HomeMy WebLinkAboutIR 9836 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9836
To the Mayor and Members of the City Council January 26, 2016
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SUBJECT: NOVEMBER 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 November 2015
(Fiscal Year 2016, Period 2) collection results on January 6t". 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.
NOVEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY2007 FY2006 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2D16
The City's net sales tax collection is up $167,050 or 1.7%, compared to the same month last year. As
depicted in the table below, the City experienced $187,523 or a 1.9% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
November 14 November 15 Variance ($) Variance (%)
Current Period Collections $10,004,163 $10,191,686 $187,523 1.9%
Other Collections 52,730 88,627 35,897 68.1%
Audit Collections 8,256 (39,149) (47,405) (574.2%)
Service Fee (201,303) (204,823) (3,520) (1.7%)
Retainage 8,497 3,053 (5,444) (64.1%)
Net Collections $9,872,342 $10,039,392 $167,050 1.7%
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
9-1
6.8% 5.9%
3.7% 3.9% 3.9% 1.2%
1-8
0.7%
0-9%
0.2
Dec-14 Jan-15 Feb-15 Mar 15 Apr 15 May 15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15
(1.2)%
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9836
To the Mayor and Members of the City Council January 26, 2016
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*a SUBJECT: NOVEMBER 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 FY2015
Receipts Receipts
Budget as of Through Through
CITY OF FORT WORTH Period 2 Period 2 Period 2
GENERAL FUND $20,136,463 $20,270,470 $20,203,232
CRIME CONTROL AND PREVENTION DISTRICT 9,661,220 9,638,099 9,599,477
TOTAL $29,797,683 $29,908,569 $29,802,710
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2016
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections ($) (%)
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 $64,802,679 $0 0.0%
FORT WORTH TRANSPORTATION AUTHORITY $67,857,000 $67,857,000 $67,857,000 $0 0.0%
The City anticipates collecting $135,065,427 in the General Fund and $64,802,679 in the Crime
Control and Prevention District Fund 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. 9836
To the Mayor and Members of the City Council January 26, 2016
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*a SUBJECT: NOVEMBER 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 November YTD
GRAND PRAI RI E 5.8% 8.2% 6.9%
GARLAND 1 .5% 11 .4% 6.3%
ARLINGTON 5.6% 5.8% 5.7%
MCKI NNEY 8.7% 1 .4% 5.0%
AUSTI N 2.9% 6.2% 4.5%
DALLAS (0.8%) 6.8% 2.8%
PLANO 8.4% (3.5%) 2.3%
SAN ANTONI O (0.4%) 2.9% 1 .2%
RVI NG (8.4%) 11 .3% 1 .2%
FORT WORTH (1 .0%) 1 .7% 0.3%
EL PASO (6.6%) 2.8% (1 .8%)
HOUSTON (6.8%) (2.1%) (4.5%)
FRISCO (6.3%) (8.4%) (7.4%)
STATE TOTAL (5.4%) (3.3%) (4.3%)
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