HomeMy WebLinkAboutIR 9827 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9827
To the Mayor and Members of the City Council December 15, 2015
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SUBJECT: OCTOBER 2015 — SALES TAX UPDATE
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Sales tax revenue represents approximately twenty two percent (22%) of the City's General Fund
anticipated revenue in Fiscal Year 2016. It is the second largest revenue source, with property tax
being the largest. In addition, sales tax revenue represents the largest revenue source in the Crime
Control and Prevention District Fund. Staff is committed to providing regular updates on this important
and sometimes volatile revenue source. The Texas Comptroller's Office posted October 2015 (Fiscal
Year 2016, Period 1) collection results on December 9t". Actual receipts are dependent upon the
timeliness and accuracy of sales tax payers' returns. This report provides Fort Worth's sales tax
collection compared to last year and the impact on the current year's budget.
OCTOBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2015
The City's net sales tax collection is down $99,813 or -1.0%, compared to the same month last year.
As depicted in the table below, the City experienced -$119,595 or a 1.2% decrease when compared
to last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
October 14 October 15 Variance ($) Variance (%)
Current Period Collections $10,351,715 $10,232,120 ($119,595) (1.2%)
Other Collections 202,691 251,749 49,058 24.2%
Audit Collections (55,749) (86,958) (31,209) (56.0%)
Service Fee (209,973) (207,938) 2,035 1.0%
Retainage 42,207 42,105 (102) (0.2%)
Net Collections $10,330,890 $10,231,077 ($99,813) (1.0%)
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
10.2% 9-1%
6.8% 5.9
3-7% 3.9% 3.9
1.6% 0.7% 0.9
0.2
Nov-14 Dee-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15
(1.2%)
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9827
To the Mayor and Members of the City Council December 15, 2015
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*a SUBJECT: OCTOBER 2015 — SALES TAX UPDATE
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The City's Sales Tax collections year-to-date are within ± 1% of both the budget year-to-date and the
year-to-date total for the same period last year.
CITY OF FORT WORTH YTD NET COLLECTIONS COMPARISON
Current FY2016
Receipts Receipts
Budget as of Through Through
CITY OF FORT WORTH Period 1 Period 1 Period 1
GENERAL FUND $10,101,029 $10,231,077 $10,330,890
CRIME CONTROL AND PREVENTION DISTRICT 4,846,345 4,874,656 4,879,032
TOTAL $14,947,374 $15,105,733 $15,209,922
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2016
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections ($) (ON
CITY OF FORT WORTH
GENERAL FUND $135,065,427 $135,065,427 $135,065,427 $0 0.0%
CRIME CONTROL AND PREVENTION DISTRICT $64,802,679 $64,802,679 $64,802,989 $0 0.0%
FORT WORTH TRANSPORTATION AUTHORITY $67,857,000 $67,857,000 $67,964,573 $0 0.0%
The City anticipates collecting $135,065,427 by fiscal year end, which matches original estimates in
the FY2016 adopted budget.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9827
To the Mayor and Members of the City Council December 15, 2015
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*a SUBJECT: OCTOBER 2015 — SALES TAX UPDATE
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The chart below indicates how current year sales tax collections in Fort Worth and other select cities
in the state compare to FY2016 collections for the same period.
CITIES COMPARISON
FY2016 vs. FY2015
City October
MCKI NNEY 8.7%
PLANO 8.4%
GRAND PRAIRIE 5.8%
ARLINGTON 5.6%
AUSTIN 2.9%
GARLAND 1 .5%
SAN ANTONIO (0.4%)
DALLAS (0.8%)
FORT WORTH (1 .0%)
FRISCO (6.3%)
EL PASO (6.6%)
HOUSTON (6.8%)
I RV I NG (8.4%)
STATE TOTAL (5.4%)
If you have any questions, please call Aaron Bovos, Chief Financial Officer, at 817-392-8517.
David Cooke
City Manager
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS