L A G E -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 201 - 2022
To: Mayor Jeffrey Freimark and Members of the Village Council
From Jorge M. Gonzalez, Village Manager
Date: December 23, 2022
Subject: Bal Harbour Village Monthly Resort Tax Revenue Report - November 2022
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
November 2022.
The attached report reflects all resort tax revenue collected from the Lodging (4%) and Food &
Beverage (2%) entities bythe Village throughoutthe month of November 2022, marking the second
month of collections forthe 2022-2023 fiscal year (FY). The report compares results to previous years
and includes results and variances for these years.
The results for the 2022-2023 FY and comparative to previous FY's are as follows:
REVENUE
FY22/23
October
386,620
November
459,125
FY TOTAL
845,745
FY21/22
FY20/21
337,746748,873 14%
194,121 192,499 99%461,7602,
334) -0.6%
233,174 225,952 97%
799,506 46,239 6%
427,295 418,450 98%
The November 2022 result of $459,125 is .06% less than the November 2021 result. However, there
are a few considerations to take into account. Due to the holidays, a few of the condominiums have
not yet reported their resort tax revenues for November but we expect those to be reported by the
end of this month, which will increase the total amount collected for November 2022. In addition,
Aba, the new restaurant at the Bal Harbour Shops had a soft opening in November 2022 which
added to the food and beverage taxes collected for this period, adding a new source of resort tax
revenue to our collections. The month of December 2022 will be the first full month of full service
for Aba, as well as the recently opened Beach Haus Bal Harbour hotel.
If you have any questions or need any additional information, please feel free to contact me.
Attachment: Resort Tax Revenue Collections November 2022.
JMG/RI/MH
Page 2 of 2 Resort Tax Revenue Report November 2022
Revenue FY 2022- 2023 October November TOTAL Revenue % of all
Fv 2n,22-2n2l I RPVpnllp
Shops -Food
$
102,422
$
104,440
$
206,862
24%
% of all Revenue
26%
23 ,
Hotel - Bed
$
226,303
$
297,232
$
523,535
Hotel - Food
$
41,268
$
39,034
$
80,303
Total
$
267,571
$
336,267
$
603,838
71%
%of all Revenue
69%
73%
Rentals, Condo Food, & Interest
$
16,626 1
$
18,418
$
35,045
4%
% of all Revenue 4%
4%
TOTAL Revenue FY 2022-2023
$
386,620
$
459,125
$
845,745
Monthly Resort Tax Revenues FY 2013 - 2023
REVENUE
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY 1
FM
FY23
October
120,587
163,681
(16,877)
225,796
199,879
211,585
227,153
245,321
194,121
337,746
386,6207(2,
8,873
14%
November
192,906
201,924
211,574
258,125
248,474
272,087
319,409
330,479
233,174
461,760
459,125634(
-0.6%
December
208,273
265,558
257,025
402,892
341,099
463,489
599,164
580,196
432,757
742,433
January
389,421
362,730
375,933
339,431
358,485
416,841
473,030
508,538
454,324
640,444
February
414,367
436,517
383,081
305,648
382,720
404,879
446,150
512,148
472,196
715,657
March
316,796
335,209
371,304
419,267
390,941
497,795
490,696
175,008
671,474
712,179
April
395040
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
90,509
371,382
351,941
August
274732
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
3,854356
4289,043
2,886,119
4,819,033
5,970,374
FY Subtotal
(Oct. - Nov.)
313,493
365,605
194,697
483,921
448,353
483,672
546,562
575,800
427,295
799506
845,745
46,239
6%
6,5D0,000
6,250,000
6,000,000
5750,000
5:500,000
5,250,000
5,000,000
4,750,000
4,500,000
4,250.000
4,D00,000
3,750,000
3,500,000
3,250.000
'
r
3,000.000
2:750,000
2,500000
2,250:000
1,0,000
r
YLrrJI
,750,000
1,50500,000
1,250,000
1.000,000
750,000
500,000
250 000
FYI
FYI FYI FYI
FYI
FYI
FYI FY20 FY21
I I
FY22 FY23
■September
■ August
■ July
■ June
■ May
■ April
F- March
■ February
January
December
z. November
M October