HomeMy WebLinkAboutIR 9859 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9859
To the Mayor and Members of the City Council March 22, 2016
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SUBJECT: JANUARY 2016 — 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 January 2016 (Fiscal
Year 2016, Period 4) collection results on March 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.
JANUARY NET SALES TAX COLLECTIONS (10-YEAR HISTORY)
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FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016
The City's net sales tax collection is down ($501,514) or (4.9%), compared to the same month last
year. As depicted in the table below, the City experienced $12,041 or a 0.1% increase when
compared to last year's collections for the same month. Current period collections include only
transactions that occurred within the month, so this number reflects pure economic activity.
COLLECTION DETAIL FOR CITY SALES TAX
January 16 January 16 Variance ($) Variance (%)
Current Period Collections $9,395,168 $9,407,209 $12,041 0.1%
Other Collections 827,650 137,695 (689,954) (83.4%)
Audit Collections 86,258 228,409 142,151 164.8%
Service Fee (206,182) (195,466) 10,715 5.2%
Retainage 87,897 111,430 23,533 26.8%
Net Collections $10,190,791 $9,689,277 ($601,514) (4.9%) {
*OTHER COLLECTIONS ARE PAYMENTS ATTRIBUTED TO PRIOR PERIOD COLLECTIONS,FUTURE PERIOD COLLECTIONS AND UNIDENTIFIED COLLECTIONS.FOR
JANUARY 2015,OTHER COLLECTIONS WERE HIGH DUE TO PRIOR PERIOD&FUTURE PERIOD COLLECTIONS.JANUARY 2016 IS MORE REPRESENTATIVE OF
HISTORICAL TRENDS.
CURRENT PERIOD COLLECTIONS
Change Compared to Same Month in Prior Year
5.9%
3.7% 3.9% 3.9% 3.8%
1.8°Io
0.7°Jo 0.9°/° 02% 0.1
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Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 - Nov-15 Deo-15 Jan-16
(1.2)%
ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS
INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 9859
To the Mayor and Members of the City Council March 22, 2016
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*a SUBJECT: JANUARY 2016 — SALES TAX UPDATE
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The City's Sales Tax collections year-to-date are around ±1% of the budget year-to-date and are less
than 1% 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 4 Period 4 Period 4
GENERAL FUND $44,780,645 $45,006,833 $44,799,067
CRIME CONTROL AND PREVENTION DISTRICT 21,485,186 21,236,813 21,174,398
TOTAL $66,265,831 $66,243,646 $65,973,465
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. 9859
To the Mayor and Members of the City Council March 22, 2016
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*a SUBJECT: JANUARY 2016 - 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 1st Quarter January YTD
GRAND PRAIRIE 6.7% 18.3% 9.2%
MCKINNEY 6.4% (12.2%) 2.4%
GARLAND 5.7% 10.8% 6.8%
AUSTIN 4.3% 7.7% 5.0%
ARLINGTON 3.7% 1 .7% 3.2%
SAN ANTONIO 2.6% 0.6% 2.2%
DALLAS 2.2% 6.2% 3.1%
FORT WORTH 2.0% (4.9%) 0.5%
I RVI NG 1 .8% 5.8% 2.7%
EL PASO 0.3% 5.0% 1 .3%
PLANO (3.5%) 3.5% (2.1 %)
HOUSTON (5.7%) (7.5%) (6.1 %)
FRISCO (6.2%) (5.4%) (6.0%)
STATE TOTAL (3.3%) (3.9%) (3.4%)
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