HomeMy Public PortalAboutLTC 110-2015 - Memorandum re Resort Tax Funds Collected - Bal Harbour Shops EntitiesSAL H OUR
F 1. O R I D A' S MOM
R A D I S E
OFFICE OF THE VILLAGE MANAGER
NO. 110-2015 LETTER TO COUNCIL
TO: Mayor Martin Packer and Members of the Village Council
FROM: Jorge M. Gonzalez, Village Manager
DATE: June 19, 2015
SUBJECT: Memorandum re: Resort Tax Funds Collected — Bal Harbour Shops Entities
The purpose of this Letter to Council (LTC) is to transmit the attached Memorandum regarding
Resort Tax funds collected for entities within the Bal Harbour Shops.
The attached memorandum is in response to a request for information from members of the
Committee, and is included in the agenda for the June 22, 2015 Budget Advisory Committee
meeting
If you have any questions or need any additional information, please feel free to contact me.
Attached
JMG/par
SALH BOUR
F L O R I D AA A R A D I S E
COMMITTEE MEMORANDUM
TO: Members of the Budget Advisory Committee
FROM: Jorge M. Gonzalez, Village Manager
DATE: June 15, 2015
SUBJECT: Resort Tax Funds Collected — Bal Harbour Shops Entities
The below chart represents the Resort Tax Funds collected from entities located within the
Bal Harbour Shops.
In addition to actual dollars per year, the percent of total Resort Tax collected is provided. As
you can see, while the real dollars have steadily grown over the years, the percent of total
has stabilized around the low 20%.
Resort Tax Fund
REVENUE
FY 2016
FY 2015
Preliminary
FY11
FY12
FY13
FY14
Amended
FY 2015
Proposed
Account Number
Actual
Actual
Actual
Actual
Budget
Projection
Base Budget
Total Resort Tax Collected
Subtotal Shops
1,129,646
517,916
2,099,345
640,083
3,229,945
724,475
3,522,438
751,320
3,531,981
821,480
3,418,156
721,359
3,555,288
835,443
% of Resort Tax Collections
45.850/6
30.49°k
22.43%
21.33%
23.26°/a
21.10%
23.50%
The following entities have been included in this report. The Shops have experienced some
turnover in operators over the years, those currently in operation are designated with an
asterisk:
Zodiac/Neiman Marcus
Carpaccio, Inc.'
Santa Fe — Godiva
Lea's Tea Room
La Goulue Restaurant
The News Stand @ Books and Books
Segabal LLC/ Segaf redo
Makoto
Santa Fe Too
Hillstone — Grill at Bal Harbour'
In addition, we anticipate that Merci Merci, Me (the operator taking over the former La Goulue
space) will open sometime in the Fall 2015.