HomeMy Public PortalAboutLTC 126-2021 July 2021 Resort Tax - Monthly Report August 27BAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 126-2021
To:
From
Date:
Subject:
Mayor Gabriel Groisman and Membersryof e Village Council
Jorge M. Gonzalez, Vill age Managr t �1
August 27, 2021
Bal Harbour Tourism Department(Monthly Resort Tax Revenue Report for
July 2021 and FY 2020 - 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 July 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 June 2021 as well as the FY 2021 YTD total results are as follows:
RrdgE1Pd RE -r_
Aclual Rm.
$ Variarroe
% Variance
October
$80,900
$194,121
$113,221
140%
November
$133,590
$233,174
$99,584
759E
December
$324,311
$432,757
$103,446
33%
January
$,247,729
$454,324
$206,595
539E
February
$233,730
$472,196
$233,466
1029E
March
$262,535
$671474
$403,9139
156%
April
$225,432
$5180,437
$355,005
1579E
May
$170,066
$473,210
$303,144
175%
Jlime
$142,966
$407,777
$764,511
185°X.
July
$22E599
$365526
$142,927
649E
Oct_ -July
$8
$1,784.g96
$2.Z44-138
110%
RE: Page 3 Resort Tax Revenue Report July 2021
RE: Page 3 Resort Tax Revenue Report July 2021
RE: Page 3 Resort Tax Revenue Report July 2021