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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.