HomeMy Public PortalAboutLTC 043-2021 - BHV Toursim Department Resort Tax Revenue Report February 2021BAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 043-2021
To: Mayor Gabriel Groisman and Members ofthe Village Council
From Jorge M.Gonzalez, Village Manage
Date: March 26, 2021
Subject: Bal Harbour Tourism Department 11bnthly Resort Tax Revenue Report for
February 2021 and FY 2021 YTD
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 February 2021 as well as FY 2021 YTD
from a report generated directly from our financial management system. The (attached) report
compares results to previous years and includes FY 2021 Monthly Budget, Results and Variances.
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 February 2021 as well as the FY 2021 YTD total results are as follows:
Budgeted
Revenue
Actual
Revenue
$
Variance
%
Variance
October
$ 80,900
$ 194,121
$ 113,221
140.0%
November
$ 133,590
$ 233,174
$ 99,584
74.5%
December
$ 324,311
$ 432,757
$ 108,446
33.4%
January
$ 247,729
$ 452,204
$ 204,475
82.5%
February
$ 233,730
$ 466,937
$ 233,207
99.8%
Oct. - Feb.
$1,020,260
$1,779,192
$ 758,932
74.4%
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 February results have come in stronger than anticipated,
surpassing the budget by $233,207 or 99.8%. Thus far, FY 2021 YTD results have surpassed the
budget by $758,932 or 74.4%; 76.2% of the FY 2021 Budget has now been met with seven months
left in the fiscal year.
If you have any questions or need any additional information, please feel free to contact me.
JMG/TB/RI/MH