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HomeMy Public PortalAboutLTC 135-2022 RT JULY Results 26 AugustBAL HARBOUR - VILLAGE - OFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL NO. 135-2022 To: Mayor Gabriel Groisman and Members of Village Council From Jorge M.Gonzalez, Village Manag Date: August 26, 2022 Subject: Bal Harbour Tourism Departmen onthly Resort Tax Revenue Report for July 2022 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 2022 from a report generated directly from our financial management system. The report compares results to previous years and includes FY 2020-2022 monthly results and variances. The results for July FY 2022 and YTD with comparative to July FY 2021 and YTD, and July FY 2020 and YTD are as follows: REVENUE FY22 October 337,746 November 461,760 December 742,433 January 640,444 February 715,657 March 710,991 April 624,940 May 472,142 June 348,366 July 350,540 FY Subtotal (Oct. - Jul.) 5,405,018 FY TOTAL (Oct. -Sep.) FY21 Variance $ Variance % 194,121 143,625 74% 233,174 228,586 98% 432,757 309,676 72% 454,324 186,120 41%© 472,196 243,460 52% 671,474 39,517 6% 581,267 43,673 8% 474,867 (2,725) -1% 410,188 (61,822) -15% 371,382 (20,842) -6% 4,295,750 1,109,268 26% 4,818,033 FY20 Variance $ Variance % 245,321 92,425 38% 330,479 131,280 40% 580,196 162,236 28% 508,538 131,906 26% 512,148 203,508 40% 175,008 535,983 306% 10,651 614,289 5767% 28,677 443,465 1546% 86,726 261,640 302% 90,509 260,031 287% 2,568,255 2,836,764 110% 2,806,119 The July 2022 results of $350,540 is $20,482 or -6% less than the July 2021 result and in -line with the July 2019 result of $359,088 during our pre-COVID all-time record year. Compared with July 2020, the fourth full month effect of the COVID 19 Pandemic, the result is $260,031 or 287% higher. The October - July results of $5,405,018 continue to set an all-time record, $1,109,268 or 26% higher than October - July FY 2021 and $2,836,764 or 110% higher than October - July FY 2020. If you have any questions or need any additional information, please feel free to contact me. JMG/TB/RI/MH Page 2 of 3 Resort Tax Revenue Report July 2022 Page 3 of 3 Resort Tax Revenue Report July 2022