HomeMy WebLinkAboutIR 9817-Revised INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9817
To the Mayor and Members of the City Council November 10, 2015
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SUBJECT: SEPTEMBER 2015 — SALES TAX UPDATE (REVISED 11-09-2015)
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Sales tax revenue represents approximately twenty one percent (21%) of the City's General Fund
anticipated revenue in Fiscal Year 2015. 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 September 2015
(Fiscal Year 2015, Period 12) collection results on November 4t". 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.
SEPTEMBER NET SALES TAX COLLECTIONS (1 O-YEAR HISTORY)
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FY2006 FY2007 FY2005 FOND F2010 FY2011 FY2012 FY2013 Ff2014 F12:)15
The City's net sales tax collection is down $95,187 or -0.8%, compared to the same month last year.
As depicted in the table below, the City experienced $27,198 or 0.2%, in growth when compared to
last year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
September 14 September 15 Variance ($) Variance (%)
Current Period Collections $12,327,955 $12,355,153 $27,198 0.2%
Other Collections 133,124 111,882 (21,242) (16.0%)
Audit Collections 190,973 78,070 (112,903) (59.1%)
Service Fee (253,041) (250,902) 2,139 0.8%
Retainage (52,373) (42,752) 9,621 18.4%
Net Collections $12,346,638 $12,251,451 ($95,187)
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
10.2% 9.1%
6.2% 5.8% 5.9
3.7% 3.9% 3.9
1.8% 0.7% 0.9
0-2916
Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 Inlay-15 Jun-15 Jul-15 Aug-15 Sep-15
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9817
To the Mayor and Members of the City Council November 10, 2015
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SUBJECT: SEPTEMBER 2015 — SALES TAX UPDATE (REVISED 11-09-2015)
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The City's Sales Tax collections year-to-date are outpacing 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 FY2014
Receipts Receipts
Budget as of Through Through
CITY OF FORT WORTH Period 12 Period 12 Period 12
GENERAL FUND 0126.711.466 0128.982,497 $125.547.039
CRIME C0NTROL AND PREVENTION BI STRICT 58.227.401 59.691,730 58,166,541
TOTAL $184,938,867 $188,674,227 $183,713,580
CITY OF FORT WORTH FISCAL YEAR COMPARISON —FY2015
Adopted Amended Fiscal Year Audit Final Fiscal variance to Amended
Budget Budget Totals Adjustments' Year Totals
CITY OF FORT WORTH
GENERAL FUND S126.01a,570 512 ,711,466 5131,8C`225 52,822,728 5128,982,497 52,271,031 1.S% 4
CRIME CONTROL AND PREVEN71ON DISTRICT 558,227,401 SE8,227,401 ,581,E-0u,E61 51,398,883 5910.107.678 51,880,277 3.2%
FORT WORTH TRANSPORTATION AUTHORITY 364,761,746 $64,761,746 564,690,772 — ` ` 5129026 02% A
1- Informal Report#9815 presented to City Council on November 3,2015.
2- Fort Worth Transportation Authority audit adjustment is not available at this time. Staff is in contact with the Texas Comptroller for
information.
The City anticipates collecting $128,982,497 by fiscal year end, which exceeds original estimates in
the FY2015 adopted budget by 1.8%. As depicted above, the positive results are affecting the City's
partner agencies as well.
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9817
To the Mayor and Members of the City Council November 10, 2015
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SUBJECT: SEPTEMBER 2015 - SALES TAX UPDATE (REVISED 11-09-2015)
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The chart below indicates how current year sales tax collections in Fort Worth and other cities in the
region compare to FY2014 collections for the same period.
CITIES COMPARISON
FY2015 vs. FY20143
City 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter YTD
BEDFORD 39.1% 25.3% 28.3% 15.5% 26.2%
SOUTHLAKE 11.7% 43.8% 2.7% (2.0%) 13.2%
KELLER 14.6% 11.6% 3.6% 8.4% 9.4%
DALLAS 8.3% 6.4% 8.4% 4.7% 7.0%
HURST 5.1% 14.4% 4.2% 3.6% 6.7%
GRAND PRAIRIE 5.0% 2.3% 8.5% 6.5% 5.6%
ARLINGTON 9.8% 2.7% 4.0% 5.6% 5.5%
FORT WORTH 7.4% 6.7% 3.3% 2.6% 5.0%
EULESS 4.5% (1.0%) 1.5% 13.3% 4.7%
WATAUGA 7.1% 4.8% 5.4% 1.2% 4.6%
BURLESON 25.6% 6.1% 7.8% (19.6%) 4.0%
GRAPEVINE 9.9% 1.3% 2.3% 1.1% 3.8%
NORTH RICHLAND HILLS 2.0% 1.7% 5.3% 3.5% 3.1%
STATE TOTAL 9.3% 8.3% 1.8% 6.2% 6.4%
3- Final sales tax receipts for FY2015 do not reflect the latest sales tax audit adjustments to the General Fund and CCPD Fund discussed
via Informal Report#9815.
4- State tax total has not been posted for the September collections.August 2015 actual collection was used as an estimate for September
2015.
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