HomeMy Public PortalAboutLTC 154-2021 SEPTEMBER 2021 Resort Tax - Monthly Report October 29BAL HARBOUR
- VILLAGE -
OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
NO. 154-2021
To: Mayor Gabriel Groisman and Members of the Village Council
From Jorge M.Gonzalez, Village Manage
Date: October 29, 2021
Subject: Bal Harbour Tourism Department nthly Resort Tax Revenue Report for
September 2021 and Full Year FY 20 - 2021
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 September 2021 as well as full year
FY 2020-2021 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 01 (October 1 -December 31), 60% for Q2 (January 1 -March 31),
75% for Q3 (April 1 -June 30) and 90% for Q4 (July 1 -September 30).
The results for September 2021 as well as the full year FY 2020-2021 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
454,324
206,595
831
February
233,730
472,196
238,466
102%
March
262,535
671,474
408,939
156%
April
225,432
581,267
355,835
158%
May
170,066
474,867
304,801
179%
June
142,966
410,051
267,085
187%
July
222,599
371,233
148,634
67%
August
175,768
275,196
99,428
57%
September
113,872
245,510
131,638
116%
FY TOTAL
$2,333,600
$4,816,170
$2,482,670
10696
Page 2 of 4 Resort Tax Revenue Report September 2021
Page 3 of 4 Resort Tax Revenue Report September 2021
Page 4 of 4 Resort Tax Revenue Report September 2021