HomeMy Public PortalAboutLTC 014-2021 - 2021 First Qtr Resort Tax - Monthly Report FinalBAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 014-2021
To: Mayor Gabriel Groisman and Members ofthe Village Council
From Jorge M. Gonzalez, Vill age Manage
Date: January 29, 2021
Subject: Bal Harbour Tourism Department onthly Resort Tax Revenue Report for
December 2020 and Q1 FY 2021
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 December 2020 as well as Q1 FY
2021 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 December as well as the FY 2021 Q1 total results are as follows:
FY 2020-21
October
Novena
December
TOTAL
Budget
Actual
$ Variance
% Variance
$ 50,900
$ 193414
$ 11,514
139%
$ 133,590
$ 232,310
$ 95,120
14%
$ 324,311
$ 428,914
$ 104,663
32%
$ 5-33,301
$ 115.14693
$ 315,397
IP 59%
Utilizing this budget, a monthly average over the course of the year of $194.5K is required
to meet the Approved Budget of $2,333,500. The December results have come in stronger
than anticipated, surpassing the budget by $104,663 or 32%. FY 2021 Q1 results have
surpassed the budget by $315,897 or 59%.
If you have any questions or need any additional information, please feel free to contact me.
JMG/TB/RI/MH
Monthly Resort Tax Revenues FY 2013 - 2021
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
$ Change
FY20 to FY21
% Change
FY20 to FY21
October
120,587 163,681 (16,877) 225,796 199,879 211,585 227,153 245,321 193,414
(51,907) -21.16%
November
192,906 201,924 211,574 258,125 248,474 272,087 319,409 330,479 232,310
(98,169) -29.71 %
December
208,273 265,558 257,025 402,892 341,099 463,489 599,164 580,196 428,974
(151,222) -26.06%
January
389,421 362,730 375,933 339,431 358,485 416,841 473,030 508,538
February
414,367 436,517 383,081 305,648 382,720 404,879 446,150 512,148
March
316,796 335,209 371,304 419,267 390,941 497,795 490,696 175,008
April
395,040 429,504 455,026 318,566 350,838 376,923 387,588 10,651
May
281,161 332,350 349,446 291,259 245,037 286,612 291,033 28,677
June
260,365 264,617 303,116 135,125 203,037 217,751 240,939 86,726
July
190,751 184,635 187,268 322,154 294,593 308,414 359,088 90,509
August
274,732 267,498 264,003 216,440 221,016 231,341 281,542 106,809
September
257,854 314,369 479,756 187,633 108,943 164,639 173,252 131,055
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
FY Subtotal
(Oct. - Dec. )
521,766
631,163
451,722
886,814
789,452
947,161
1,145,726
1,155,996
854,699
(301,298) -26 .06 %
4,750,000
4,500,000
4,250,000
4,000,000
3,750,000
3,500,000
3,250,000
3,000,000
2,750,000
2,500,000
2,250,000
2,000,000
1,750,000
1,500,000
1,250,000
1,000,000
750,000
500,000
250,000
FY 13 FY14
FY15
FY16
FY17 FY1 8
is
FY19 FY20
F Y21
® September
■ A ugust
® July
■ J une
• May
■ April
® March
• February
u J anuary
LI December
® November
® October