HomeMy Public PortalAboutLTC 063-2021 - March 2021 Resort Tax - Monthly Report april 22BAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 063-2021
To:
From Jorge M.Gonzalez, Village Manage
Date: April 23, 2021
Mayor Gabriel Groisman and Members oft Village Council
Subject: Bal Harbour Tourism Department Monthly Resort Tax Revenue Report for
March 2021 and FY 2021- 2021 Year -to -Date (YTD)
The purpose of this Letter to Council (LTC) is to transmit to you the Monthly Tourism Resort Tax
Revenue Report from the Bal Harbour Tourism Department 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 March 2021 as well as FY 2020-2021
YTD from a report generated directly from our financial management system. The report compares
results to previous years and includes FY 2020-2021 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 were 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 March 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%
November
$133,590
$233,174
$99,584
75%
December
$324,311
$432,757
$108,446
33%
January
$247,729
$452,204
$204,475
83%
February
$233,730
$469,661
$235,931
101%
March
$262,535
$660,713
$398,178
152%
Oct. - Mar.
$1,282,795
$2,442,629
$1,159,834
90%
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 March 2021 results represent an all-time record collection
for any month, surpassing the previous record of $599,164 from December 2018. FY 2021 YTD
results have now surpassed the budget by $109,129 or 4.7% with six months left in the fiscal year.
If you have any questions or need any additional information, please feel free to contact me.
JMG/RI/TB/MH
RE: Page 2 Resort Tax Revenue Report March 2021
RE: Page 2 Resort Tax Revenue Report March 2021