HomeMy Public PortalAboutLTC 171-2020 - BHV Toursim Department Resort Tax Revenue Report August 2020 TB_04 December
HARBOUR
-VILLAGE -
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OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 171-2020
To: Mayor Gabriel Groisman and Members of the Village Council
From Jorge M.Gonzalez, Vill age Manager
Date: December 04, 2020
Subject: Bal Harbour Tourism Department Monthly Resort Tax Revenue Report for
October 2020
The purpose of this Letter to Council (LTC) is to transmit to you a Monthly Tourism Resort Tax
Revenue Report from the Bal Harbour Tourism Department, as requested during the Budget
Hearings, 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 October 2020, from a report
generated directly from our financial management system. Please note that this (attached)
report compares results to previous years.
As discussed during the Budget Review, the impact of COVID-19 was considered in the
development of the FY 2020-21 Budget. Discussions were held with all four General Managers
of our Partner Hotels who provided their guidance for expected Resort Tax Revenues based on
their actual budgeting for 2021. For Restaurants, FY 2019-20 revenues calculated based upon
results from FY 2018-2019: 50% for Quarter (Q) Q1 (October 01-December 31), 60% for Q2
(January 01-March 31), 75% for Q3 (April 01-June 30) and 90% for Q4 (July 01-September 30).
The results for October are as follows:
FY 2019-20 Actual FY 2020-21 Budget Actual Variance
October 245,321$ October 80,900$ 192,701$ 111,800$
A monthly average over the course of the year of $194.5K is required to meet the Approved
Budget of $2,333,500.
If you have any questions or need any additional information, please feel free to contact me.
JMG/TB/RI/MH