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Home My Public Portal AboutLTC 039-2022 Bal Harbour Tourism Dept Monthly Resort Tax Revenue Report for January 2022BAL HARBOUR - V ILL AGE - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO. 039-2022 To: Mayor Gabriel Groisman and Members of Villa Council From Jorge M. Gonzalez, Vill age Manager Date: February 25, 2022 Subject: Bal Harbour Tourism Department Monthly Resort Tax Revenue Report for January 2022 The purpose of this Letter to Council (LTC) is to transmit to you the Monthly Tourism Resort Tax Revenue Reportfrom 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 bythe Village throughout the month of January 2022 from a reportgenerated directly from our financial management system. The report compares results to previous years and includes FY 2020-2022 monthly Results and Variances. As discussed during the Budget Review, the exceptional, record -setting results seen by our Restaurant and Hotel partners during the COVID-19 pandemic (12.3% higher to the previous record year set in FY 2019) was determined to be an anomaly, and as such, for their 2022 Budget Planning Purposes, 2019 results are being used for as the basis for planning the 2022 Budget. The results for January FY 2022 and YTD with comparative to January FY 2021 and YTD, and January FY 2020 and YTD are as follows: FY 2022 Revenue FY 2021 Revenue Variance $ Variance % FY 2020 Revenue Variance $ Variance % October $336,631 $194,121 $142,510 73% $245,321 $91,310 37% November $461,088 $233,174 $227,914 98% $330,479 $130,609 40% December $740,912 $432,757 $308,155 71% $580,196 $160,716 28% January $630,499 $454,324 $176,176 39% $508,538 $121,961 24% OCT-JAN YTD $2,169,130 $1,314,376 $854,755 65% 1 $1,664,535 $504,596 30•� The January 2022 results of $630,499 is an all-time Village record for January - surpassing by $176,176 or 39% versus January 2021 during the Pandemic, $121,961 or 24% higher than January 2020. The October - January results of $2,169,130 continue to set an all-time record-$854,755 or 65% higher than October - January FY 2021 and $504,596 or 30% higher than October - January FY 2020 which was the previous record. 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 January 2022 Revenues FY21 & FY22 Oct-22 1 Oct-21 Change % Nov-22 Nov21 Change% -- - Hotel Taxes 246,498.03 119,575.48 106.14% 364,092.67 156,975.61 131.94% Food and Beverage Taxes 89,534.38 73,463.51 21.88% 96,353.02 75,405.6S 27.78% Interest 608.36 1,082.13 -43.78% 642.07 792.55 -19% Grand Total All Revenues 336,630.77 194,121.12 73A1% 461,087.76 1 233,173.81 97.74% Revenues FY21 & FY22 Dec-22 Dec-21 Change % san-21 Un-21 Chan _% 344,495.01 Hotel Taxes 628,640.84 322,034.63 95.21% 520,125.97 50.98% Food and Beverage Taxes 111,43324 110,06939 1.24% 109,443.02 109,195.50 0.23% Interest 837.54 652.88 28% 930.46 633.27 46.93% Grand Total All Revenues 740,91232 432,75690 71.21% 630,499.44 454,323.78 38.78% Monthly Resort Tax Revenues FY 2013 - 2022 SChgnse 7rchant[ FY13 120,587 FY14 163,681 FY 35 _ (16,877) FY16 225,796 _ FY27 199,879 _ _FY18 211,585 FY39 227,153 FY20 _ _ 245,321 FY21 194,121 FY22 336,631 M1 istyu FY71fn FY22 October 142,510 73% November 192,906 201,924 211,574 258,125 248,474 272,087 319,409 330,479 233,174 461,088 227,914 99% December 208,273 265,558 257,025 402,892 341,099 463,489 599,164 580,196 432,757 740,912 308,155 71% January 389,421 362,730 375,933 339,431 358,485 416,841 473,030 508,538 454,324 630,499 176,176 39% February 414,367 436,517 383,081 305,648 382,720 404,879 446,150 512,148 472,196 March 316,796 335,209 371,304 419,267 390,941 497,795 490,696 175,009 671,474 April 395,040 429,504 455,026 318566 350,838 376,923 387,588 10,651 581,267 May 281,161 332,350 349,446 291,259 245,037 286,612 291,033 28,677 474,867 June 260,365 264,617 303,116 135,125 203,037 217,751 240,939 86,726 410,188 July 190,751 184,635 187,268 322,154 294,593 308,414 359,088 90,509 371,382 August 274,732 267,498 264,003 216,440 221,016 231,341 281,542 106,809 275,196 September 257,854 314,369 479,756 187,633 108,943 164,639 173,252 131,055 247,088 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 FYSubtotal (0ct.-Jan.) 911,187 993,893 827,655 1,226,245 1,147,937 1,364,002 1,618,755 1,664,535 1,314,376 2,169,130 854,755 65% Revenue FY 2021- 2022 October November December January TOTAL Revenue 2021-2022 % of allFY Revenue Shops -Food $ 85,808.37 $ 90,845.13 $ 100,343.07 $ 109,443.01 $ 386,440 18% % of all Revenue 25% 20% 14% 17% Hotel - Bed $ 195,835.52 $ 315,831.57 $ 569,080.24 $ 470,202.71 $ 1,550,950.04 Hotel Food $ 45,563.41 $ 43,290.92 $ 45,565.67 $ 44,547.61 $ 178,967.61 Total $ 241,398.93 $ 359,122.49 $ 614,645.91 $ 514,750.32 $ 1,729,918 80% % of all Revenue 72% 78% 83% 82% Rentals, Condo Food, & Interest % of all Revenue TOTAL Revenue FY 2021-2022 $ $ 9,423.47 $ 11,120.14 $ 25,923.34 3% 2% 3% 336,631 $ 461,088 $ 740,912 $ $ 6,306.11 1% 630,499 $ $ 52,773 2% 2,169,130 Page 3 of 3 Resort Tax Revenue Report January 2022 4,000,000 3,750,000 3,250,000 2,750.000 2.250,000 2 000.000 1 S;i Oco /50,000 FYI FYI FYI i- FYI FYI r L il. FYI FYI FY20 FY2t FY22 �Sepiember ® July s June ■ May • April • March ■ February u January December November L Octobe