HomeMy Public PortalAboutLTC 176-2023 - Resort Tax October 2023To:
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Date:
Subject:
BAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 176-2023
Mayor Jeffrey P. Freimark and Members ofthe Village Council
Jorge M. Gonzalez, Village Manager
December 1, 2023
Bal Harbour Village Monthly Resort Tax Revenue Report October 2023
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 for the month of October 2023.
The attached report reflects all resort tax revenue collected from the Lodging (4%) and Food and
beverage (2%) entities by the Village throughout the month of October 2023, marking the 1st month
of collections for the 2023-2024 fiscal year (FY). The report compares results to previous years and
includes results and variances for these years.
The results for the FY 2023-2024 and comparative to previous FY's are as follows:
REVENUE
FY23/24
October
362,019
FY TOTAL
362,019
FY22/23
Variance $ j
Variance %
387,400
(25,381)
-7%
387,400
(25,381)
-7%
FY21/22
Variance $
Variance %
337,746
24,272
7%
337,746
24,272
7%
The October 2023 result of $362,019 is 7% less than the October 2022 result of $387,400. Although
this is a decrease from October 2022, October 2023 is the second -highest October in Resort Tax
collections for the Village
As you will see reflected on the attached charts, the food and beverage taxes collected for the month
of October 2023 were 3% above those collected in October 2022, while Hotel taxes collected were
down by 13% for the same period.
If you have any questions or need any additional information, please feel free to contact me.
Attachment: Resort Tax Revenue Collections October 2023
JMG/RI/MH
Page 2 of 3 Resort Tax Revenue Report October 2023
Revenues FY24 & FY23
Oct -24
Oct -23
Change %
Hotel Taxes
237,042
273,012
-13%
Food and Beverage Taxes
108,502
105,563
3%
Interest
16,475
8,825
87%'
Grand Total All Revenues
362,019
387,400
-7%
Revenue FY 2023 - 2024
October
TOTAL Revenue
FY 2023-2024
% of all
Revenue
Shops - Food
$ 107,300
$ 107,300
30%
% of all Revenue
30%
Hotel - Bed
$ 199,283
$ 199,283
Hotel - Food
$ 32,935
$ 32,935
Total
$ 232,218
$ 232,218
64%
% of all Revenue
64%
Rentals, Condo Food, & Interest
$ 22,502
$ 22,502
6%
% of all Revenue
6%
TOTAL Revenue FY 2023-2024
$ 362,019
$ 362,019
Page 3 of 3 Resort Tax Revenue Report October 2023
Monthly Resort Tax Revenues FY 2017 - 2024
REVENUE
FY17
FY18
FY19
_ FY20
FY21
FY22
FY23
FY24
$ Change
FY23 to FY24
% Change
FY23 to FY24
October
November
December
January
February
March
April
May
June
July
August
September
FY TOTAL
199,879 211,585 227,153 245,321 194,121 337,746 387,400 362,019
248,474 272,087 319,409 330,479 233,174 461,760 465,561
341,099 463,489 599,164 580,196 432,757 742,433 667,331
358,485 416,841 473,030 508,538 454,324 640,444 657,196
382,720 404,879 446,150 512,148 472,196 715,657 689,437
390,941 497,795 490,696 175,008 671,474 712,179 687,425
350,838 376,923 387,588 10,651 581,267 623,752 586,107
245,037 286,612 291,033 28,677 474,867 472,590 466,834
203,037 217,751 240,939 86,726 410,188 349,474 317,714
294,593 308,414 359,088 90,509 371,382 351,941 411,805
221,016 231,341 281,542 106,809 275,196 315,996 321,222
108,943 164,639 173,252 131,055 247,088 246,404 279,588
3,345,062 3,852,356 4,289,043 2,806,119 4,818,033 5,970,374 5,937,622
(25,381)
-7%
FY Subtotal
(October)
199,879 211,585 227,153 245,321 194,121 337,746 387,400 362,019
(25,381)
-7%
6500.000
6.250.000
6.000.000
5.750,000
5.500,000
5250.000
5,000,000
4.750.000
4.500.000
4250.000
4,000,000
3350,000
3.500.000
3,250.000
3.000.000
2750,000
2500.000
2250.000
2.000,000
1350,000
1,500,000
1250,000
1,000,000
750.000
500.000
250,000
I I
1
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
■ September
• August
■ July
■ June
• May
■ April
■ March
• February
January
t)December
• November
• October