HomeMy WebLinkAboutIR 9850 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9850
To the Mayor and Members of the City Council February 16, 2016
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SUBJECT: DECEMBER 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 December 2015
(Fiscal Year 2016, Period 3) collection results on February 10th. 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.
DECEMBER NET SALES TAX COLLECTIONS (10-YEAR HISTORY
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FY2007 FY20D8 Ff2005 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
The City's net sales tax collection is up $642,042 or 4.5%, compared to the same month last year. As
depicted in the table below, the City experienced $553,560 or a 3.8% increase when compared to last
year's collections for the same month. Current period collections include only transactions that
occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
December 14 December 15 Variance ($) Variance (%)
Current Period Collections $14,482,413 $15,035,973 $553,560 3.8%
Other Collections 279,029 318,526 39,497 14.2%
Audit Collections 32,151 104,016 71,866 223.5%
Service Fee (295,872) (309,170) (13,298) (4.5%)
Retainage (92,678) (102,260) (9,583) (10.3%)
Net Collections $14,405,044 $15,047,086 $642,042 4.5%
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
5.8% 5.9%
3.8%
3.7% 3.9% 3.9%
1.9-
0.7% 0.9% 0.2%
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Nov-15 Dec-15
(1.2)%
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9850
To the Mayor and Members of the City Council February 16, 2016
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*a SUBJECT: DECEMBER 2015 — SALES TAX UPDATE
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The City's Sales Tax collections year-to-date are within ±1% of the budget year-to-date and are
approximately 2% higher than 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 3 Period 3 Period 3
GENERAL FUND $34,977,253 $35,317,555 $34,608,276
CRIME CONTROL AND PREVENTION DISTRICT 16,781,642 16,649,043 16,336,614
TOTAL $51,758,895 $51,966,599 $50,944,890
CITY OF FORT WORTH FISCAL YEAR COMPARISON — FY2016
Projected
Adopted Amended Fiscal Year Variance to Amended
Budget Budget Projections M (°/a)
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. 9850
To the Mayor and Members of the City Council February 16, 2016
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•a SUBJECT: DECEMBER 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 December YTD
GRAND PRAIRIE 5.8% 8.2% 6.3% 6.7%
MCKINNEY 8.7% 1 .4% 8.4% 6.4%
GARLAND 1 .5% 11.4% 4.9% 5.7%
AUSTI N 2.9% 6.2% 3.9% 4.3%
ARLINGTON 5.6% 5.8% 1 .0% 3.7%
SAN ANTONIO (0.4%) 2.9% 4.7% 2.6%
DALLAS (0.8%) 6.8% 1 .5% 2.2%
FORT WORTH (1.0%) 1 .7% 4.5% 2.0%
I RVI NG (8.4%) 11.3% 2.8% 1 .8%
EL PASO (6.6%) 2.8% 3.2% 0.3%
PLANO 8.4% (3.5%) (10.6%) (3.5%)
HOUSTON (6.8%) (2.1%) (7.6%) (5.7%)
FRISCO (6.3%) (8.4%) (4.6%) (6.2%)
STATE TOTAL (5.4%) (3.3%) (1.0%) (3.3%)
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